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Commodity Important Updates for 16 Sep, 2016

Crudeoil trading range for the day is 2871-3005.Crude oil recovered on short covering after prices dropped that returning Libyan and Nigerian exports would stoke a global supply glut.Libya and Nigeria were set to ramp up production, as the end of some conflicts in the countries opened up supply.Traders continued to weigh prospects that major oil producing nations will freeze output to support the market when they meet later this month.

Silver trading range for the day is 44872-46454.Silver recovered to end with gains after prices slipped as the dollar and equities edged upwards, curbing the metals demand ahead of Fed meeting.The Commerce Department said that retail sales dropped 0.3% from the prior month, compared to the forecast for a decline of 0.1%.The number of people who filed for unemployment assistance in the U.S. last week rose less than expected.

Gold trading range for the day is 30574-31346.Gold prices dropped as investors digested the release of a host of U.S. economic data.Data released earlier showed that retail sales in the U.S. declined for the first time in five months, fueling concerns over the economic outlook.SPDR gold trust holdings dropped by 0.35% i.e. 3.27 tonnes to 932.22 tonnes from 935.49 tonnes.

Aluminium trading range for the day is 102.8-107.Aluminium dropped as speculation about a U.S. rate hike this month prompted investors to shed risky assets. Japanese manufacturers confidence bounced from a three-year low, while sentiment in the services sector hit its lowest since 2013China denies aluminium exports evading U.S. duties.

Naturalgas trading range for the day is 187.3-201.3.Natural Gas settled up at 195.90 erases earlier losses after stockpile data grew last weekThe U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 62 billion cubic feet.The latest forecasts show that hot weather is likely to continue over the next 6-10 days, especially in the Midwest and East.

Jeera trading range for the day is 17440-17900. Jeera ended with gains on expectation of pickup in export demand at the spot market. There is expectation of increase in demand as supplies are dwindling. NCDEX accredited warehouses jeera stocks dropped by 96 tonnes to 4667 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 53.95 rupees to end at 18292.85 rupee per 100 kg.

Turmeric trading range for the day is 6864-7364. Turmeric prices gained on forecasts of wet weather in turmeric growing areas in South which damages standing turmeric crops. Though, some gains were capped as the traders are still waiting for orders from North India NCDEX accredited warehouses turmeric stocks dropped by 20 tonnes to 7424 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7407.15 rupees remains unchanged at0 rupees.

Soyabean trading range for the day is 3171-3279.Soyabean prices dropped due to higher production estimates and reports of lowering import duty on edible oil. There are reports of deteriorating growing conditions in the main soybean areas.Chinas 201617 soybean production is forecast at 12.5 million metric tons, up 0.3 million or 2.5 percent from last month.At the Indore spot market in top producer MP, soybean gained 19 rupee to 3426 rupee per 100 kgs.

Menthaoil trading range for the day is 891-917.2.Mentha oil spot at Sambhal closed at 1034.10 per 1kg. Spot prices is down by Rs.-3.30-.Mentha oil prices dropped amid fall in physical demand from major consuming industries in the domestic spot market.Overall sentiments dropped as per last months update exports have registered a decline in volume terms.China and Japan have reduced their buying quantity in the recent past due to the economic slowdown had impacted Mint products exports.

Nickel trading range for the day is 636.6-672.Nickel slumped to the lowest in more than two months after worries eased that an environmental crackdown in Philippines would create shortages.The global market deficit in nickel narrowed to 5,200 tonnes in July from a revised deficit of 12,100 tonnes the month before, INSG showed data.Nickel stocks in LME registered warehouses at 367,806 tonnes are down from above 450,000 tonnes in the middle of January.

Zinc trading range for the day is 146.3-153.7.Zinc prices ended with losses tracking weakness in LME prices due to profit booking U.S. retail sales fell more than expected in August amid weak purchases of automobiles and a range of other goods.A report showed that wholesale prices were flat in August, mostly because of sharp declines in the cost of food and gasoline.

Copper trading range for the day is 320.3-326.1.Copper gained as prices remained supported as Chinas economy shows signs of finding its feet.Chinas bank lending more than doubled in August from the previous month, a report showed, adding to brighter economic readings.Perus copper output jumped to 207,867 mt in July of 2016, an almost 30% growth from last years production of 155,313 million tonnes.