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Commodity Important Updates for 30 August 2016

Commodity Important Updates for 30 August 2016

Gold trading range for the day is 30802-31230. Gold rebounded as dollar dropped, shrugging off earlier pressure by Fed’s comments fuelling speculation that U.S. interest rates would rise sooner rather than later. The case for raising U.S. interest rates has strengthened in recent months due to improvements in the labour market, Fed’s Yellen said. Feds Stanley Fisher provided a more straightforward message as he acknowledged the strong labor market and inflation were moving towards Feds target. Hedge funds and money managers increased their net long position in COMEX gold contracts in the week to Aug. 23.

Silver trading range for the day is 43214-45056. Silver gains as prices recovered as investors looking for bargains stepped in to buy up the precious metal. The Fed is getting closer to raising interest rates again, the head of the U.S. central bank, Janet Yellen, and other policymakers said. Holdings at ishares silver trust gained by 0.27% i.e. 29.54 tonnes to 11130.20 tonnes from 11100.66 tonnes. Hedge funds and money managers cut their net long position in COMEX silver contracts in the week to Aug. 23

Zinc trading range for the day is 155.2-156.8.Zinc prices ended with gains as speculators bid up metals with supply concerns. Profits earned by Chinas industrial firms grew at their fastest pace in four months in July, aided by a pick-up in sales and reduced costs. Zinc daily stocks at Shanghai exchange came up by 1106 tonnes. Warehouse stock for Zinc at LME was at 454175mt that is down by -900mt.

Nickel trading range for the day is 655.4-663.6.Nickel gains rise in prices was mainly due to supply shortages after the suspension of operations at eight mines in the Philippines. U.S. economic growth was slightly more tepid than initially thought in the second quarter as businesses aggressively ran down inventories. Market waits on U.S. non-farm payrolls data later this week for further clues on the timing of any U.S. rate hike. Warehouse stock for Nickel at LME was at 370566mt that is down by -1848mt.

Soyabean trading range for the day is 3233-3383.Soyabean prices ended with losses as demand for soybean meal is negligible. Soyabean sowing was recorded at 11.20 million hectare compared to 11.43 million hectare, data showed. USDA hiked 2015-16 United States soybean production forecast for August and also raised its forecast for ending stockpiles At the Indore spot market in top producer MP, soybean dropped -136 rupee to 3462 rupee per 100 kgs.

Aluminium trading range for the day is 109.2-110. Aluminium traded in the range gave up early gains as the dollar gained and investors looked ahead to nonfarm payroll figures in the U.S. at the end of the week. Aluminum has been supported by higher demand from the Chinese automobile industry coupled with a tightening supply In China, market players will be looking out for data on the country’s manufacturing sector, amid ongoing concerns over the health of the world’s second biggest economy. Warehouse stock for Aluminium at LME was at 2246350mt that is down by -7425mt.

Naturalgas trading range for the day is 190.3-199.3. Naturalgas dropped reversing earlier gains, on uncertainty about the potential for storms to reach the Gulf of Mexico. The National Hurricane Center said two tropical depressions in the Atlantic could develop into tropical storms in the next 48 hours. Total gas in storage currently stands at 3.350 trillion cubic feet, according to the U.S. EIA, 8.3% higher than levels at this time a year ago. Technically market is under long liquidation as market has witnessed drop in open interest by -16.47% to settle at 6050.

Jeera trading range for the day is 17330-17940.Jeera prices ended with losses due to fall in demand at the spot market. In Rajasthan, jeera output expected to be lower this year, compared to last year due to hot weather and lower acreage. NCDEX accredited warehouses jeera stocks dropped by 47 tonnes to 5575 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -188.9 rupees to end at 18711.1 rupee per 100 kg.

Turmeric trading range for the day is 7286-7562.Turmeric prices ended with losses due to lack of upcountry demand at the spot market. As per market sources, production year 2015-16 started with carry-forward stocks of 1.4 lakh tonnes. NCDEX accredited warehouses turmeric stocks gained by 140 tonnes to 7651 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7842.1 rupees remains unchanged at0 rupees.

Menthaoil trading range for the day is 882-903.Mentha oil spot at Sambhal closed at 1035.70 per 1kg. Spot prices is down by Rs.-0.90-.Mentha oil dropped amid sluggish physical demand from major consuming industries in the domestic spot market. Overall sentiments dropped as export and domestic demand are not picking up also as per last month’s update exports have registered decline. At Sambhal market arrivals were reported at 150 Drums, higher by 25 Drums from previous days arrivals.

Copper trading range for the day is 307-310. Copper prices traded in the range as a holiday in London market drained the market of direction. Global copper stockpiles outside of China are expected to rise for the remainder of the year, as Chinas imports slow and its exports stay robust. Hedge funds and money managers switched back to a net short position in COMEX copper futures and options in the week to Aug. 23, US CFTC data showed. Warehouse stock for Copper at LME was at 271575mt that is up by 7700mt.

Crudeoil trading range for the day is 3122-3216. Crude oil dropped on renewed concerns about an oil glut and expectations that Nigerian rebels will stop hampering that country’s crude output. Iranian officials have basically refused to cooperate on any production freeze at the upcoming OPEC meeting in September. Oil exports from Iraqs southern ports have averaged 3.205 million barrels per day (bpd) in August, exceeding the average level seen in July Baker Hughes unveiled that the US active crude oil rigs count stays unchanged at 406 in total, after eight consecutive weeks of growth.

Gold trading range for the day is 30802-31230.Gold rebounded as dollar dropped, shrugging off earlier pressure by Feds comments fuelling speculation that U.S. interest rates would rise sooner rather than later. The case for raising U.S. interest rates has strengthened in recent months due to improvements in the labour market, Feds Yellen said. Feds Stanley Fisher provided a more straightforward message as he acknowledged the strong labor market and inflation were moving towards Feds target. Hedge funds and money managers increased their net long position in COMEX gold contracts in the week to Aug. 23.

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