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 Market important Updates for 08 May 2017

Commodity Market important Updates for 08 May 2017

Jeera trading range for the day is 17550-19110.Jeera prices settled flat as pressure seen amid subdued demand at spot market mainly on export buying. New crop arrivals are increasing steadily across major spot markets and they are much higher compared to last year.NCDEX accredited warehouses jeera stocks gained by 162 tonnes to 1717 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -125 Rupees to end at 18475 Rupees per 100 kg.

Turmeric trading range for the day is 5354-5626.Turmeric dropped as higher supplies in the market amid weak demand weighed on prices. Steady pace of new crop supplies amid higher production also weighed on prices.NCDEX accredited warehouses turmeric stocks gained by 160 tonnes to 4640 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5400 Rupees dropped -250 Rupees.

Soyabean trading range for the day is 2867-3055.Soyabean prices gained on lower arrivals in local mandis and buying at lower level.All India soybean arrivals were stood at 125,000-130,000 bags as compared to 140,000-145,000 bags.NCDEX accredited warehouses soyabean stocks dropped by 914 tonnes to 145636 tonnes.At the Indore spot market in top producer MP, soybean dropped -7 Rupees to 3049 Rupees per 100 kgs.

Menthaoil trading range for the day is 902.5-933.3.Mentha oil spot at Sambhal closed at 1067.50 per 1kg. Spot prices was up by Rs.1.20-.Mentha oil dropped but prices recovered from lows due to improved demand against limited arrivals from producing belts. Downside also seen limited on expectations that demand from the pharmaceutical industries might pick-up in coming days.India exported 21,150 metric tonnes of mentha and allied products, valued at Rs 2,577.59 crore in FY16.

Aluminium trading range for the day is 120.7-124.1.Aluminium prices dropped on market speculation over industry policy affected by weakness in other base metal prices. Goldman Sachs sees aluminium prices at $2,000tonne in coming six months and $2,100tonne in coming twelve months.China started aluminium supply side reform in April this year, through production controls and closure of illegal capacity.

Nickel trading range for the day is 567.6-603.8.Nickel on MCX settled up 1.67% after LME nickel bounced 1.4 percent to close at $9,140 after touching $8,905, the weakest since June 24 last year Many of these mines were nickel producers, and the crackdown removed a great deal of supply from the market. In the meantime, Indonesian shipments are already picking up after a relaxation of the governments ore export ban.

Zinc trading range for the day is 162.6-169.Zinc prices gains tracking rise in LME prices by 0.5 percent at $2,582 despite further losses in steel and iron ore prices. The global demand for refined zinc metal is forecast to total 14.30 million tonnes in 2017, marginally higher by 2.6% over the previous year.The global demand for refined zinc metal will exceed supply in 2017, despite sharp rise in zinc mine output.

Copper trading range for the day is 356.2-364.6.Copper prices ended with gains as mine workers in Peru considered launching a new strike and some investors regarded the lower prices as good value. Inventories in London Metal Exchange warehouses climbed by 36,800 tonnes, exchange data showed, bringing this weeks surge to 40 percent. Glencores copper production slid 3% in the first quarter of 2017 to 324,000 tonnes.

Naturalgas trading range for the day is 202.7-214.5.Natural gas prices ended with gains on short covering as traders reacted to cooler weather forecasts in the Midwest region. However upside seen limited as data showed that natural gas supplies in storage in the U.S. rose more than expected last week.Total natural gas in storage currently stands at 2.256 tcf, according to the U.S. EIA, 13.7% lower than levels at this time a year ago.

Crudeoil trading range for the day is 2769-3109.Crude oil rallied following assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut. Saudi Arabias OPEC Governor Adeeb Al-Aama told OPEC and non-OPEC nations were close to agreeing a deal on supply cuts.Traders also pointed to soaring U.S. oil output, up more than 10 percent since mid-2016 to 9.3 million bpd, levels not far off top producers Russia and Saudi Arabia.

Silver trading range for the day is 37485-38809.Silver prices dropped as expectations for a June rate hike surged, after the U.S. economy created more jobs than expected in April.Investor sentiment shifted towards risker assets, after the Labor Department said that the U.S. economy added 211,000 jobs.The unemployment rate fell to its lowest level since May 2007, dropping to 4.4%, down from 4.5% in March.

Gold trading range for the day is 27931-28321.Gold dropped after data showed U.S. job growth rebounded in April and as expectations for a U.S. interest rate hike in June grew and euro zone political risk receded.Pressure also seen gold prices after the Fed played down any threats to this years planned rate increases, supporting forecasts of another move in June.Dealers in India were charging a premium of up to $2 an ounce this week over official domestic prices, compared to a premium of $1.50 last week.

2
 
error: Content is protected !!