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Commodity Important Updates for 16 Dec 2016

Commodity Important Updates for 16 Dec 2016

Naturalgas trading range for the day is 223.3-248.7.Natural gas dropped as worries about approaching warmer weather outweighed storage data that showed an unexpectedly large draw from inventories. The US EIA said in its weekly report that natural gas stockpiles fell by 147bcf in the week ended Dec. 9.Meanwhile EIAGAS Weather models projected temperatures will remain much colder than normal through Dec. 20 before turning warmer than normal. Crudeoil trading range for the day is 3352-3564.Crude oil dropped on the back of a broadly stronger U.S. dollar after the Federal Reserve raised interest rates for the first time in a year. EIA showed that commercial crude inventories last week declined by 2.56 million barrels to 483.19 million barrels. OPEC member Kuwait expects oil prices to be about $50-$60 a barrel in January when the OPEC deal to cut output comes into effect, its oil minister said. Silver trading range for the day is 37700-42134.Silver dropped as the dollar surged to its highest in 14 years after the U.S. Federal Reserve raised interest rates. Fed signaled a faster pace of increases in 2017 as central bankers adapted to the incoming Trump administrations promises of tax cuts Holdings at ishares silver trust dropped by 0.70% i.e. 73.74 tonnes to 10534.54 tonnes from 10608.28 tonnes. Gold trading range for the day is 26607-27607.Gold prices fell as Fed said it may need to hike rates three times in 2017 as it made a widely expected nudge up in its policy rate. Federal Reserve provided guidance of as many as three increases next year, with investors focused on plans by Trump to cut taxes SPDR...
Commodity Important Updates for 15 Dec 2016

Commodity Important Updates for 15 Dec 2016

Naturalgas trading range for the day is 229.7-244.5.Natural gas prices rose as investors remained upbeat about prospects for colder temperatures and heightened winter demand. Natural gas prices should continue to be strongly influenced by weather forecasts, as investors look for more clues. Temperatures at the beginning of winter aren’t always a dependable signal for the coming months. Crudeoil trading range for the day is 3438-3604.Crude oil prices dropped as pressure seen as gasoline supplies rose modestly despite U.S. crude oil stockpiles fell more than expected. Data from U.S. EIA showed that commercial crude inventories last week declined by 2.56 million barrels to 483.19 million barrels. OPEC pointed to a growing oil supply surplus next year unless members implement their deal to curb output from record levels. Silver trading range for the day is 40899-42385.Silver gains with the dollar little changed as investors awaited the outcome of the Federal Reserve’s latest policy meeting. The U.S. central bank raised interest rates for the first time in a year and signaled further rate hikes for 2017.The Commerce Department said retail sales edged up 0.1 percent after two straight months of strong gains. Gold trading range for the day is 27488-27734.Gold prices edged higher on a weaker dollar and as markets waited for the outcome of the U.S. Federal Reserve’s policy meeting Feds Yellen announced that the central bank was raising interest rates by 0.25%, and that it planned three additional rate hikes next year. Data prior to Fed statement showed U.S. retail sales barely rose in November, while U.S. industrial production fell more than...
Commodity Important Updates for 14 Dec 2016

Commodity Important Updates for 14 Dec 2016

Copper trading range for the day is 379.8-398.2.Copper prices dropped as pressure seen after data showed another big inflow of inventories into LME-certified warehouses. More than 50,000 tonnes of copper has arrived in the space of two days, sending on-warrant copper stocks up 47 percent to 160,375 tonnes Chinas copper imports surged 31 percent in November from the previous month to 380,000 tonnes, the highest since June, customs data showed. Crudeoil trading range for the day is 3508-3650.Crude oil settled flat after prices seen supported by strong demand and supply cuts by Abu Dhabi, Kuwait and Qatar as part of production curbs. Russian Energy Minister said he would discuss with Russian oil companies how they will cut oil production to implement. Kuwait Petroleum Corp notified customers of a cut in contractual crude supplies for January, as did Qatar Petroleum. Aluminium trading range for the day is 116.5-118.9.Aluminium gained as support seen amid better-than-expected positive data from China. Chinas industrial production grew 6.2% year-on-year in November, close to expectations of 6.1%.The market is also looking ahead, when the US Federal Open Market Committee is expected to raise interest rates for the first time in a year. Chinas industrial production grew 6.2% year-on-year in November, close to expectations of 6.1%.The market is also looking ahead, when the US Federal Open Market Committee is expected to raise interest rates for the first time in a year. Naturalgas trading range for the day is 230.1-244.9.Natural gas prices fell as market participants worried that coming warmer weather could eat into demand. Prices remained under pressure as new weather forecasts showed that warmer weather will...
Commodity Important Updates for 13 Dec 2016

Commodity Important Updates for 13 Dec 2016

Aluminium trading range for the day is 116.4-118.6.Aluminium dropped as investors took profits from gains made last week on renewed signs of economic recovery in China. China exported 4.2 million tonnes of Aluminium products from January to November, a year-on-year drop of 3.1%.Chinas imports grew at the fastest pace in more than two years in November, while exports also rose unexpectedly. Naturalgas trading range for the day is 228-252.8.Natural gas prices tumbled on forecasts that showed temperatures may not be as cold as previously expected. Natural gas gained heavily in less than month, as an unusually warm autumn gave way to below average temperatures for this time of year. The U.S. EIA reported that natural gas storage levels fell by 42 billion cubic feet during the week ended Dec. 2. Jeera trading range for the day is 17100-17700.Jeera prices gained amid rising export demand at the spot market despite of reports of higher sowing. Jeera sowing current year completed around 180300 hectares as compared to last year same period 127600 hectares. NCDEX accredited warehouses jeera stocks gained by 6 tonnes to 123 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 10 rupees to end at 18510 rupee per 100 kg. Turmeric trading range for the day is 7080-7216.Turmeric prices ended with gains on rising demand at the spot market. Though, some gains were capped due to the arrival of medium and poor quality turmeric from the producing belts. NCDEX accredited warehouses turmeric stocks dropped by 50 tonnes to 2058 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7742.65 rupees...
Commodity Important Updates for 9 Dec 2016

Commodity Important Updates for 9 Dec 2016

Gold trading range for the day is 27644-27990.Gold dropped after the dollar rebounded on the back of a decision by the ECB to extend monthly asset purchases until next December. Investors gave the extension more weight than the ECBs unexpected decision to cut its asset buying to 60 billion euros a month from next April. SPDR gold trust holdings dropped by 0.34% i.e. 2.96 tonnes to 860.71 tonnes from 863.67 tonnes. Silver trading range for the day is 41077-42087.Silver dropped weighed down by a stronger U.S. dollar and expectations the U.S. Federal Reserve will hike rates next week. The number of Americans filing for unemployment benefits fell from a five-month high last week. Holdings at ishares silver trust dropped by 0.90% i.e. 97.34 tonnes to 10664.32 tonnes from 10761.66 tonnes. Crude oil on MCX regained above 3440 level as support seen after the former secretary general of the OPEC made comments supportive of non-member production cuts. Russia has so far said it would cut 300,000bpd, meaning other non-OPEC producers combined would need to pledge the same amount to lower output by the 600,000 bpd OPEC wants half the reduction OPEC is making. Aluminium trading range for the day is 114.8-117.8.Aluminium gained after robust China imports in November offered more evidence that Chinas economy is on a recovery track China exported 380,000 tonnes of unwrought Aluminium and Aluminium products, in November, up from Octobers 350,000 tonnes. South Korea is seeking a total of 2,000 tonnes of Aluminium for February arrival, state-run Public Procurement Service said. Naturalgas trading range for the day is 231.3-256.7.Natural gas settled down while recovered from the...
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