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Commodity Important Updates for 16 June 2016

Commodity Important Updates for 16 June 2016

Jeera trading range for the day is 16865-17705.Jeera prices ended with gains on reduced stock for domestic consumption coupled with strong export outlook for 2016-17.China has imported around 12000 tons of Indian Cumin Seeds and is expected to import more 13000 tons of Indian cumin seeds for current year. NCDEX accredited warehouses jeera stocks gained by 60 tonnes to 3496 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 88.1 rupees to end at 17266.65 rupee per 100 kg.

Turmeric trading range for the day is 7878-8130.Turmeric gains on short covering after prices dropped on rising output as recent rains will help the farmers to speed up sowing operations. At Nizamabad market arrivals were reported at 1200 quintals, lower by 200 quintals from previous trading day. NCDEX accredited warehouses turmeric stocks dropped by 35 tonnes to 5547 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8344.45 rupees gained 23.05 rupees.

Chana trading range for the day is 6811-7021.Chana dropped tracked by government initiatives to check rising prices and availability of pulses. Government projected 2015-16 chana output at 7.48 million ton up from 7.33 million to a year ago. NCDEX accredited warehouses chana stocks dropped by 50 tonnes to 1599 tonnes. In Delhi spot market, chana dropped by -51.85 rupee to end at 7100 rupee per 100 kgs.

Soyabean trading range for the day is 3831-4035.Soyabean gained on higher prices in international market on concerns over a dry growing-season in the US Midwest and crop losses in Argentina. Farmers of MP and Maharashtra may switch to pulses and other cash crop due to lower crushing demand. NCDEX accredited warehouses soyabean stocks dropped by 302 tonnes to 25949 tonnes. At the Indore spot market in top producer MP, soybean dropped -29 rupee to 3968 rupee per 100 kgs.

Menthaoil trading range for the day is 833.9-865.9. Mentha oil spot at Sambhal closed at 936.90 per 1kg. Spot prices is up by Rs.12.70/-. Mentha oil gained tracking improved demand from consuming industries in the spot market. Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also fuelled the uptrend. At Sambhal market total arrivals are at 200 Drums (1-drum=180kg), lower by 100 Drums (1-drum=180kg) as compared to previous day.

Naturalgas trading range for the day is 172.4-178.4. Naturalgas traded in the range as traders are waiting for weekly inventory that is expected to show a heavy stockpiles which may continue to limit rallies. Stockpiles typically build this time of year when production is strong and there is no demand for gas-fired heat. Updates from MDA Weather Services keep showing unseasonably warm temperatures stretching deeper into June. Stockpiles likely grew last week to 3 trillion cubic feet, 26% above levels from a year ago and 30% above the five-year average for the same week.

Aluminium trading range for the day is 106.7-109.9. Aluminium hit its highest level in nearly six weeks as the dollar dipped and investors bought more risky assets ahead of a Federal Reserve meeting. Aluminium stocks at three major Japanese ports stood at 337,200 tonnes at the end of May, up 3.8 percent from a month earlier. LME data showed one entity held 40-50 percent of short-term Aluminium futures. Warehouse stock for Aluminium at LME was at 2458850mt that is down by -2475mt.

Nickel trading range for the day is 590.1-620.5. Nickel saw some upside with LME nickel traded above $8,800 per metric ton, despite the fact that a major supply disruption was avoided. Workers at Colombia’s Cerro Matoso nickel mine reached an eleventh hour, averting a supply disruption at one of the world’s largest ferronickel mines. LME Nickel prices remain below $9,000 per metric ton, not far off of the 13-year low of $7,580 per ton they hit in February. Warehouse stock for Nickel at LME was at 389136mt that is down by -1524mt.

Zinc trading range for the day is 132.8-139.8.Zinc prices rallied on the back of worries about potential shortages. Official industrial production in China, rose 6 percent from a year earlier in May, matching estimates. Business activity in the manufacturing sector in New York surprisingly rebounded from contraction in June, a survey showed. Warehouse stock for Zinc at LME was at 383200mt that is down by -875mt.

Copper trading range for the day is 300.6-319.6.Copper rose on evidence that Chinese growth is stabilizing and as concern over a buildup in metal stockpiles eased. The Fed kept interest rates unchanged and said slower economic growth would crimp the pace of monetary policy tightening in future years. Money managers cut their bullish copper bets to a four-month low in London last week, when stockpiles surged the most in a decade. Warehouse stock for Copper at LME was at 202150mt that is down by -1125mt.

Crudeoil trading range for the day is 3164-3306.Crude oil prices fell following a lower than expected draw on U.S. stockpiles and amid worries Britain might leave the European Union.U.S. Crude stocks fell last week, the government said, but the decline was much smaller than anticipated, while gasoline stocks decreased sharply. Crude inventories fell by 933,000 barrels in the last week, the U.S. EIA reported, less than half the 2.3 million barrel decrease expected. At 531.5 million barrels, U.S. crude oil inventories are at historically high levels for this time of year.

Silver trading range for the day is 41203-41771.Silver remained in range as market awaited the U.S. Feds policy statement amid concerns about a potential British exit from the European Union. The Federal Open Market as expected, left the target range of its benchmark Federal Funds Rate unchanged at a level between 0.25 and 0.50%. The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace a referendum on June 23 by Britain to leave the 28-member EU, dubbed Brexit, could tip Europe back into a recession, putting more pressure on the global economy.

Gold trading range for the day is 30208-30638.Gold prices were little changed as investors looked ahead to the conclusion of the Fed meeting and the U.K. vote on whether to leave the European Union The Fed kept said it kept interest rates unchanged as expected but signaled it still plans two rate increases this year. SPDR gold trust holdings gained by 0.23% i.e. 2.08 tonnes to 900.75 tonnes from 897.67 tonnes. US wholesale prices got a boost from more expensive energy and a sharp rebound in volatile trade margins, but without those effects, inflation pressure seemed quite tame.

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