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Important Commodity Notifications 21 April 2016

Important Commodity Notifications 21 April 2016

Commodity Notifications

Gold trading range for the day is 29054-29550.Gold prices settled flat as the US dollar regained its footing ahead of the European Central Bank (ECB) meeting. Demand for the metal was also underpinned by the view that the Federal Reserve is likely to stick to a cautious approach on future interest rates increases. Bullion traders will be eyeing the ECB meeting later in the session for any impact on the dollar. The focus will also be on U.S. economic data that could affect the Federal Reserve’s monetary policy.

Silver trading range for the day is 39288-40712.Silver rallied as a softer dollar and optimism about the Chinese economy buoyed the white metal. The gold silver ratio has dropped to below 74, its lowest level since early November. Assets in silver-backed exchange traded funds are near their highest since 2014, supporting the price rally. Investors await cues from key central bank meetings on tap in the coming days.

Crudeoil trading range for the day is 2696-3038.Crude surged to fresh yearly highs as inventories rose less than industry expectation, support seen despite Kuwait oil workers ended their 3-day strike. The U.S. Energy Information Administration reported a 2.1 million-barrel climb in crude-oil supplies for the week ended April 15.Russia said it was prepared to push oil production to historic highs, just days after a global deal to freeze output levels collapsed. Kuwait oil strike reduced the country’s daily production from 3 million barrels to about 1.1 million barrels.

Zinc trading range for the day is 125-128.8.Zinc dropped on profit booking, but a stream of encouraging signals on Chinas economy fostered a less bearish outlook. Zinc inventories dropped for a 30th straight session to 411,050 metric tons, the lowest since August 2009.Zinc daily stocks at Shanghai exchange came down by 352 tonnes. Warehouse stock for Zinc at LME was at 410050mt that is down by -1050mt.

Nickel trading range for the day is 595.3-627.7. Nickel gains as investors’ confidence is returning to the market, supported by an improved China outlook, upbeat US earnings releases and a weaker dollar. A series of improving data out of China since the start of the year including industrial output, property and lending has also helped to lift sentiment. U.S. home resale’s rebounded more than expected in March as supply improved, suggesting the housing market recovery remained intact Warehouse stock for Nickel at LME was at 425220mt that is up by 1140mt.

Chana trading range for the day is 5183-5635.Chana prices dropped on profit booking after seen supported on the back of firm trend at spot market on upsurge in demand. Market participants are expecting good spot demand in coming months as the supplies may decrease fast. NCDEX accredited warehouses chana stocks gained by 984 tonnes to 3092 tonnes. In Delhi spot market, chana dropped by -100 rupee to end at 5600 rupee per 100 kgs.

Jeera trading range for the day is 16105-16825.Jeera prices gained due to increasing demand for new season crop at the spot market. At Gondal (Guj.) market, sources reported arrivals at 700 quintals, lower by 1500 quintals as against previous day. NCDEX accredited warehouses jeera stocks gained by 176 tonnes to 2939 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 520.85 rupees to end at 16637.5 rupee per 100 kg.

Aluminium trading range for the day is 103.9-109.3. Aluminium as the appetite for risk increased among investors who were more upbeat about the Chinese economy and considered commodities as being relatively cheap. Total primary Aluminium output in top producer China climbed in March to 2.62 million tonnes from 2.07 million tonnes in February, IAI data showed. Aluminium daily stocks at Shanghai exchange came down by 3646 tonnes. Warehouse stock for Aluminium at LME was at 2688975mt that is down by -6800mt.

Natural gas trading range for the day is 133.8-143.8.Natural gas prices gained but dropped from the day’s high as market player remained divided about the impact of falling production and heavy stockpiles. Weather forecasting models called for some colder-than-average temperatures in the next two weeks, which could increase natural gas consumption. A warmer-than-normal 2015-2016 winter in the U.S. reduced demand for natural gas as an indoor-heating fuel. Stockpiles are currently standing at more than 50% above their five-year average for this time of year.

Turmeric trading range for the day is 8314-8610.Turmeric prices gained on expectation of higher export demand from the country as quality arrivals has improved. 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 386 tonnes to 2658 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8679.55 rupees remains unchanged at 0 rupees.

Soyabean trading range for the day is 4167-4363.Soyabean prices gained on supply worries in global market and on strong demand from China following robust imports data. USDA trimmed its forecast for 2015-16 US soybean ending stockpiles to 445 million bushels in April. NCDEX accredited warehouses soyabean stocks gained by 1064 tonnes to 10384 tonnes. At the Indore spot market in top producer MP, soybean gained 76 rupee to 4295 rupee per 100 kgs.

Menthaoil trading range for the day is 840.4-873.Mentha oil spot at Sambhal closed at 992.50 per 1kg. Spot prices is up by Rs.8.50-.Mentha oil prices gained amid rising demand from consuming industries at the spot market. Further, tight stocks position on account of restricted supplies from major producing regions of Chandausi in Uttar Pradesh. As per market survey the total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season.

Copper trading range for the day is 319.6-331.8.Copper prices ended with gains buoyed by a generally brightening picture for global growth. The global world refined copper market showed a 56,000-tonne surplus in January, compared with a 50,000-tonne deficit in December, ICSG said The total net long position of funds trading copper on the LME fell to 28,694 lots last Friday from a net long position of 30,092 lots the previous week, data showed. Warehouse stock for Copper at LME was at 146200mt that is up by 1500mt.

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