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Commodity Important Updates for 3 Nov 2016

Commodity Important Updates for 3 Nov 2016

Aluminium trading range for the day is 112.8-116.Aluminium prices dropped on profit booking after a tightening U.S. presidential race sparked a bout of risk aversion. Prices for the metal remained benefited in recent session from shortage fears after stockpiles slipped to 12-year lows. LME Aluminium stocks fell 3,200 tonnes to 2,137,350 tonnes but cancelled warrants jumped 6,025 tonnes, a move centered on Asia.

Naturalgas trading range for the day is 181.9-197.7.Natural gas prices continued to slide on concerns that warmer weather will cut into demand in the coming weeks. Warmer-than-average weather forecasts in the near term have been weighing on prices. Meanwhile, inventories of natural gas have been running high on a market supply glut.

Jeera trading range for the day is 17150-17650.Jeera prices gained due to reports of dwindling physical supplies and slow start to the new season sowing in Gujarat and Rajasthan. Good sowing prospects for jeera in Gujarat and Rajasthan are pressurizing the prices as the sowing season is about to commenced. NCDEX accredited warehouses jeera stocks dropped by 90 tonnes to 1533 tonnes. In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 17466.65 rupee per 100 kg.

Turmeric trading range for the day is 7040-7296.Turmeric dropped because of better crop prospects and amid new crop will pour in the market. Expectations of increasing production in coming harvesting season and lowering export demand in recent months also weighing on prices. NCDEX accredited warehouses turmeric stocks dropped by 55 tonnes to 3033 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7546.85 rupees gained 63.55 rupees.

Soyabean trading range for the day is 3126-3172.Soyabean dropped tracking weakness in spot demand and overseas prices on pressure from expectations the U.S. government. The USDA said the U.S. soybean harvest was 87 percent completed, ahead of the five-year average of 85 percent. NCDEX accredited warehouses soyabean stocks gained by 1897 tonnes to 21475 tonnes. At the Indore spot market in top producer MP, soybean dropped -22 rupee to 3052 rupee per 100 kgs.

Menthaoil trading range for the day is 934.6-961.Mentha oil spot at Sambhal closed at 1065.00 per 1kg. Spot prices is up by Rs.26.70-.Mentha oil dropped on profit booking amid subdued demand against ample supplies from the producing belts of Chandausi in Uttar Pradesh. According to local sources, arrivals are very less in the major physical markets of Uttar Pradesh. On the demand front, buying demand is good from mentha consuming industries as well as from export front.

Nickel trading range for the day is 685.7-700.1.Nickel dropped on news that production has now returned to normal at New Caledonia nickel producer Societe Le Nickel. Global nickel market ended in deficit of 75,100 tonnes in January-August 2016 with apparent demand exceeding production. Global nickel market ended in deficit of 75,100 tonnes in January-August 2016 with apparent demand exceeding production.

Zinc trading range for the day is 160.3-164.5.Zinc dropped on profit booking after prices gained recently on supply concerns after Glencore shuttered its Black Star mine in Australia. The ILZSG group continues to anticipate that the supply of refined zinc metal will be constrained by a sharp reduction in availability of zinc. In 2017, the market is expected to remain in deficit with the extent of the shortage forecast at 248,000 mt.

Copper trading range for the day is 325-331.4.Copper dropped on profit booking after prices gained amid as Chinese economic data pointing to robust demand for industrial metals. Chinas official Purchasing Managers Index (PMI) expanded at the fastest pace in more than two years in October, figures showed. Codelco, the world’s biggest copper producer, has cut its premiums for European sales to their lowest level since 2010, reports showed.

Crudeoil trading range for the day is 2946-3148.Crude oil dropped adding to losses after data showed that crude supplies in the U.S. rose by the most since at least 1984.The U.S. EIA said in its weekly report that crude oil inventories rose by 14.4 million barrels in the week ended October 28.Total U.S. crude oil inventories stood at 482.6 million barrels as of last week, which the EIA considered to be historically high levels for this time of year.

Silver trading range for the day is 43365-44557.Silver gained as the possibility of a victory for Donald Trump in next week’s U.S. presidential election boosted demand for safe-haven.US ADP said private sector employment climbed by 147,000 jobs in October following an upwardly revised jump of 202,000 jobs in September. Holdings at ishares silver trust dropped by 0.78% i.e. 87.30 tonnes to 11148.60 tonnes from 10235.90 tonnes.

Gold trading range for the day is 30231-30903.Gold prices gains as uncertainty over the outcome of the U.S. election knocked stocks and the dollar lower. The Fed signaled it could hike rates in December as the economy gathers momentum and inflation picks up. U.S. non-farm private employment rose much less than expected in October, dampening optimism over the health of the labor market.

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