SEBI Registration NO.---- INA000001530 Investment in stock and commodity market are subject to market risk. Please do not trade on those tips which are not provided through SMS or messenger.

Commodity Important Updates for 8 Dec 2016

Commodity Important Updates for 8 Dec 2016

Naturalgas trading range for the day is 243-256.6.Natural gas gained as weather forecasts have shown below-average temperatures coming in across the country. Investors will also be watching for the U.S. EIAs weekly natural gas storage report, due Thursday to gauge whether cooler temperatures. The EIA is expected to report that storage levels fell by 43 billion cubic feet of gas during the week ended Dec. 2

Jeera trading range for the day is 17140-17730.Jeera prices gained on tight stocks position due to lower supply from the major producing belts. As on now, Gujarat farmers have planted jeera in 1, 41,100 hectares, up by 122.5% compared to last year acreage. NCDEX accredited warehouses jeera stocks dropped by 17 tonnes to 123 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -50 rupees to end at 18500 rupee per 100 kg.

Aluminium trading range for the day is 114.3-118.3.Aluminium prices settled flat as prices pared gains tracking other base metals after gaining earlier. Prices found support from expectations that the dollar will weaken under President Trump. A flood of data from China in coming weeks is expected to show the economy growing at a steady pace in November      .

Turmeric trading range for the day is 6946-7150.Turmeric prices gained on receipt of some fresh export enquiry from upcountry buyers. However, reports of good production from new season crops limited the upside.  Accredited warehouses turmeric stocks dropped by 40 tonnes to 2168 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7729.55 rupees gained 32.2 rupees.

Soyabean trading range for the day is 3065-3141.Soyabean prices seen under pressure amid weakening demand in the spot market. USDA said that private exporters reported the sale of 198,000 tonnes of soybeans to China for delivery during the 2016-17 marketing year NCDEX accredited warehouses soyabean stocks gained by 1386 tonnes to 105482 tonnes. At the Indore spot market in top producer MP, soybean dropped -14 rupee to 3073 rupee per 100 kgs.

Menthaoil trading range for the day is 944.4-988.4.Mentha oil spot at Sambhal closed at 1050.20 per 1kg. Spot prices is down by Rs.-19.50-.Mentha oil prices dropped driven by sluggish demand at the spot market. Pressure also seen on prices amid ample stocks position on higher supplies from producing regions of Chandausi in Uttar Pradesh. At Bareilly market sources reported arrivals at 5 Drums (1-drum-180kg), up by 4 Drums (1-drum-180kg) as against previous day.

Nickel trading range for the day is 749.8-804.6.Nickel dropped on profit booking tracking LME prices fell 1.7 percent to $11,410 after prices seen supported on Philippines mines update Philippines output of nickel ore fell 16 percent in the third quarter from a year earlier, government data showed. Output of nickel ore for direct shipping fell to 9.34 million tonnes in July-September from 11.09 million tonnes in the same period last year.

Zinc trading range for the day is 177.1-196.5.Zinc prices dropped as concerns that the metals rally had become overstretched outweighed prospects of higher demand Chinas refined zinc output increased 7.83% year-on-year to 6.18 million tonnes in 2015.US Commerce Department data showed December 6 the country’s zinc imports and exports both fell month-on-month in October.

Copper trading range for the day is 384.8-412.2.Copper prices dropped on profit booking buoyed by signs that global manufacturing activity will return to a healthier footing next year. LME stocks have fallen to around 230,000 tonnes, the lowest since August, and down around 40 percent since late September. A few reports are showing a supply deficit emerging in 2020, making current prices still look cheap.

Crudeoil trading range for the day is 3304-3528.Crude oil dropped on persistent doubts whether a planned crude production cut led by OPEC and Russia would be deep enough to end a supply overhang. The EIA said crude inventories fell by 2.389 mn barrels after a drop of 884,000 barrels the previous week. OPEC and non-OPEC oil producers will meet in Austria’s to agree details of the output cut, which targets an overall reduction of 1.5 mbpd.

Silver trading range for the day is 40451-42747.Silver gained as the dollar eased ahead of an ECB meeting, and on the view that a U.S. rate rise next week was already reflected in prices. A report released by the Federal Reserve showed U.S. consumer credit increased by less than expected in the month of October. The Fed said non-revolving credit such as student loans and car loans climbed by $13.7 billion in October after rising by $17.7 billion in September.

Gold trading range for the day is 27700-28130.Gold prices edged higher as a weaker dollar pushed investors to lock in gains on the metals recent decline. Several Fed policymakers have expressed confidence in the U.S. economy and signaled a possible near-term interest rate hike. SPDR gold trust holdings dropped by 0.72% i.e. 6.23 tonnes to 863.67 tonnes from 869.90 tonnes.

2
 
error: Content is protected !!