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Commodity Market important Updates for 05 May 2017

Commodity Market important Updates for 05 May 2017

Jeera trading range for the day is 18020-18800.Jeera prices gains on rising exports demand at the spot market.The carryover stock has dipped to about 2 lakh bags as against the normal 20-25 lakh bags, thereby reducing the availability.NCDEX accredited warehouses jeera stocks gained by 171 tonnes to 1555 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -93.35 Rupees to end at 18600 Rupees per 100 kg.

Turmeric trading range for the day is 5410-5766.Turmeric dropped continuing its losses on lower demand in the physical market on reports of higher stocks available with the farmers.Many traders and farmers expected good sales of turmeric during the peak period, which started a month ago.NCDEX accredited warehouses turmeric stocks gained by 99 tonnes to 4480 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5650 Rupees dropped -120 Rupees.

Soyabean trading range for the day is 2896-2966.Soyabean prices gained on short covering after prices dropped amid ample available stocks in the country.Reports showed that arrivals of soybean during Apr 2017 is 2.82 lakh tonnes, higher by 20% compared to last year same month.NCDEX accredited warehouses soyabean stocks dropped by 965 tonnes to 146550 tonnes.At the Indore spot market in top producer MP, soybean dropped -2 Rupees to 3056 Rupees per 100 kgs.

Menthaoil trading range for the day is 904-933.4.Mentha oil spot at Sambhal closed at 1067.90 per 1kg. Spot prices was down by Rs.-3.50-.Mentha oil dropped amid of reports that carryover stocks are huge against the current consumption level.Sentimental weakness will continious for mentha demand as the key consumption sector (Tobacco products) is witnesing slow down in demand. The demand for mentha at both the local front from the stockists as well as at the export front is not indicating any positive growth.

Aluminium trading range for the day is 121.6-123.8.Aluminium prices dropped as pressure continues as LME ended with a 0.6 percent decline on worries over cooling demand.Global aluminium demand is now expected to rise 4-6 percent in 2017 compared to Hydros earlier view of 3-5 percent.A report showed that new orders for goods manufactured in the United States rose for a fourth month in March, but by less than expected.

Nickel trading range for the day is 567.2-602.6.Nickel dropped tracking weak LME prices following the decision by parliament in the Philippines to reject the appointment of an environment minister.The Philippine government will move forward with a second review of the countrys mines despite the removal of Regina Lopez as environment minister.Lopez will no longer be in a position to suspend about 8 percent of global nickel supply, Goldman Sachs said.

Zinc trading range for the day is 161.8-167.6.Zinc prices dropped tracking LME prices closed 0.2 percent down hurt by weaker steel prices in China.The euro zone economy started the year with robust growth that outstripped that of the United States and set the stage for a strong 2017.Data this week showed U.S. factory activity slowed in April while growth in Chinas manufacturing sector slowed more than expected.

Copper trading range for the day is 351.9-366.3.Copper prices ended with losses on rising inventories and worries over cooling demand.Inventories in LME warehouses rose nearly 33,000 tonnes, exchange data showed, bringing this weeks increase to 64,000 tonnes, or 25 percent.Copper output in Democratic Republic of Congo, hit 274,316 tonnes in the first quarter of 2017, a more than 20 percent increase over the same period last year.

Naturalgas trading range for the day is 200.2-211.Natural gas prices dropped after data showed that natural gas supplies in storage in the U.S. rose more than expected last week.Natural gas prices are impacted by the spread between natural gas inventories and their five-year average.EIA said in its weekly report that natural gas storage in the US rose by 67bcf against 61bcf in the week ended April 28.

Crude oil ended with losses on supply glut concerns as official data showed U.S. crude stocks fell less than expected. Crude oil ended with losses on supply glut concerns as official data showed U.S. crude stocks fell less than expected. Rising U.S. production and stubbornly high inventories remain key drivers of the oil price.Iraqi fuel oil exports have soared since January despite a reduction in the countrys crude production in line with OPEC supply cuts, industry sources said.

Silver trading range for the day is 37383-38941.Silver prices dropped after the Federal Reserve left the door open to raising interest rates in June.The U.S. central banks policymaking committee downplayed weak first-quarter economic growth while emphasizing the strength of the labor market.Elsewhere, mixed U.S. economic data failed to stem the slide in gold prices, after initial jobless claims fell more than expected while factory orders eased in March.

Gold trading range for the day is 27803-28505.Gold prices dropped on expectations of further U.S. interest rate increases this year and receding political uncertainty in Europe.Fed concluded its two-day policy meeting giving a positive assessment of the U.S. economy while keeping rates unchanged, as was widely expected.Expectations that centrist Emmanuel Macron will win the French presidential election on Sunday were reinforced in a TV debate with the far-rights Marine Le Pen.

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