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Commodity Important Updates for 31 August 2016

Commodity Tips

Gold trading range for the day is 30648-31136. Gold fell after Federal Reserve officials sounded a hawkish note on interest rates, boosting the dollar. Fed Chair Janet Yellen said the case for higher rates was strengthening, though she gave little clarity on the timing of a move. SPDR gold trust holdings dropped by 0.12% i.e. 1.19 tonnes to 955.40 tonnes from 956.59 tonnes. Attention turned to U.S. payrolls data this week for further clues on the pace of rate hikes.

Silver trading range for the day is 43682-44448. Silver dropped as investors focused on the next set of U.S. data to see whether it supports expectations that Fed will raise interest rates soon. Fed’s Fischer said the U.S. job market is nearly at full strength and that the pace of rate increases by the Fed will depend on how well the economy is doing. U.S. consumer confidence rose to an 11-month high in August, pressuring stocks lower due to concerns about a rate hike this year Fridays nonfarm report for August, as well as other data, could reinforce hawkish messages from Yellen and other Fed officials.

Crudeoil trading range for the day is 3065-3223.Crude dropped on dollar gains and fading hopes of a production freeze while concerns about additional output weighed on sentiment.API said crude oil stockpiles rose 942000 barrels at the end of last week and gasoline supplies dropped 1.6mbls.Yet doubts of agreement in talks on an output freeze among members of the OPEC continue to weigh on prices.The UAE Energy Minister Suhail bin Mohammed al-Mazroui saying OPECs current share of the oil market is at a good level.

Zinc trading range for the day is 153.3-156.9.Zinc dropped on profit booking tracking weakness in LME prices but prices eyed monthly advances on worries about shortages due to mine closures.Chinas zinc mine output rose to 515000 tonnes in June up 11 percent year-on-year and a new record monthly volumeZinc daily stocks at Shanghai exchange came up by 924 tonnes. Warehouse stock for Zinc at LME was at 453300mt that is down by -875mt.

Nickel trading range for the day is 645.3-666.9.Nickel prices dropped as continued strength in the U.S. dollar is working to keep pressure on prices.Growth in industrial production from the worlds third-largest economy unexpectedly stagnated last month adding to a number of worrying signs for Japan.Before the U.S. employment report markets will see manufacturing data in China and is expected to hold at 49.9 in August unchanged from July.Warehouse stock for Nickel at LME was at 370860mt that is up by 294mt.

Menthaoil trading range for the day is 884.5-904.5.Mentha oil spot at Sambhal closed at 1034.80 per 1kg. Spot prices is down by Rs.-0.90-.Mentha oil prices ended with gains amid increase in physical demand from major consuming industries in the domestic spot market.China and Japan have reduced their buying quantity in the recent past due to the economic slowdown had impacted Mint products exportsOverall mentha oil output for 2016-17 is now revised upwards at 34000 tonnes.

Soyabean trading range for the day is 3255-3347.Soyabean prices gained on short covering after prices dropped on hope of higher production in global marketSOPA has rated Indias 58% soybean crop of 2016-17 as in normal condition and 13% in very good condition.The US soybean crop is reported to be setting pod at 94% up compared to 91% during the corresponding period last year.At the Indore spot market in top producer MP soybean gained 2 rupee to 3464 rupee per 100 kgs.

Turmeric trading range for the day is 7294-7566. Turmeric settled flat as prices pared most of its gains amid anticipation of good rains at the producing belts. India produced 2.52 lakh tonnes of turmeric in 2015-16 lower by 15 per cent than the previous year. NCDEX accredited warehouses turmeric stocks dropped by 145 tonnes to 7506 tonnes. In Nizamabad a major spot market in AP the price ended at 7804.55 rupees dropped -37.55 rupees.

Jeera trading range for the day is 17460-18120.Jeera prices ended with gains on expectation of pick up in domestic and export demand at the spot market. There is good demand from China and other countries kept supporting the prices.NCDEX accredited warehouses jeera stocks dropped by 174 tonnes to 5401 tonnes.In Unjha a key spot market in Gujarat jeera edged up by 88.9 rupees to end at 18800 rupee per 100 kg.

Aluminium trading range for the day is 107-110.4.Aluminium dropped the market focused on U.S. non-farm payrolls data later this week for clues to the timing of U.S. interest rate rises.A major aluminium producer has offered Japanese buyers a premium of $82 per tonne for October-December down 9-12 percent from the previous quarter.South Korea bought a total of 2000 tonnes of aluminium for arrival by Nov. 18 via spot tenders.Warehouse stock for Aluminium at LME was at 2239500mt that is down by -6850mt.

Naturalgas trading range for the day is 184.9-200.7. Natural gas fell erasing earlier gains on expectations that storms in the Atlantic Ocean wouldn’t disrupt production National Hurricane Center said Tropical Depression Nine is expected to strengthen into a tropical storm in the next 48 hours. Storms in the Gulf of Mexico can disrupt offshore natural-gas production. Updated weather forecast pointed to very warm late summer temperatures into mid-Sept boosting demand.

Copper trading range for the day is 304.4-310.8.Copper dropped Copper dropped as inventories rose and the market focused on U.S. non-farm payrolls data later this week.Activity in Chinas manufacturing sector likely shrank for a second straight month in August but at a marginal pace suggesting the economy is steadying.Upbeat U.S. data enhanced expectations of a near-term rate hike by the Federal Reserve with a U.S. payrolls report on Friday also in focus. Warehouse stock for Copper at LME was at 283225mt that is up by 11650mt.

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