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Commodity Market important Updates for 10 April 2017

Commodity Market important Updates for 10 April 2017

Jeera trading range for the day is 18365-20005.Jeera dropped on profit booking after prices gained on a lower output forecast and strong demand from overseas buyers.Furthermore, ample stocks position following higher supplies from the producing belt too fuelled the downtrend.NCDEX accredited warehouses jeera stocks dropped by 93 tonnes to 639 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -13.35 Rupees to end at 18590 Rupees per 100 kg.

Turmeric trading range for the day is 6160-6468.Turmeric prices dropped due to higher supplies from the producing regions.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 165 tonnes to 2326 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5981.65 Rupees dropped -41.45 Rupees.

Soyabean trading range for the day is 2882-2966.Soyabean dropped on higher arrivals in local mandis and hope of increasing demand for soymeal from feed industry. However downside seen limited on higher demand for soymeal from poultry feed manufacturers.NCDEX accredited warehouses soyabean stocks dropped by 186 tonnes to 188240 tonnes.At the Indore spot market in top producer MP, soybean dropped -19 Rupees to 3030 Rupees per 100 kgs.

Menthaoil trading range for the day is 984.1-1003.5.Mentha oil spot at Sambhal closed at 1125.50 per 1kg. Spot prices was down by Rs.-8.50-.Mentha oil dropped amid of reports that carryover stocks are huge against the current consumption level.Also prices trading with weakness leading to a glut with synthetic mint oil garnering larger share of the market.Trade sources estimate that total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season.

Aluminium trading range for the day is 123.1-127.3.Aluminium settled flat recovering from losses seen earlier due to geopolitical developments with the USA attacking a Syrian air base.The deficit in the global aluminium market to widen further in CY2017 as a result of up to almost 3 MMT of production cutbacks in China.China has tightened rules on moving capital outside the country in recent months and stem a slide in its foreign exchange reserves.

Nickel trading range for the day is 634.3-670.3.Nickel recovered on short covering as nickel ore supply remains tight, which is leading to a significant output cut at nickel smeltersAccording to China Customs, China imported a total of 300,000 tonnes of nickel ore from Indonesia during the first two months of 2017.Indonesian nickel ore are estimated to keep flowing into China and the monthly supplying volumes from the country to China will reach around 100,000 tonnes.

Zinc trading range for the day is 167.3-178.5.Zinc dropped as supply tightness eased recently after restarts at mines driven by high zinc pricesThe discount of LME cash zinc to the three-month contract shrank to $23.80 a tonne from $27.75 earlier in the week.Votorantim saying Cajamarquilla in Peru would resume operations at 50% of capacity after a period of suspension due to floods.

Copper trading range for the day is 366.6-384.2.Copper fell after a U.S. air strike on Syria prompted investors to move out of riskier assets.The discount of LME cash copper to the three-month contract closed at $31.25 a tonne, close to the biggest in four years, indicating adequate supply.Chinas foreign exchange reserves rose slightly in March, though by a bit less than the market expected.

Naturalgas trading range for the day is 206.1-216.7.Natural gas prices dropped on profit booking as warmer than normal weather is expected to cover most of the United States.Meanwhile, traders monitored shifting weather forecasts to assess the outlook for early-spring demand and supply levels.The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 2 billion cubic feet.

Crudeoil trading range for the day is 3280-3438.Crude oil prices climbed after the U.S. launched cruise missiles at an airbase in Syria, sparking concerns of an escalation in the Syrian civil war.Crude prices had also strengthened this week amid increasing optimism that OPECs supply curbs are beginning to rebalance the market.Shipped oil flows also remain higher than at any time during the second half of 2016, before the OPEC-led cuts were implemented.

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