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Commodity Market important Updates for 18 May 2017

Commodity Market important Updates for 18 May 2017

Jeera trading range for the day is 17630-18420.Jeera prices ended with losses amid tepid demand in the spot market.Prices also seen supported as the arrivals have now slowed down in the physical market.NCDEX accredited warehouses jeera stocks dropped by 366 tonnes to 2107 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -15.4 Rupees to end at 18407.7 Rupees per 100 kg.

Turmeric trading range for the day is 5548-5796.Turmeric prices ended with losses amid reports of higher output amid poor export buying. New crop arrivals have started in all the major producing centres of Andhra Pradesh, Telangana, Maharashtra, Odisha.NCDEX accredited warehouses turmeric stocks gained by 160 tonnes to 5785 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5537.5 Rupees dropped -29.15 Rupees.

Soyabean trading range for the day is 2800-2886.Soyabean prices ended with gains on short covering tracking firmness in spot demand after prices dropped on account of lower demand.Around 60% soybean solvent extraction plants in Madhya Pradesh have shut their operations about two months earlier than expected.NCDEX accredited warehouses soyabean stocks dropped by 2555 tonnes to 124719 tonnes.At the Indore spot market in top producer MP, soybean gained 11 Rupees to 3007 Rupees per 100 kgs.

Menthaoil trading range for the day is 942.5-978.5.Mentha oil spot at Sambhal closed at 1076.20 per 1kg. Spot prices was up by Rs.4.20-.Mentha oil settled up amid surge in demand in the domestic spot market. Further, tight stocks position on restricted supplies from producing regions, too supported mentha oil prices.As per sources, local demand is average from both the local industries as well as stockists.

Aluminium trading range for the day is 122.9-124.3.Aluminium prices ended with gains amid deepening global shortage of aluminium.The China Banking Regulatory Commission unveiled plans to publish a flurry of regulations later this year to control financial risks.Economic growth in top metals consumer China will just about make Beijings target of 6.5 percent this year, it slows from 6.9 percent in the first quarter.

Nickel trading range for the day is 577.4-598.6.Nickel settled flat paring its gains after prices earlier received a boost from news that output at a Canadian mine would be suspended.The prospects of less supply bolstered nickel prices after Vale said it would suspend operations at its Birchtree nickel mine.Chinas banking regulator has tightened disclosure rules on lenders wealth management products.

Zinc trading range for the day is 162.8-165.8.Zinc prices ended with gains tracking firmness in LME prices as support seen after steel prices jumped.ILZSG anticipates global demand for refined zinc to be greater than supply in 2017, keeping zinc markets in a deficit for a second consecutive year. The ILZSG predicts a deficit of 226,000 tonnes, not much different from the deficit recorded last year.

Copper trading range for the day is 358.5-366.3.Copper prices traded in range stymied by expectations of slowing growth in the economy of top metals consumer China.After clocking 6.9 percent in the first quarter thanks to spending on infrastructure and a property boom that policymakers want to rein in.Chinas growth is set for its weakest patch since the global financial crisis as authorities pull back on stimulus.

Naturalgas trading range for the day is 199.4-212.2.Naturalgas settled down at 204.70 came under pressure at the start of the week amid expectations of a drop in demand.Pressure seen after the latest US weather model called for mild temperatures over the next two weeks, which should reduce demand during that time.Cooler than normal conditions are expected to reach the eastern US next week, keeping slightly stronger than normal natural gas use in place.

Crudeoil trading range for the day is 3053-3225.Crude oil prices gained as support seen after data showed U.S. crude stockpiles fell for the sixth week in a row.The U.S. EIA said in its weekly report that crude oil inventories fell by 1.8 million barrels in the week ended May 12, the sixth weekly decline in a row.Global stockpiles have remained stubbornly high despite the curbs, in part because U.S. production has climbed 10 percent since mid-2016 to 9.3 million.

Silver trading range for the day is 38695-39627.Silver rallied as political turmoil surrounding the Trump administration has rocked the US dollar, with falling to its lowest level since Nov. Dollar fell amid political uncertainty after a source said US President asked the FBI to end a probe into his former security adviser.Photovoltaic and ethylene oxide sectors saw record high demand for silver which rose by more than one-third to record high levels.

Gold trading range for the day is 27976-28966.Gold soared near to 2% gains to a two-week high as investors poured back into the safe-haven trade, after US political turmoil.Downward movement in yields & dollar have given support to gold as political turmoil in US reduced expectations of rate hikeThe dollar fell to its lowest since Trump was elected in November and is likely to drop further.

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