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Important Commodity Notifications 31 March 2016

Important Commodity Notifications 31 March 2016

Commodity Notifications

Gold trading range for the day is 28064-29002.Gold dropped as a rally in assets seen as higher risk, prompted some investors to cash in gains sparked by Fed Yellens cautious tone on further rate hikes. Federal Reserve Chair Janet Yellen emphasized global dangers to growth and inflation, and thus the need to proceed cautiously on tightening policy. Fed Chair Janet Yellen said on Tuesday the U.S. central bank should proceed only cautiously as it looks to raise interest rates. SPDR gold trust holdings dropped by 0.15% i.e. 1.19 tonnes to 819.28 tonnes from 820.47 tonnes.

Silver trading range for the day is 35891-37059.Silver dropped after data showed U.S. non-farm private employment rose more than expected in March, boosting optimism over the health of the labor market. Payroll processing firm ADP said non-farm private employment increased by 200,000 last month, surpassing expectations for an increase of 194,000. Federal chief Janet Yellen said the U.S. central bank should proceed cautiously on interest rate hikes, citing unstable inflation and global risks to U.S economy. Yellens comments contrasted with recent hawkish remarks by some Fed officials who indicated that the bank could act as soon as next month to raise interest rates.

Crudeoil trading range for the day is 2480-2680.Crudeoil dropped paring sharp gains from a bullish US weekly stockpile report after traders received indications that OPEC production increased moderately in March. The US EIA reported a modest build of 2.3mbls for the week ending on March 25, slightly below expectations for gains of 3.3mbls.Kuwait and Saudi Arabia said they would resume production at the jointly operated 300,000-bpd Khafji field even as major oil producers consider an output freeze. The International Energy Agency, which oversees energy policies of industrialized nations, forecasts the global stock build to continue this year.

Copper trading range for the day is 318.9-326.9.Copper prices ended with losses amid growing skepticism about demand in China. Premiums paid on copper imports by buyers in China have sunk, a signal of weaker demand. Chinas bonded copper stocks have risen 100,000 in March to 500,000, while Shanghai stocks doubled year-to-date to just under 400,000 earlier in March. Warehouse stock for Copper at LME was at 145450mt that is down by -3675mt.

Nickel trading range for the day is 550.4-569.2.Nickel dropped as concerns about Chinas economic growth outweighed the boost from a weaker US dollar. Traders will also be looking out for data on Chinas manufacturing sector due on Friday, amid ongoing concerns over the health of the economy. In the week ahead, market players will be turning their attention to a highly anticipated speech by other Fed speakers in the coming week. Warehouse stock for Nickel at LME was at 432672mt that is down by -2178mt.

Menthaoil trading range for the day is 793.8-863.8.Mentha oil spot at Sambhal closed at 996.40 per 1kg. Spot prices is down by Rs.-10.10-.Mentha oil prices ended with losses amid subdued demand from consuming industries at the spot market. Besides, higher supplies from major growing regions of Chandausi in Uttar Pradesh also weighed on mentha oil. As per market survey the total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season.

Soyabean trading range for the day is 3911-4079.Soyabean prices ended with losses due to expectation of lower demand as edible oil imports increased for February month. However, some losses were capped owing to reports of lower output from the major producing belts. NCDEX accredited warehouses soyabean stocks gained by 252 tonnes to 41384 tonnes. At the Indore spot market in top producer MP, soybean gained 19 rupee to 3990 rupee per 100 kgs.

Chana trading range for the day is 4424-4606.Chana prices ended with gains on anticipation of good demand for new season crop. Market participants were expecting good spot demand in coming months as arrivals have dipped in spot market across country. India has imported 5.79. lt of Chana until December in the current financial year. In Delhi spot market, chana dropped by -22.35 rupee to end at 4650 rupee per 100 kgs.

Aluminium trading range for the day is 97.4-99.8.Aluminium settled down by -0.3% at 98.50 on simmering concerns over global economic growth Stocks of Aluminium ingots at major warehouses across China fell to 870,000 tonnes as of March 25 from 937,000 tonnes the prior week. Customs data showed China imported 372,400 mt of alumina in February, up 13.02% YoY, but down 26.63% Mom. Warehouse stock for Aluminium at LME was at 2798875mt that is down by -15925mt.

Naturalgas trading range for the day is 129.5-135.5.Natural gas prices gained to hold above 132 level as hotter weather usually leads to rising demand for gas-fired power. Weather forecasts are showing a colder-than-normal start to April for parts of the Northeast and Midwest Traders expect the government’s official storage update will show stockpiles shrunk by 24bcf of gas during the week ended March 25. A warmer-than-normal winter in the U.S. has reduced demand for natural gas as an indoor-heating fuel.

Jeera trading range for the day is 15285-15715.Jeera prices dropped on profit booking after prices seen supported due to expectation of good export demand. Investors 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 260 tonnes to 936 tonnes. In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 15320 rupee per 100 kg.

Turmeric trading range for the day is 8262-8566.Turmeric prices ended with gains on increasing demand at the spot market. New season crop has hit the markets but majority of arrivals are of medium quality turmeric. NCDEX accredited warehouses turmeric stocks gained by 259 tonnes to 1405 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8785.3 rupees remains unchanged at0 rupees.

Zinc trading range for the day is 116.2-120.8.Zinc recovered from lows as support seen from LME Zinc which was the best performing metal, closing 0.9 percent higher at $1,797.50 a tonne. Year-to-date zinc remains one of the best performing metals reflecting a tightening global zinc concentrate market. Zinc daily stocks at Shanghai exchange came up by 1348 tonnes. Warehouse stock for Zinc at LME was at 435800mt that is down by -850mt.

Gold trading range for the day is 28064-29002.Gold dropped as a rally in assets seen as higher risk, prompted some investors to cash in gains sparked by Fed Yellens cautious tone on further rate hikes. Federal Reserve Chair Janet Yellen emphasized global dangers to growth and inflation, and thus the need to proceed cautiously on tightening policy. Fed Chair Janet Yellen said on Tuesday the U.S. central bank should proceed only cautiously as it looks to raise interest rates. SPDR gold trust holdings dropped by 0.15% i.e. 1.19 tonnes to 819.28 tonnes from 820.47 tonnes.

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