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Commodity Important Updates for 4 August 2016

Commodity Important Updates for 4 August 2016

Copper trading range for the day is 320.2-330.4.Copper dropped as dollar rebounded and nervousness over global central bank policy persisted. Dollar recovered from six-week lows after data showed the US private sector added more jobs than expected in July. China called for the central bank to cut interest rates and bank reserve requirements at the appropriate time. Warehouse stock for Copper at LME was at 207350mt that is down by -2300mt.

Zinc trading range for the day is 149.9-154.3.Zinc traded in the range as getting resistance at 153 level with investors taking a little bit of a breather. Prices capped its gains as dollar rebounded and nervousness over global central bank policy persisted. Pressure seen on base metals with Chinas state planner calling for policy easing but not specifying when Warehouse stock for Zinc at LME was at 430625mt that is down by -525mt.

Jeera trading range for the day is 18850-20440.Jeera prices ended with losses on account of fall in demand at the spot market. Though, lower supply from the producing belts, and rising exports demand especially from China & Bangladesh capped some losses. NCDEX accredited warehouses jeera stocks gained by 74 tonnes to 6167 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -149.15 rupees to end at 19287.5 rupee per 100 kg.

Turmeric trading range for the day is 8056-8296.Turmeric prices dropped due to lack of upcountry demand at the spot market. Though, some losses were capped as turmeric production is likely to decline by 10-15 percent. NCDEX accredited warehouses turmeric stocks gained by 59 tonnes to 6062 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8463.05 rupees gained 36.75 rupees.

Soyabean trading range for the day is 3543-3731.Soyabean prices gained due to falling arrivals in the spot market. Though, expectation of better harvest and favorable weather condition across the soybean growing areas, capped some gains. NCDEX accredited warehouses soyabean stocks dropped by 40 tonnes to 1990 tonnes. At the Indore spot market in top producer MP, soybean gained 57 rupee to 3831 rupee per 100 kgs.

Menthaoil trading range for the day is 913-955.2. Mentha oil spot at Sambhal closed at 1067.00 per 1kg. Spot prices is down by Rs.-9.00/-. Mentha oil gained tracking a firm trend at spot market on rising demand from consuming industries in the spot market. At Sambhal market total arrivals are at 150 Drums, up by 50 Drums from previous trading day. Mint product exports have declined substantially from the export basket by 18% in terms of volume and 4% in terms of value year-on-year.

Naturalgas trading range for the day is 179.9-197.9. Naturalgas rallied more than +4% rose as weather reports got slightly hotter. Buying seen as traders expected a potentially historically low weekly surplus and others tried to capitalize on a recent fall. Demand for natural gas tends to rise in the summer months as warmer temperatures increase. The US EIAs storage report slated for release on Thursday is expected to show a build of approximately 10bcf.

Aluminium trading range for the day is 107.4-111.4. Aluminium gained as support seen after Norsk Hydro raise its estimate of growth in global Aluminium demand. Dollar recovered from six-week lows after data showed the U.S. private sector added more jobs than expected in July. Growth in Chinas services sector cooled in July, with companies shedding staff for first time in four months. Warehouse stock for Aluminium at LME was at 2278250mt that is down by -6300mt.

Nickel trading range for the day is 703.8-730.4. Nickel prices holds gains despite other metals lost as concern seen after Philippines environmental issue. Filipino President Duterte cracking down and warned the illicit mining sector to stop sending semi refined nickel ore to China. Markets remain cautious to the evolving macro risks across European banks, the UK Brexit and how far stimulus efforts will support in the interim Warehouse stock for Nickel at LME was at 372378mt that is down by -372mt.

Crudeoil trading range for the day is 2595-2825. Crude oil prices gained after a larger-than-expected gasoline draw offset a surprise build in crude stockpiles in the No. 1 oil consumer. U.S. crude inventories rose for a second week in a row, gaining 1.4 million barrels last week, and Energy Information Administration (EIA) data showed. Gasoline stocks slumped by 3.3 million barrels, versus forecasts for a 200,000-barrel drop. Worries about slowing economies in Asia and Europe have weighed, along with near record-high OPEC output and signs of a new price war by Saudi Arabia for crude.

Silver trading range for the day is 47100-48730. Silver dropped following a stronger-than-expected round of economic data and a stronger dollar. U.S. private employers added 179,000 jobs in July, above economists’ expectations, a report by a payrolls processor showed. Chicago Federal Reserve Bank President Charles Evans offered a lukewarm endorsement of an interest rate increase later this year. Investors await a highly-anticipated meeting from the Bank of England where policymakers in the U.K. could approve their first interest rate cut in seven years.

Gold trading range for the day is 31470-32060.Gold prices ended with losses after a rise in the dollar on the back of strong economic data. Fed officials noted that near-term economic risks had diminished, but neglected to give any further clues on the timing of a potential rate increase this year. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.03 percent to 969.65 tonnes on Wednesday. Low inflation allows the Federal Reserve to keep U.S. interest rates lower for longer in order to boost the economy and jobs, Minneapolis Fed President Neel Kashkari said.

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