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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...
Important Commodity Notifications 20 April 2016

Important Commodity Notifications 20 April 2016

Commodity Notifications Gold trading range for the day is 28925-29575.Gold rose as disappointing U.S. housing data dented the dollar and supported the Federal Reserve’s cautious stance on interest rates. New York Fed President William Dudley warned that the U.S. central bank is likely to stick to a cautious approach on tightening monetary policy. SPDR gold trust holdings dropped by 0.91% i.e. 7.43 tonnes to 805.03 tonnes from 812.46 tonnes. Hedge funds and money managers raised their bullish bets on gold and silver in the week to April 12, U.S. Commodity Futures Trading Commission data showed. Soyabean trading range for the day is 4158-4292.Soyabean gained on supply worries after USDA trimmed US soybean ending stockpiles estimation and on strong demand from China. USDA trimmed its forecast for 2015-16 US soybean ending stockpiles to 445 mln bushels in April compared to 460 mln bushels in the previous month. NCDEX accredited warehouses soyabean stocks gained by 1621 tonnes to 44945 tonnes. At the Indore spot market in top producer MP, soybean gained 22 rupee to 4219 rupee per 100 kgs. Chana trading range for the day is 5116-5530.Chana prices rallied continuing its previous gains on account of lower crop output from the major producing belts. According to the State Department of Agriculture, production of chana is estimated to be 1.20 million tons in Rajasthan this year. NCDEX accredited warehouses chana stocks gained by 1010 tonnes to 2108 tonnes. In Delhi spot market, chana gained by 480.4 rupee to end at 5700 rupee per 100 kgs. Turmeric trading range for the day is 8170-8550.Turmeric prices dropped due to lack of upcountry orders from...
Important Commodity Notifications 18 April 2016

Important Commodity Notifications 18 April 2016

Commodity Notifications Crude oil prices tumbled after a meeting by major producers in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel. Gold trading range for the day is 28732-29106.Gold rose after three days of declines as the U.S. dollar and major stock markets weakened. Chicago Federal Reserve President Evans said the Fed seems to be on track for at least two interest rate increases over the rest of the year. SPDR gold trust holdings dropped by 0.33% i.e. 2.68 tonnes to 812.46 tonnes from 815.14 tonnes. Indias gold imports in 201516 fiscal year, ended on March 31, dropped 16 percent from a year ago to 926 tonnes. Silver trading range for the day is 37951-38925.Silver prices remained supported as the release of upbeat data Chinese economic growth boosted demand for the precious metal. San Francisco Fed President John Williams said that the bank could hike rates two or three times this year. Holdings at ishares silver trust dropped by 0.85% i.e. 88.78 tonnes to 10366.70 tonnes from 10455.48 tonnes. Investors also pushed back expectations on the timing of the next rate hike by the Federal Reserve after dovish comments from Fed Chair Janet Yellen. Crude oil trading range for the day is 2618-2790.Crude oil prices dropped ahead of a weekend meeting that could yield an output freeze by major producers. The long awaited oil output freeze deal in Doha did not materialize after Saudi Arabia demanded Iran take part in the agreement. The IEA expressed similar doubts that a deal could help...
Important Commodity Notifications 13 April 2016

Important Commodity Notifications 13 April 2016

Commodity Notifications Silver trading range for the day is 37211-38921. Silver gains tracking firmness in base metals and crude oil prices on the back of expectations that the Fed will stick to a cautious approach on tightening monetary policy. The Fed will likely have to raise interest rate around four times this year, Richmond Fed President Jeffrey Lacker said Gold/silver ratio, hit its lowest in three weeks as silver outperformed gold, an ounce of gold now buys 77.7 ounces of silver, compared with 83.3 ounces in late February. Speculation that interest rates will stay low also helped gold and silver in their own right. Crudeoil trading range for the day is 2622-2872.Crude oil after a report that top producers Russia and Saudi Arabia have agreed to freeze output. Many members of OPEC plus outside producers such as Russia are meeting Doha, Qatar, on Sunday to discuss freezing output. U.S. crude stocks rose by a larger than expected 6.2 million barrels to 536.3 million last week, data from industry group the API showed. Global oil demand will grow by 1.16 million barrels per day this year, a 10,000-barrel rise compared with earlier estimates, the EIA said in its monthly forecast. Copper trading range for the day is 304.8-321.2.Copper gained as encouraging economic signals from China were offset by a looming slowdown in seasonal demand. Signs in Chinas physical market were also looking positive, with local metal trading at a premium to front month ShFE futures for the past four sessions. Federal Reserve Chair Janet Yellen said that the U.S. central banks interest-rate decisions will depend on how the economy performs....
Important Commodity Notifications 12 April 2016

Important Commodity Notifications 12 April 2016

Commodity Notifications Gold trading range for the day is 29023-29553.Gold jumped to a three-week peak on expectations that Fed will not raise U.S. interest rates soon. Dollar dropped as Fed Chair Janet Yellen last month doused expectations for hikes in US interest rates anytime soon. Indian jewelers reopened their shops after keeping them closed for nearly six weeks in protest over the reintroduction of excise duty on gold jewelry. Gold discounts in India dropped to $20 an ounce against $32 last week as compare with the LBMA a global benchmark. Silver trading range for the day is 36312-38570.Silver spiked to nearly three-week highs on expectations that the Federal Reserve will keep interest rates on hold. Weak economic data and uncertainty over US monetary policy has contributed to risk aversion, boosting investor appetite for bullion. Silver prices outperformed Gold helped ratio to moved back to just under 78:1, meaning that silver continues to firm relative to gold. Fed Chair Janet Yellen said last Thursday that the U.S. economy was on a solid course and still on track to warrant further interest rate hikes. Copper trading range for the day is 303.6-311.6.Copper prices dropped due to stronger dollar despite Chinese inflation data fuelled speculation on the prospect of further monetary. Shanghai Futures Exchange copper inventories fell last week, while LME inventories in Asia increased, particularly in Singapore and South Korea. Hedge funds and money managers sharply cut their bullish position in COMEX copper contracts to a five-week low in the week to April 5, government data showed. Warehouse stock for Copper at LME was at 147350mt that is up by 1675mt....
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