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Commodity Important Updates for 20 Sep, 2016

Aluminium trading range for the day is 104.2-106.2. Aluminium gained tracking 0.7% gains in LME prices despite of prices seen pressure for some time due to oversupply. Russian aluminium giant Rusal expects aluminium prices to stabilise within a $1,600-1,700 per tonne range next year if China does not increase production. Aluminum daily stocks at Shanghai exchange came up by 3651 tonnes.

Naturalgas trading range for the day is 192-199.4. Natural gas dropped on profit booking from the highest level amid forecasts for warmer than normal temperatures Despite the recent rally, gains are likely to remain limited as traders react to the reality that higher summer demand is coming to an end. Total U.S. natural gas in storage currently stands at 3.499 trillion cubic feet, according to the US EIA

Jeera trading range for the day is 17405-17935. Jeera prices ended with losses amid profit booking due to fall in demand from stockists and traders. Reports of lower output in other producing countries, Turkey and Syria will help the Indian exporters to clinch more export deals. NCDEX accredited warehouses jeera stocks dropped by 246 tonnes to 4421 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -183.35 rupees to end at 18266.65 rupee per 100 kg.

Turmeric trading range for the day is 6834-7166. Turmeric dropped on profit booking after prices seen supported on reports of lower output due to wet weather in turmeric growing areas. Turmeric stocks are low this year because of weak output and arrivals have been falling in all the major producing centres. NCDEX accredited warehouses turmeric stocks dropped by 50 tonnes to 7374 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7402.6 rupees dropped -4.55 rupees.

Soyabean trading range for the day is 3214-3352. Soyabean gained on weak sowing data last week and on improved demand in global market following upbeat US weekly soybean sales data As on Sep 16, soybean sowing was recorded at 11.47 million hectare compared to 11.62 million hectare. Brazil soybean production for 201617 is forecast at 101.0 million metric tons compared to 96.5 million last year. At the Indore spot market in top producer MP, soybean gained 40 rupee to 3513 rupee per 100 kgs.

Menthaoil trading range for the day is 883.1-898.9. Mentha oil spot at Sambhal closed at 1025.80 per 1kg. Spot prices is down by Rs.-5.30/-. Mentha oil prices dropped driven by sluggish demand from consuming industries at the spot market. Besides, ample stocks position on higher supplies from producing regions also weighed on mentha oil prices. India’s mentha oil output was estimated to remain lower this year from 32,000 tonnes produced during last year.

Nickel trading range for the day is 643.9-696.9. Nickel rallied more that 4% as the Philippines said it may suspend more mines after the completion of a nationwide audit. The Philippines could suspend at least 10 more mines under an environmental crackdown on the sector, the minister in charge of mining said. China has boosted its imports of nickel ore, with stockpiles at ports standing at more than 1.5 million tonnes and the highest since last October.

Zinc trading range for the day is 146.4-152.6. Zinc gained after the update that global zinc demand growth is set to marginally outpace production growth between now and 2020. Refined zinc production is slowing as weak prices and an ore shortage force major producers to curb output. Zinc prices on the LME are expected to average $2000/t for the next three months, implying prices will finish the year at around $2130/t.

Copper trading range for the day is 320.3-324.7. Copper dropped as concerns about persistent oversupply outweighed upbeat Chinese economic data. China returned from several days of holiday to a spate of encouraging readings on its economy. U.S. CFTC data showed that hedge funds and money managers reduced their net short positions in COMEX copper in the week to Sept. 13.

Crudeoil trading range for the day is 2916-3034. Crude oil prices ticked higher after Venezuelan said that OPEC and non-OPEC countries were close to reaching a deal. OPEC & non-OPEC producers will be meeting for an informal talks in Algeria between September 26 and 28. Reports of fighting around Libyan oil ports further supported gains.

Silver trading range for the day is 45328-46624. Silver prices remained supported as the U.S. dollar slipped amid expectations of no rate change from the Federal Reserve this week. The economic growth outlook also took a hit from other data showing a drop in manufacturing output last month. Holdings at ishares silver trust gained by 0.29% i.e. 32.49 tonnes to 11305.47 tonnes from 11272.98 tonnes.

Gold trading range for the day is 30821-31021. Gold prices rose as the dollar slipped, with the market waiting for clues on the timing of a rise in U.S. interest rates. The Feds two-day meeting starts on Tuesday, where policymakers will debate the U.S. economy and its ability to absorb a rate hike. The U.S. CFTC showing hedge funds and money managers cutting their net long positions in COMEX gold contracts in the week to Sept. 13.