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Commodity Important Updates for 31 May 2016

Commodity Important Updates for 31 May 2016

Jeera trading range for the day is 15950-16750. Jeera prices gained as traders are expecting good export demand in the coming weeks. Though jeera output is projected higher in Gujarat, prices are likely to firm up on weak arrivals against good domestic demand. NCDEX accredited warehouses jeera stocks dropped by 90 tonnes to 3903 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 79.15 rupees to end at 16741.65 rupee per 100 kg.

Chana trading range for the day is 5992-6150.Chana prices dropped driven by subdued demand in the spot market against ample stocks position on higher supplies from producing regions. Arrivals of raw Chana is not picking up despite higher prices as expected in the states of Madhya Pradesh and Rajasthan. Chana imports into the country touched about 9.93 lt of until February in the current financial year (Apr 2015- Feb 2016).In Delhi spot market, chana dropped by -75.95 rupee to end at 6224.05 rupee per 100 kgs.

Soyabean trading range for the day is 3785-4001.Soyabean prices dropped on hope of higher supply in domestic market and on subdued demand following weak export data from United States and India. Prices also seen under pressure after the USDA reported weekly sales of bean dropped 18% to 456,800 tons on weak and 1% from the prior week. NCDEX accredited warehouses soyabean stocks dropped by 2027 tonnes to 34563 tonnes. At the Indore spot market in top producer MP, soybean dropped -26 rupee to 4030 rupee per 100 kgs.

Menthaoil trading range for the day is 848.1-873.5.Mentha oil spot at Sambhal closed at 1000.80 per 1kg. Spot prices is down by Rs.-0.10-.Mentha oil prices gained tracking improved demand from consuming industries in the spot market. Besides, restricted supplies from major producing belts of Chandausi in Uttar Pradesh, also added support to mentha oil prices. The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes during 2016-17.

Gold trading range for the day is 28281-28861.Gold dropped as the dollar hit its highest since end-April against the yen after U.S. Federal Reserve chief Janet Yellen said the central bank should raise interest rates. The Fed should increase interest rates in the coming months if the economy picks up as expected and jobs continue to be generated, Yellen said. St. Louis Federal President Bullard said global markets appear to be well-prepared for a summer interest rate hike from the Fed. Money managers cut bullish bets on the metal by the most this year during the week ended May 24, according to U.S. CFTC data.

Silver trading range for the day is 38212-38866.Silver dropped the dollar strengthened after Federal Reserve Chair Janet Yellen said an interest-rate hike is likely in coming months. The Fed should increase interest rates in the coming months if the economy picks up, Yellen said on Friday, bolstering the case for a rate hike in June or July. St. Louis Fed President James Bullard said on Monday global markets appeared to be well-prepared for a summer rate hike. In the week ahead, investors will be focusing on Fridays U.S. nonfarm payrolls report for May.

Naturalgas trading range for the day is 144.4-147.6.Natural gas edged lower after the latest U.S. weather model called for mild summer temperatures over the next two. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring heating demand. Total U.S. natural gas storage stood at 2.8 trillion cubic feet as of last week, according to the U.S. EIA, 37% higher than levels at this time a year agoUnless intense summer heat boosts demand from power plants, stockpiles will test physical storage limits of 4.3 trillion cubic feet at the end of October.

Aluminium trading range for the day is 103.1-104.3.Aluminium settled flat as downside were limited as support came as aluminum stocks in Chinas major markets fell at a much faster pace. A major Aluminium producer has offered Japanese buyers a premium of $110 per tonne for July-September primary metal shipments. Aluminum daily stocks at Shanghai exchange came down by 5067 tonnes. Warehouse stock for Aluminium at LME was at 2534000mt that is down by -5900mt.

Crudeoil trading range for the day is 3247-3511.Crudeoil gained despite international trade was subdued because of public holidays in Britain and the United States. Oil prices inched up toward $50 a barrel although uncertainty ahead of an OPEC producer-group meeting later in the week was expected to cap gains. The OPEC meets in Vienna on Thursday, although most analysts did not expect any changes in the group’s production. Outages seen because of wildfires in Canada and unrest in Libya and Nigeria helped to push oil prices to a seven-month high in recent weeks.

Nickel trading range for the day is 553-567.Nickel prices dropped as fading Chinese demand dragged prices towards their weakest monthly showing since November. A strike at the Cerro Matoso nickel mine, global second largest ferro-nickel mine which is owned by South32, is expected to break out not before June 14.ShFE stocks, have mushroomed to 91,715 tonnes from just 3,100 tonnes this time last year, when the Shanghai contract had only just started trading. Warehouse stock for Nickel at LME was at 402744mt that is up by 1848mt.

Zinc trading range for the day is 126.9-128.9.Zinc prices settled flat amid stronger dollar with the London and U.S. bourses shut for a long weekend. Japanese industrial output unexpectedly rose 0.3 percent in April, government data showed, suggesting production was holding up despite weak exports. Traders will be looking out for a pair of reports on Chinas manufacturing sector due, amid ongoing concerns over the health of China. Warehouse stock for Zinc at LME was at 383000mt that is down by -2025mt.

Copper trading range for the day is 310.8-315.2.Copper eased as a stronger dollar and fading Chinese demand dragged prices lower. Copper output in Chile fell in April as some mines as hit by heavy rains and ore grades continued to decline, the government said on Monday. Hedge funds and money managers added to their bearish bets in copper, taking the total to the highest since January, in the week to May 24, CFTC said. Warehouse stock for Copper at LME was at 153750mt that is down by -2225mt.

Gold trading range for the day is 28281-28861.Gold dropped as the dollar hit its highest since end-April against the yen after U.S. Federal Reserve chief Janet Yellen said the central bank should raise interest rates. The Fed should increase interest rates in the coming months if the economy picks up as expected and jobs continue to be generated, Yellen said. St. Louis Federal President Bullard said global markets appear to be well-prepared for a summer interest rate hike from the Fed. Money managers cut bullish bets on the metal by the most this year during the week ended May 24, according to U.S. CFTC data.

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