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Commodity Important Updates for 9 Nov 2016

Commodity Important Updates for 9 Nov 2016

Aluminium trading range for the day is 113.1-116.1.Aluminium prices dropped on profit booking as supply disruptions in China eased. Asian Aluminium premiums continue to be underpinned by China-led demand after the arbitrage between Shanghai and London markets opened. In Japan, the demand has not changed drastically but there is a positive outlook due to the sentiment that Chinese demand for overseas metal will rise.

Naturalgas trading range for the day is 168-194.Natural gas fell sharply as a mild start to the winter heating season added to concerns over a deepening supply glut. Updated weather forecasting models showed that high pressure weather systems will dominate over the central and southern U.S. Meanwhile, market participants awaited weekly supply data due on Thursday, which is expected to show a build 57 billion cubic feet.

Jeera trading range for the day is 17655-18275.Jeera prices dropped amid good sowing prospects for jeera in Gujarat and Rajasthan as the sowing season is about to commence. Sowing of jeera for rabi season has started in slower pace and is expected to pick up intensely in the coming days. NCDEX accredited warehouses jeera stocks dropped by 72 tonnes to 1310 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -131.25 rupees to end at 18218.75 rupee per 100 kg.

Soyabean trading range for the day is 3042-3112.Soyabean prices dropped due to the harvest season and weak demand for soymeal in export market. Soybean harvest is almost complete in major growing states and crop arrival will increase in coming weeks. NCDEX accredited warehouses soyabean stocks gained by 2912 tonnes to 40206 tonnes. At the Indore spot market in top producer MP, soybean dropped -13 rupee to 2977 rupee per 100 kgs.

Menthaoil trading range for the day is 946.7-991.9.Mentha oil spot at Sambhal closed at 1079.50 per 1kg. Spot prices is up by Rs.10.00-.Menthaoil settled up due to rising demand and falling arrivals the physical markets. Indias mentha oil output was estimated to remain lower this year from 32,000 tonnes produced during last year.At Chandausi market estimated market supply was 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 724.4-768.2.Nickel dropped on profit booking after prices gained in last session as speculators bet that resurgent steel demand in China droving up. Civil unrest in Indonesia that threatens to reduce imports of the metal will tighten the supply-demand balance. German factory orders contracted unexpectedly in September, largely reflecting weak domestic demand and orders from euro area.

Zinc trading range for the day is 160.6-168.6.Zinc dropped as pressure seen after Chinese data disappointed and ahead of the outcome of the US presidential election. LME Zinc stocks and cancelled warrants were both 475 tonnes lower at 448,575 tonnes and 61,525 tonnes respectively. Chinas central bank said that it will maintain ample liquidity and achieve reasonable growth in money supply and credit.

Copper trading range for the day is 333.6-356.8.Copper gained as expectations of stronger demand in China and optimism that Democrat Clinton will win the U.S. presidential election boosted sentiment. Data showed Chinas imports of copper fell 14.7 percent in October to the lowest since February 2015, also weighed on the prices. Much of the focus is on China, where the outlook for economic and demand growth is perceived to have improved.

Crudeoil trading range for the day is 2937-3059.Crude oil gained supported by a rebound in other asset classes after news that U.S. presidential candidate Hillary Clinton will not face charges. OPECs Secretary-General Mohammed Barkindo reiterated the cartels commitment to a deal to cut output made in Algiers late September. OPEC has also sought cooperation from non-member producers, including Russia, but many doubt its ability to coordinate a cut sufficient to balance the market.

Silver trading range for the day is 42132-44764.Silver gained as dollar dropped and financial markets awaited the outcome of the U.S. presidential election. Inflation stuck below the goal is one of the larger risks facing the U.S. central bank, Chicago Fed President Charles Evans said. Chinas central bank said that it will maintain ample liquidity and achieve reasonable growth in money supply and credit.

Gold trading range for the day is 29356-30630.Gold prices dropped as investors remained cautious ahead of the outcome of the U.S. presidential elections. Markets also remained cautious of the implications of U.S. election outcome on an anticipated interest rate hike by the Federal Reserve next month. Falling consumer demand and a halving of central bank purchases resulted in a 10 percent drop in gold buying in the third quarter, data from WGC showed.

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