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Commodity Important Updates for 01 Sep, 2016

Nickel trading range for the day is 650.8-667.8. Nickel prices dropped as continued strength in the U.S. dollar and ahead of keenly awaited data from China Activity in Chinas manufacturing sector picked up last month, although gains were modest, an official survey showed Since last couple of month prices are getting support after the new government in the Philippines brings with it a new environment minister Warehouse stock for Nickel at LME was at 370116mt that is down by -744mt.

Mentha oil trading range for the day is 891.8-913.4. Mentha oil spot at Sambhal closed at 1037.20 per 1kg. Spot prices is up by Rs.2.40-. Mentha oil prices gained amid increase in physical demand from major consuming industries in the domestic spot market. As per market survey the total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season. Mint product exports have declined substantially from the export basket by 18% in terms of volume.

Soya bean trading range for the day is 3216-3318. Soyabean dropped as weak trend continued in major spot markets due to prospects of better crop this season. Framers in US, will plant 84.4 million acres of soybeans next spring compared to 83.7 million in 2016. India soybean acreage stood at 11.2 million hectare and out of this crop over 6.5 million hectare in normal conditions. At the Indore spot market in top producer MP, soybean dropped -31 rupee to 3433 rupee per 100 kgs.

Turmeric trading range for the day is 7064-7440. Turmeric prices dropped on account of easing domestic and export demand at the spot market. At Nizamabad market total arrivals are at 600 quintals, up by 100 quintals from previous day’s arrivals. NCDEX accredited warehouses turmeric stocks gained by 115 tons to 7621 tons. In Nizamabad, a major spot market in AP, the price ended at 7775 rupees dropped -29.55 rupees.

Jeera trading range for the day is 17665-18225. Jeera prices ended with losses due to subdued demand at the spot market. Though, expectation of fall in jeera output this year, compared to last year due to hot weather and lower acreage capped some losses. NCDEX accredited warehouses jeera stocks dropped by 177 tons to 5224 tons. In Unjha, a key spot market in Gujarat, jeera edged down by -120 rupees to end at 18680 rupee per 100 kg.

Aluminum trading range for the day is 106.9-110.1. Aluminum dropped as threatened by a rise in production in the second half of this year pressured prices. Aluminum demand has surprised on the upside in most regions so far this year and is seen growing five percent in 2016, slightly down from six percent last year. Chinese demand should remain supported by the building and construction sector as well as the automotive and railway sectors. Warehouse stock for Aluminum at LME was at 2234050mt that is down by -5450mt.

Natural gas trading range for the day is 186.1-200.3. Natural gas gained reversing course after two days of losses as a storm brewing in the Gulf of Mexico continued to strengthen. Support seen after the update that Tropical Storm Hermine gained strength Wednesday as it headed toward Florida Total gas in storage currently stands at 3.350 trillion cubic feet, according to the U.S. EIA, 8.3% higher than levels at this time a year ago. Meanwhile, forecasts for warmer than normal temperatures across most parts of the continental U.S. in the days ahead provided support.

Zinc trading range for the day is 153.2-157. Zinc settled flat with markets waiting for a swathe of data that could shed fresh light on Chinas appetite for metals. A tight LME market, due to large positions holding 50-79 percent of zinc warrants and cash contracts, pushed the premium to above $6 a tonne. Zinc daily stocks at Shanghai exchange came down by 797 tons. Warehouse stock for Zinc at LME was at 451950mt that is down by -1350mt.

Copper trading range for the day is 311.1-315.7. Copper settle flat but prices remained under pressure after rising inventories in Asia signaled muted demand from top consumer China. Rising inventories of copper in LME-approved warehouses, up more than 80,000 tons since the middle of August to 293,525 tons. Commodity prices could be facing headwinds from the renewed possibility that U.S. interest rates could rise in September Warehouse stock for Copper at LME was at 293525mt that is up by 10300mt.

Crude oil trading range for the day is 2910-3176. Crude oil prices ended with losses after data showed that oil supplies in the U.S. rose for the second week in a row. Saudi Arabia to maintain “responsible” oil output policy, Energy Minister Khalid al-Falih said. Crude inventories rose 2.3 million barrels to 1.221 billion barrels in the week to Aug. 26, data from the Energy Information Administration showed. Total U.S. crude oil inventories stood at 525.9 million barrels as of last week, which the EIA considered to be “historically high levels for this time of year”.

Silver trading range for the day is 44341-45573. Silver settled flat as upbeat U.S. employment data added to speculation that the Federal Reserve is gearing up to hike interest rates as soon as next month. Boston Fed President Eric Rosengren said the Fed should consider that quicker interest rate rises over time could stave off risks to the economy. Holdings at I-shares silver trust gained by 0.53% i.e. 59.08 tons to 11189.28 tons from 11130.20 tons. Market players are also looking ahead to Friday’s non-farm payrolls report, which could determine whether the Fed raises rates in September.

Gold trading range for the day is 30545-30973. Gold dropped after forecast-beating U.S. jobs data stoked speculation that the Federal Reserve would move ahead with plans to raise interest rates A payrolls processor showed U.S. private employers added 177,000 jobs in August, above forecasts. SPDR gold trust holdings dropped by 1.27% i.e. 12.17 tons to 943.23 tons from 955.40 tons. U.S. Mint sales of American Eagle gold coins in August fell 42 percent from a year ago SELL GOLD OCT @ 30900 SL 31100 TGT 30750-30600.