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Commodity Tips and Important Notifications for 2 May 2016

Commodity Tips and Important Notifications for 2 May 2016

Gold trading range for the day is 29504-30756.Gold prices rose as investors sought shelter in the safe-haven asset, amid a considerable sell-off on global equity markets. The Commerce Department said its Personal Consumption Expenditures (PCE) Price Index in March rose by 0.8% on an annual basis. The Fed kept the door open to a hike in June, but showed little sign it was in a hurry to tighten monetary policy. The gold silver ratio, fell to a six-month low on Friday of 71.8, down from 81.3 at the start of the month.

Crude oil trading range for the day is 2966-3150.Crude oil dropped after a survey showed that OPEC production in April reached near-record highs. A survey found that OPEC increased production by 170,000 barrels per day from 32.47 million to 32.64 million bpd. Investors shrugged off a bullish report, the oil services firm reported that U.S. oil rigs last week dropped by 11 to 332 last week to hit a fresh six-year low. Additionally, Saudi output is expected to edge up by 350,000 barrels to around 10.5 million barrels per day, sources told.

Silver trading range for the day is 41666-42966.Silver gained to its highest since January last year as BOJs decision to hold off expanding monetary stimulus weighed on the dollar. Prices remained supported after weaker-than-expected U.S. economic growth cut prospects for higher interest rates. Silvers 15 percent surge in the month has bettered gold’s advance amid optimism that industrial usage will increase as Chinas economy shows signs of stabilizing. Holdings at ishares silver trust gained by 0.43% i.e. 44.38 tonnes to 10437.72 tonnes from 10437.72 tonnes.

Copper trading range for the day is 331-344.6.Copper prices gained with prices underpinned by a weaker dollar and expectations of economic recovery in the world’s top consumer China. Chinese exchanges stepped up efforts to cool speculation in some commodities and investors awaited a Federal Reserve policy decision. Clues to Chinese demand will come next week with the release of surveys of purchasing managers in the country’s manufacturing sector. Warehouse stock for Copper at LME was at 149500mt that is down by -1225mt.

Zinc trading range for the day is 126.4-131.Zinc prices rallied amid talk of maintenance-led smelter production cuts and in anticipation of tightening global ore supply and improved Chinese metal demand. According to ILZSG forecasts, global demand for refined zinc metal will witness a growth of 3.5% to 14.33 million tonnes in 2016.Also, global refined zinc metal production will increase by 0.5% to 13.98 million tonnes in 2016.Warehouse stock for Zinc at LME was at 404275mt that is down by -2525mt.

Mentha oil trading range for the day is 856.3-873.3.Mentha oil spot at Sambhal closed at 997.70 per 1kg. Spot prices is up by Rs.2.60-.Mentha oil prices ended with losses due to profit booking tracking sluggish demand from consuming industries at the spot market. Moreover, ample stock positions on account of rising arrivals from major producing belts of Chandausi in Uttar Pradesh also weighed. The current year production can slip more that 35% due to lower plantings on falling prices in the last two years.

Chana trading range for the day is 5480-5804.Chana prices ended with gains as physical demand continue to increase on lower domestic supplies. However, ample stocks at spot market on improved supplies after the government measures to check rising prices, capped some gains. NCDEX accredited warehouses chana stocks dropped by 82 tonnes to 3367 tonnes. In Delhi spot market, chana gained by 61.95 rupee to end at 5722.2 rupee per 100 kgs.

Turmeric trading range for the day is 8298-8450.Turmeric prices ended with gains due to expectation of higher demand from upcountry buyers. New season crop has hit the markets and continue to peak in current month but majority of arrivals are of medium quality. NCDEX accredited warehouses turmeric stocks gained by 40 tonnes to 3694 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8741.65 rupees gained 25.75 rupees.

Aluminium trading range for the day is 110.4-112.8.Aluminium hit a nine-month peak as speculators pushed prices higher in the wake of a weaker dollar. Prices remained supported ahead of new economic data in China that investors hope will confirm that a recovery is gaining strength. Even though Aluminium inventories are high, nearly all of them are locked up in financing deals, reducing material available to the market. Warehouse stock for Aluminium at LME was at 2645725mt that is down by -6750mt.

Naturalgas trading range for the day is 132.3-152.3.Natural gas prices as investors looked past the large glut of the fuel to focus on expectations of falling production. An explosion and fire on a major Spectra Energy Corp. pipeline that crosses half the U.S. is disrupting natural gas shipments from western Pennsylvania to the Northeast. U.S. natural gas net imports fell to 2.6 billion cubic feet per day, their lowest level since 1986, according to data released by EIA. The number of rigs drilling for natural gas in the U.S. fell by one this week to 87, a record low, oilfield-services company Baker Hughes Inc. said.

Jeera trading range for the day is 17425-17945.Jeera prices ended with losses on profit booking after prices seen supported on account of strong export demand from China and Bangladesh. Market players are still expecting some more export enquiries on reports of good quality jeera production this year but the demand is still lower. NCDEX accredited warehouses jeera stocks gained by 3 tonnes to 3298 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 30 rupees to end at 17270 rupee per 100 kg.

Soyabean trading range for the day is 3989-4105.Soyabean prices dropped on expectation of higher supply of the crop from Brazil and India. Prices were also down on subdued demand for the Indian soymeal in export market on higher prices. NCDEX accredited warehouses soyabean stocks gained by 1562 tonnes to 17663 tonnes. At the Indore spot market in top producer MP, soybean dropped -42 rupee to 4041 rupee per 100 kgs.

Nickel trading range for the day is 612.2-647.6. Nickel prices gained as prices seen supported after a worse-than-expected US GDP reading this afternoon weighed on the dollar, supporting the prices. The INSG has projected a 49,000-tonne deficit in the nickel market in 2016, an increase from its October forecast of a 23,000-tonne deficit for this year. Nickel weekly stocks at Shanghai exchange came up by 3758 tonnes. Warehouse stock for Nickel at LME was at 417438mt that is up by 1686mt.

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