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Commodity Important Updates for 7 Dec 2016

Commodity Important Updates for 7 Dec 2016

Gold trading range for the day is 27652-28142.Gold prices dropped as a possible U.S. rate hike as early as next week weighed on prices. Fed officials cautioned that the incoming Trump administrations economic plans should not be cast as if the economy is in crisis. Interest rates futures implied traders saw a 93-percent chance the Fed would raise rates by a quarter point to 0.50-0.75 percent next week.

Silver trading range for the day is 40691-41587.Silver prices slid lower as expectations for an upcoming interest rate increase by the Federal Reserve continued to weigh on the precious metal. The U.S. trade deficit widened roughly in line with estimates in the month of October, according to a report released by the Commerce Department. U.S. worker productivity rebounded sharply in the third quarter as initially estimated, marking its quickest rate of growth in two years

Aluminium trading range for the day is 114.6-118.Aluminium dropped as an irrational increase in prices prompts companies to restart plants while new capacity also ramps up in the world’s largest supplier. A Chinese metals industry association warned of a sharp drop in Aluminium prices in the New Year. US nonfarm payroll report for November missed market expectation, but the unemployment hit the lowest level since August 2007.

Natural gas trading range for the day is 237.9-258.1.Natural gas prices retreated as recent higher prices and heavy stockpiles encouraged traders to cash out of a recent rally. However, stockpiles are still at record highs for this time of year, which is causing the recent rally to stall now that prices have hit such highs. Rising prices have increased oil rigs for five straight counts to the highest levels in 10 months.

Jeera trading range for the day is 16720-18150. Jeera prices dropped on reports of higher sowing at the producing belts of Gujarat. Indias jeera exports rose 36% on year to 73,000 tn in Apr-Oct as demand from overseas buyers was robust. NCDEX accredited warehouses jeera stocks gained by 5 tonnes to 140 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -138.9 rupees to end at 18550 rupee per 100 kg.

Turmeric trading range for the day is 6900-7060.Turmeric recovered on buying support after prices dropped due to the arrival of medium and poor quality turmeric the stock positions of Turmeric in the Exchange warehouses in the current season are only stock at Sangali. NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 2208 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7697.35 rupees gained 16.8 rupees.

Soyabean trading range for the day is 3085-3151. Soyabean prices dropped on expectation of higher supply from Brazil, Argentina and on subdued demand in export market. Data showed that Brazilian soy bean crop is estimated up year on year at 103.1 million tons up by 7.6 million tons last season. NCDEX accredited warehouses soyabean stocks gained by 1847 tonnes to 104096 tonnes. At the Indore spot market in top producer MP, soybean dropped -33 rupee to 3087 rupee per 100 kgs.

Menthaoil trading range for the day is 967.8-993.6.Mentha oil spot at Sambhal closed at 1069.70 per 1kg. Spot prices is down by Rs.-1.70-. Mentha oil settled flat as prices pared gains on profit booking after gaining amid pick-up in demand in the domestic spot market. Further, tight stocks position on restricted supplies from producing regions of Chandausi in Uttar Pradesh, too supported mentha oil prices. Farmers are keeping most of the stocks in their hands.

Nickel trading range for the day is 774.2-798.2.Nickel dropped on profit booking after prices seen supported on concern that the Philippines will suspend more mines after a national mining audit. Despite falling inventories of refined nickel and nickel ore, downstream buyers in China made small purchases after nickel price surged in early November. The Philippines output of nickel ore fell 16 percent in the third quarter from a year earlier, government data showed.

Zinc trading range for the day is 182.6-194.2.Zinc gained on speculation that demand will accelerate amid improving growth in the U.S. Reports showed Chinas official factory gauge matched a post-2012 high, while U.S. manufacturing expanded in November at the fastest pace in five months. Zinc daily stocks at Shanghai exchange came up by 523 tonnes.

Copper trading range for the day is 394.6-408.6.Copper dropped as investors cashed in gains after the previous sessions sharp rally. Copper premiums are expected to creep higher on average next year, but rates will fluctuate more than in 2016.Copper prices are consolidating at current levels and there needs to be more evidence on the demand front for the prices to rise further.

Crudeoil trading range for the day is 3341-3579.Crude oil dropped as crude output rose in virtually every major export region despite plans by OPEC and Russia to cut production. The balance of supply and demand in global oil markets may soon change as a result of OPECs decision to cut production, IEA chief Fatih Birol said. OPECs oil output set another record high in November, rising to 34.19 million barrels per day (bpd) from 33.82 million bpd in October.

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