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Commodity Important Updates for 26 Oct 2016

Commodity Important Updates for 26 Oct 2016

Aluminium trading range for the day is 108-113.8.Aluminium prices gained amid pickup in manufacturing in the U.S. and euro area and by higher input costs as prices for coal have surged. Norwegian Aluminium maker Norsk Hydro slightly lifted its outlook for global demand as it reported forecast-beating quarterly earnings. An increase in SHFE prices has triggered a restart of Chinese capacity, however, most of the restarted capacity will not have an effect until 2017.

Naturalgas trading range for the day is 201.5-229.1. Natural gas dropped as warmer-than-average weather in the Midwest prompted speculation that a mild winter will curtail demand. Prices also seen under pressure as forecasts showing unseasonably warm temperatures across the U.S. Midwest. Meanwhile, market players looked ahead to weekly supply data due on Thursday, which is expected to show a build of approximately 70 bcf.

Jeera trading range for the day is 17165-17495.Jeera prices dropped due to expectations of higher sowing and weak export buying. As per market source, acreage under jeera is expected to increase 10-15% in Gujarat and Rajasthan due to better realization. NCDEX accredited warehouses jeera stocks dropped by 54 tonnes to 2371 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -52.25 rupees to end at 17522.75 rupee per 100 kg.

Turmeric trading range for the day is 7128-7300.Turmeric dropped due to better crop prospects because of higher sowing and favorable weather conditions in the producing centres. In Telangana, turmeric sowing stood at 46,000 hectare versus 43,000 hectare a year ago. NCDEX accredited warehouses turmeric stocks dropped by 175 tonnes to 3786 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7496.05 rupees gained 1.65 rupees.

Soyabean trading range for the day is 3063-3149.Soyabean prices ended with losses tracking weakness in spot demand amid higher fresh crop arrivals at major trading Centre. Forecast of dry and clear weather in Rajasthan, MP and Maharashtra will improve harvesting process of soybean. NCDEX accredited warehouses soyabean stocks gained by 1244 tonnes to 7571 tonnes. At the Indore spot market in top producer MP, soybean gained 33 rupee to 3010 rupee per 100 kgs.

Menthaoil trading range for the day is 895.4-912.4.Mentha oil spot at Sambhal closed at 1030.80 per 1kg. Spot prices is up by Rs.0.50-.Mentha oil gains amid uptick in physical demand for mentha oil from consuming industries in the domestic spot market. Further, insufficient stocks position on restricted supplies from producing regions too fuelled the uptrend. China and Japan have reduced their buying quantity in the recent past due to the economic slowdown had impacted Mint products exports which declined substantially.

Nickel trading range for the day is 674.8-693.2.Nickel gained after positive manufacturing data from U.S. and the euro zone added to optimism over the health of the global economy. Philippines nickel supply in the next few years will depend on mining policies implemented in the country, the World Bank said. A report showed German business sentiment rose to the highest level in more than two years in October added to the sense of optimism.

Zinc trading range for the day is 153.5-160.1.Zinc surged on worries about shortages and as a cut in capacity across Chinas steel and coal sectors buoyed prices. Chinas imports of refined zinc at 350,500 tonnes between January and September this year, up more than 14 percent from the same period last year. Global refined zinc stocks are expected to fall as mine supply shrinks after several giant mines were shut in the past year.

Copper trading range for the day is 309.5-322.3.Copper gained amid talk of further fiscal stimulus by top consumer China fuelled buying of commodities. Fiscal and monetary stimulus in the country has boosted investment and demand for base metals and supported prices this year. According to ICSG data, copper production and usage data points to an apparent production deficit of nearly 264,000 metric tonnes.

Crudeoil trading range for the day is 3290-3446.Crude oil settled flat reversing earlier gains as fading expectations of a coordinated production cut among major global oil producers weighed. Venezuelan Oil Minister his country had proposed that non-OPEC countries remove 400,000-500,000 of bpd from the market. Global oil demand will rise by 1.2 million barrels per day (bpd) in 2017, steady versus oil demand growth this year of 1.2 million bpd.

Silver trading range for the day is 42034-42648.Silver rose buoyed by rising physical demand with investors cautious of a sentiment shift as the Fed nears a widely expected rate hike at the end of the year. U.S. home prices rose 5.1 percent in the year to August as home buyers competed for fewer properties, helped by low mortgage interest rates The gain comes after money managers cut their net-long position in silver futures and options for a third week to the lowest in more than six months.

Gold trading range for the day is 29645-30131.Gold gained as the U.S. dollar retreated from multi-month highs and physical demand rose before Indias late-October festival season. Feds Evans said the U.S. central bank will raise policy rate three more times by the end of next year. SPDR gold trust holdings gained by 0.34% i.e. 3.27 tonnes to 956.83 tonnes from 953.56 tonnes.

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