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Commodity Important Updates for 26 July 2016

Commodity Important Updates for 26 July 2016

Gold trading range for the day is 30592-31088.Gold remained in range as dollar firmed and a recovery in risk appetite supported world stock markets near nine-month highs ahead of central bank meetings. Investors will scrutinize the Feds policy statement for fresh guidance on the pace of interest rate hikes over the next several months. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.46 percent to 958.69 tonnes. Russia and Kazakhstan continued to boost their gold reserves in June, data from the International Monetary Fund showed.

Silver trading range for the day is 45493-47089.Silver prices traded in the range as investors looked toward central bank meetings this week in the U.S. and Japan. A recent string of better than expected U.S. data reignited speculation that the Fed will raise interest rates before the end of the year. Hedge funds and money managers continued to pile on bullish silver bets in the week to July 19 as spot prices hovered near two-year highs. The U.S. central bank is widely expected to stand pat on policy at its two-day meeting beginning on Tuesday.

Crudeoil trading range for the day is 2869-3023.Crude oil dropped amid worries that a global crude and refined product glut would weigh on markets for some time to come. The Paris-based International Energy Agency said last week that there were warning signs that global oil demand was ebbing. Moreover, traders continued to be worried that it will take longer for the global supply glut to rebalance as crude oil output. Money managers cut their net long U.S. crude futures and options positions, which would profit from rising prices, to a four-month low, the CFTC said.

Copper trading range for the day is 329.3-337.7.Copper prices pared gains as a sharp drop in oil prices overshadowed expectations of looser global central bank policy. The global copper market is expected to move into surplus this year, as boom time-driven new mine supply ramps up mostly from Peru. Hedge funds and money managers increased their copper net long to the highest since the end of March in the week to July 19, data showed. Warehouse stock for Copper at LME was at 221350mt that is down by -1375mt.

Nickel trading range for the day is 693.4-713.8.Nickel gained because of lingering supply concerns amid an environmental crackdown in the Philippines and pollution-related closures in China. Japans exports fell less than expected in June in a tentative sign that overseas demand could be recovering from persistent weakness that set in last year. The IMF said it adopted a new methodology for calculating the currency amounts in the Special Drawing Rights (SDR) the fund uses for transactions Warehouse stock for Nickel at LME was at 373608mt that is down by -1752mt.

Aluminium trading range for the day is 106.4-108.6. Aluminium ended with small gains as the appetite for risk among investors fell and volumes dwindled. Potentially disrupting Aluminium production, heavy rain in China has led Jaozuo Wan fang Aluminum to report its factories were damaged by floods last week. Aluminum daily stocks at Shanghai exchange came down by 3579 tonnes. Warehouse stock for Aluminium at LME was at 2319150mt that is down by -5850mt.

Naturalgas trading range for the day is 181.2-190.8. Natural gas prices dropped with healthy supply still outweighing extreme heat and high demand. Pressure seen as stockpiles as of July 15 sat at 3.3tcf, 17% above levels from a year ago. Prices climbed to a peak of $2.785 earlier, the most since July 11, as investors bet a heat wave making its way across US. Prices are still down nearly 10% amid speculation that July heat won’t prevent stockpiles from reaching a record before the winter.

Jeera trading range for the day is 19350-20190. Jeera prices dropped on profit booking after prices touched 20000 mark amid thin stocks and expectations of good export buying. As per fourth advance estimate of Gujarat State, jeera production is pegged at 238,000 ton as against 197,000 ton a year ago. NCDEX accredited warehouses jeera stocks dropped by 204 tonnes to 4802 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 177.5 rupees to end at 19573.35 rupee per 100 kg.

Turmeric trading range for the day is 8182-8478. Turmeric gains despite of sowing operations are getting momentum due to good rains in producing centers. In Telangana State, Turmeric sowing reported, around 21028 hectares as compared to last year same period 25516 hectares. NCDEX accredited warehouses turmeric stocks gained by 250 tonnes to 6171 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8496.25 rupees gained 43.75 rupees.

Soyabean trading range for the day is 3587-3691.Soyabean prices dropped on reports of improved sowing along with good distribution of rains and weak demand for Indian soymeal in export market. Soybean acreage in the country is likely to decline but it may not affect the yield in the country due to hopes of good yield. NCDEX accredited warehouses soyabean stocks dropped by 3572 tonnes to 5450 tonnes. At the Indore spot market in top producer MP, soybean dropped -14 rupee to 3785 rupee per 100 kgs.

Menthaoil trading range for the day is 934-1013.Mentha oil spot at Sambhal closed at 1102.30 per 1kg. Spot prices is up by Rs.26.80-.Mentha oil gained amid reports of crop damage in major plant growing regions including Uttar Pradesh. Indias mentha oil output was estimated to remain lower this year from 32,000 tonnes produced during last year. Currently, mentha crop is been harvested and reports of heavy rainfall in the major growing areas in Uttar Pradesh affected arrivals.

Zinc trading range for the day is 150.3-153.3.Zinc prices ended with gains amid falling mine supply burnishing zincs fundamental outlook. Zinc has been the best performing metal this year, with the closure of several large mines late last year sending prices up 41 percent so far. German business morale fell only slightly in July, suggesting Europes largest economy has weathered the immediate storm from Britain’s vote. Warehouse stock for Zinc at LME was at 436800mt that is down by -125mt.

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