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Commodity Important Updates for 17 June 2016

Commodity Important Updates for 17 June 2016

Jeera trading range for the day is 16765-17605. Jeera prices dropped on profit booking after prices gained on anticipation of improved export demand in coming months. Reduced stock for domestic consumption coupled with strong export outlook for 2016-17 limited the downside. NCDEX accredited warehouses jeera stocks dropped by 57 tonnes to 3439 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 133.35 rupees to end at 17400 rupee per 100 kg.

Turmeric trading range for the day is 7932-8160. Turmeric pared gains on profit booking after gaining on tight stocks positions following restricted supplies from producing regions. The quantity of turmeric arrivals during February-May in key states was higher by 71 per cent compared to the last season. NCDEX accredited warehouses turmeric stocks gained by 50 tonnes to 5597 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8325 rupees dropped -19.45 rupees.

Menthaoil trading range for the day is 804.7-869.7.Mentha oil spot at Sambhal closed at 924.80 per 1kg. Spot prices is down by Rs.-12.10-.Mentha oil prices dropped tracking weak demand from consuming industries at the spot market. Besides, rising arrivals from major producing belts of Chandausi in Uttar Pradesh also fuelled the downtrend. Sentiments still remain weak as this season the farmers are seen getting more interested in sowing mentha in the major growing area.

Naturalgas trading range for the day is 169.5-180.7.Natural gas dropped from day’s high after data showed that natural gas supplies in storage in the US rose more than expected last week. EIA said in its weekly report that natural gas storage in the US in the week ended June 10 rose by 69 billion cubic feet. Updated weather forecasting models continued to show above-normal temperatures across most parts of the U.S. over the next two weeks. Prices hits a seasonal low with spring’s mild temperatures, before warmer weather increases demand for gas-fired electricity generation.

Aluminium trading range for the day is 106.2-109.2.Aluminium dropped on profit booking alongside oil and equities in volatile trade after prices hit its highest level in nearly six weeks Consumer prices in the U.S. rose by slightly less than expected in the month of May, the Labor Department revealed in a report. Market are looking for more stimulus in China, where it’s quite possible that supporters of infrastructure growth will push their agenda. Warehouse stock for Aluminium at LME was at 2452400mt that is down by -6450mt.

Gold trading range for the day is 30007-31545.Gold prices pared gains following the suspension of Britain’s campaign for next week’s referendum after a Member of Parliament was shot dead. The Fed kept interest rates unchanged, but dialed back forecasts for how fast it will raise rates over the next couple of years, citing concerns over the economic outlook. SPDR gold trust holdings gained by 0.20% i.e. 1.78 tonnes to 902.53 tonnes from 900.75 tonnes. The U.S. Department of Labor said the number of individuals filing for initial jobless benefits increased by 13,000 to 277,000 from the previous week’s total of 264,000.

Silver trading range for the day is 40869-42849.Silver gains after the Federal Reserve sounded a less dovish note after its latest policy meeting, ahead of Britain’s vote on whether to leave the EU. The Fed signaled that it still plans to raise rates twice in 2016, but said slower economic growth would crimp the pace of tightening in future years. Expectations that the U.S. central bank would press ahead with rate hikes over the summer faded earlier this month after the release of weak U.S. payrolls data for May. The U.S. Commerce Department said that consumer prices rose 0.2% in May from a month earlier, compared to expectations for a 0.3% gain.

Nickel trading range for the day is 588-607.6.Nickel prices dropped s after union workers at Colombia’s Cerro Matoso nickel mine cancelled plans to strike after reaching a deal on pay increases and benefits. Expectations of a nickel market deficit this year are partly behind the more than seven percent gain since late May. Stocks of nickel in LME approved warehouses at 388,620 tonnes are down more than 14 percent since Jan. 18.Warehouse stock for Nickel at LME was at 388620mt that is down by -516mt.

Zinc trading range for the day is 132-137.4.Zinc dropped as profit-taking outweighed a weaker dollar and slightly stronger sentiment from China. The International Monetary Fund called on Thursday for the creation of a fund to help finance structural reforms in the euro zone Zinc daily stocks at Shanghai exchange came down by 2637 tonnes. Warehouse stock for Zinc at LME was at 382275mt that is down by -925mt.

Copper trading range for the day is 299.8-312.8.Copper prices fell alongside oil and equities fuelled by worries about the British referendum on leaving the EU, but a weaker dollar limited downside. China factories tend to wind down over the northern hemispheres hot summer months, while softening growth has also unbalanced prices. Growth in Chinas fixed-asset investment slipped below 10 percent for the first time since 2000 in January-May Warehouse stock for Copper at LME was at 199025mt that is down by -3125mt.

Crudeoil trading range for the day is 3056-3250.Crude oil dropped amid nervousness ahead of the UK Brexit referendum, and as US crude reserves shrank less than expected. In the US, stockpiles slipped by 933,000 barrels over the week to June 10, the official government data by the Energy Information Administration said. Meanwhile, US crude oil production fell by 29,000 barrels to 8.716 million barrels per day, the lowest level since early September 2014.Both OPEC and IEA stated that the oil market is moving close to balance in the second half of this year on strong oil demand and supply disruptions.

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