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Commodity Market Important Updates for 9 Jan 2017

Commodity Market Important Updates for 9 Jan 2017

Jeera trading range for the day is 16445-17405.Jeera prices ended with gains amid rising demand from the stockiest and traders at the spot market. However upside seen limited on expectation of increase in Jeera area in Gujarat state mainly in Saurashtra and Kutch zone current year. Sowing has been good so far and weather conditions are also favorable for jeera crop. In Unjha, a key spot market in Gujarat, jeera edged up by 50 rupees to end at 18346.45 rupee per 100 kg.

Turmeric trading range for the day is 6694-6790.Turmeric prices ended with gains on anticipation of rising physical demand at the spot market. However upside seen limited as new season turmeric crop has now entered into the markets in South India. The price of the turmeric is stable for the past two days, prices fluctuated based on the quality of turmeric. In Nizamabad, a major spot market in AP, the price ended at 7395.85 rupees dropped -54.15 rupees.

Soyabean trading range for the day is 3036-3094.Soyabean prices seen under pressure on expectation of higher supply in global market and on weak demand. Prices of the bean were down on oversupply woes as rainfall resume in major growing region of Brazil. NCDEX accredited warehouses soyabean stocks gained by 579 tonnes to 146854 tonnes. At the Indore spot market in top producer MP, soybean dropped -8 rupee to 3069 rupee per 100 kgs.

Menthaoil trading range for the day is 1024.6-1073.4.Mentha oil spot at Sambhal closed at 1133.50 per 1kg. Spot prices is up by Rs.7.00-.Mentha oil gained on the back of pick-up in demand at the spot market. Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also supported. At Sambhal market estimated market supply was at 60 Drums (1-drum=180kg), down by 40 Drums (1-drum=180kg) from previous trading day.

Aluminium trading range for the day is 114.7-117.9.Aluminium gained tracking LME Aluminium prices ended up 0.7 percent at $1,713 a tonne as traders covered their short positions on weekend. Chinas foreign exchange reserves fell for a sixth straight month in December to the lowest since early 2011, but held just above the critical $3 trillion level. LME Aluminium cancelled warrants were down 5,350 tonnes to 663,000 tonnes.

Nickel trading range for the day is 687.6-709.2.Nickel steadied as investor’s squared positions after a strong U.S. payrolls report, even as they kept an eye on a stronger dollar. The impending moderation of Indonesias mineral ore export ban and consequent resumption of nickel exports will increase global nickel supply. BMI maintained its 2017 nickel price forecast of $10 500t on average.

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