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Important Commodity Notifications 11 April 2016

Important Commodity Notifications 11 April 2016

Commodity Notifications

Aluminium trading range for the day is 98.8-102.6.Aluminium prices gained on short covering after prices drooped on concerns about when demand will grow again and ample supply in China. Traders were eager to build stocks and this allowed spot discounts to invert to premiums in aluminum market. Aluminum weekly stocks at Shanghai exchange came down by 2495 tonnes. Warehouse stock for Aluminium at LME was at 2749650mt that is down by -6875mt.

Naturalgas trading range for the day is 130.4-138.2.Natural gas inched lower but still made gains for the week with traders divided about whether the market can rebound from a record glut. Natural-gas stockpiles themselves are sitting at a record high for the end of winter, and rose again last week, according to government data showed. Total U.S. natural gas storage stood at 2.480 trillion cubic feet, 40.6% higher than levels at this time a year ago. Meanwhile, updated weather forecasting models pointed to a burst of chillier-than-normal weather across most parts of the U.S. in the coming days.

Jeera trading range for the day is 15835-16925. Jeera prices ended with losses due to profit booking tracking weakness in spot demand. Spices Board has tightened rules of sampling for jeera exports after receiving several representations from importing countries. NCDEX accredited warehouses jeera stocks gained by 114 tonnes to 1924 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 27.35 rupees to end at 16260.7 rupee per 100 kg.

Turmeric trading range for the day is 8248-8724.Turmeric prices ended with gains on rising demand from traders and stockiest at the spot market. Turmeric arrivals have been higher in Feb and March compared to last year as per data. NCDEX accredited warehouses turmeric stocks gained by 49 tonnes to 2003 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8752.5 rupees remains unchanged at0 rupees.

Chana trading range for the day is 4944-5164.Chana prices ended with losses on profit booking triggered by easing demand in the spot market against ample stocks position. Market participants are expecting good spot demand in coming months, as arrivals have been steady across country. In second advance estimate for 2015-16, government forecasted 8.09 mt of chana this year, which is more than production estimated. In Delhi spot market, chana gained by 48.15 rupee to end at 5200 rupee per 100 kgs.

Soyabean trading range for the day is 4060-4218.Soyabean prices ended with losses amid profit booking driven by lower oil meals export due to a sharp fall in soyabean shipments. The export of soybean meal in March 2016 has dropped to 70,820 tonnes in 2015-16, from 6,59,593 tonnes in 2014-15.NCDEX accredited warehouses soyabean stocks gained by 132 tonnes to 41953 tonnes. At the Indore spot market in top producer MP, soybean dropped -1 rupee to 4148 rupee per 100 kgs.

Menthaoil trading range for the day is 782-815.6.Mentha oil spot at Sambhal closed at 948.70 per 1kg. Spot prices is down by Rs.-14.70-.Mentha oil prices dropped due to subdued demand from consuming industries at the domestic spot market. Further, higher supplies from major growing regions of Chandausi in Uttar Pradesh also weighed on mentha oil prices. Investors are flocking to mentha oil in anticipation of an increase in prices owing to a 36% fall in production this year.

Nickel trading range for the day is 558.2-583.2.Nickel prices gained tracking firmness in LME prices climbing 1.97 percent to $8,560 a tonne at the close. Prospects for more supplies globally and weak demand in top-user China are damping sentiment. More supply of nickel ore will cut into demand for refined nickel from Chinas huge stainless steel industry. Warehouse stock for Nickel at LME was at 428676mt that is down by -2460mt.

Zinc trading range for the day is 115.2-118.8.Zinc prices gained amid a general market recovery, which was led by a bounce-back in oil prices and equities. Chinas exports likely returned to growth for the first time in nine months in March, while the pace of bank lending may have picked up. Zinc weekly stocks at Shanghai exchange came down by 1974 tonnes. Warehouse stock for Zinc at LME was at 431875mt that is down by -275mt.

Copper trading range for the day is 304.9-310.7.Copper gained helped by a lower dollar but prices dropped on concerns about when demand will grow again and ample supply in China China may be about to shock the global copper market by unleashing some of its stockpiles of the metal, which are near record highs, onto the global market. Chinas refined copper exports averaged less than 10,000 tonnes a month in the first two months of 2016, and around 17,000 a month in 2015.Warehouse stock for Copper at LME was at 145675mt that is up by 675mt.

Crudeoil trading range for the day is 2423-2757.Crude oil gained as drawdowns in U.S. crude stockpiles fed hopes that a punishing global oversupply may be approaching a tipping point after nearly two years. Russias energy minister expressed hopes that producer nations could agree to an output freeze at a meeting in Doha. Oil exports from Iraqs southern ports have risen to about 3.49 million bpd in average in April, more than 3.29 million bpd recorded in March. Market intelligence agency Genscape said that crude stocks at the Cushing, Oklahoma delivery hub rose by about 255,800 barrels.

Silver trading range for the day is 35958-37056.Silver prices gained amid further indications of slowing economic conditions after Feds Atlanta said U.S. GDP hardly grew during the first quarter. Minutes from Feds March policy meeting indicated that the central bank is unlikely to raise interest rates before June due to concerns over global economic growth. Holdings at ishares silver trust gained by 0.43 i.e. 44.39 tonnes to 10455.48 tonnes from 10411.09 tonnes. Citing evidence that the economy was expanding at a moderate pace, improved labor market conditions and continued firming of inflation.

Gold trading range for the day is 28744-29346.Gold prices recovered from lows as the Federal Reserve remained cautious on U.S. interest rate increases. The metal has been hemmed into a narrow range by uncertainty over the path the U.S. central bank will take to raising rates. SPDR gold trust holdings dropped by 0.22% i.e. 1.79 tonnes to 817.81 tonnes from 819.60 tonnes. Fed Chair Janet Yellen, said the U.S. economy is still on track to warrant further interest rate hikes.

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