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Commodity Important Updates for 5 Oct 2016

Commodity Important Updates for 5 Oct 2016

Aluminium trading range for the day is 110.1-111.9.Aluminium prices ended with small losses tracking weakness in other base metals as the dollar strengthened. A flurry of data from China in coming weeks is expected to point to modest improvement in the economy in the third quarter. Technically market is under long liquidation as market has witnessed drop in open interest by -3.05% to settle at 3048.

Naturalgas trading range for the day is 190.5-198.1.Natural gas rebounded to end with gains after prices dropped as warm weather forecasts damp expectations for demand. A historic run of heat that had caused prices to rise is now turning against the market. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 49 billion cubic feet.

Jeera trading range for the day is 16575-17755.Jeera prices ended with losses on expectation of better crop next year from the producing belts. As per fourth advance estimate of Gujarat State for 2015-16, jeera production is pegged at 238,000 ton as against 197,000 ton a year ago. NCDEX accredited warehouses jeera stocks dropped by 120 tonnes to 3630 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -74.45 rupees to end at 17920 rupee per 100 kg.

Turmeric trading range for the day is 7130-7250.Turmeric ended with losses due to higher sowing acreage in the current season. At Nizamabad market, estimated market supply was at 1000 quintals, higher by 200 quintals from previous trading day. NCDEX accredited warehouses turmeric stocks dropped by 80 tonnes to 5454 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7600 rupees gained 41.2 rupees.

Soyabean trading range for the day is 3173-3277.Soyabean prices ended with losses as arrivals are expected to pick up in a fortnight, weighing on prices. Soybean production is anticipated to be higher this year thanks to conducive weather conditions. About 68% of the US soybean crop is dropping leaves which down from 69% during the corresponding period last year. At the Indore spot market in top producer MP, soybean dropped -34 rupee to 3210 rupee per 100 kgs.

Menthaoil trading range for the day is 853.1-893.5.Mentha oil spot at Sambhal closed at 1013.50 per 1kg. Spot prices is up by Rs.1.30-.Mentha oil dropped on sluggish demand from consuming industries in the domestic and overseas markets. Ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh, too added pressure. At Chandausi market, total arrivals are at 15 Drums (1-drum-180kg), up by 15 Drums (1-drum-180kg) as compared to previous day.

Nickel trading range for the day is 653-701.8.Nickel dropped as fears of supply issues following mine closures in Philippines are fading while there is talk that Indonesia could resume nickel ore exports. Indonesia is still considering whether to resume nickel ore exports amid broader talks on mining rules in Southeast Asia’s biggest economy. LME stocks were last at 361,464 tonnes, down less than two percent in September after little change in August.

Zinc trading range for the day is 155.9-162.1.Zinc prices dropped due to strength in the dollar and increased availability. Stocks jumped to 447,500 tonnes due to arrivals in New Orleans and cancelled warrants were 975 tonnes lower at 32,275 tonnes. While a housing revival is fuelling demand for metals, Chinas authorities, worried on a bubble, are taking action.

Copper trading range for the day is 319.3-326.7.Copper prices slipped as the dollar strengthened although improving signals from Chinas economy cushioned the fall. A flurry of Chinese data is expected to point to a modest improvement in the economy in the third quarter. Stockpiles tracked by the LME are up more than 160 percent in the past six months.

Crudeoil trading range for the day is 3198-3308. Crude oil remained supported as the oil production freeze deal by OPEC continued to boost investors’ confidence. However gains were seen limited due to a rise in Iranian exports which add to a global supply overhang. The American Petroleum Institute data showed that U.S. crude inventories likely fell for a fifth straight week, declining by 7.6 million barrels.

Silver trading range for the day is 40990-46040.Silver dropped weighed down by a stronger U.S. dollar following recent upbeat U.S. data continued to weigh on the precious metal. Feds Lacker that there was a strong case for raising interest rates, stoked expectations that the Fed will lift rates by year-end. The reports added to optimism over the strength of the economy after Friday’s upbeat U.S. Consumer sentiment data.

Gold trading range for the day is 29336-31256.Gold dropped as a stronger dollar and signals that Fed might be closer to raising interest rates this year drove investors out of the precious metal. Feds Evans said he would be fine with raising U.S. interest rates by year end if U.S. economic data continued to come in firm. Positive economic data usually puts pressure on gold prices as it increases expectations of a U.S. interest rate hike.

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