Commodity Important Updates for 27 Sep, 2016
Gold trading range for the day is 31157-31435.Gold prices remained in range as investors squared positions ahead ofdebate between Donald Trump and Hillary Clinton.The Federal Reserve held off on raising interest rates and scaled back the number of rate hikes it expects next year.Russia and Kazakhstan continued to boost their gold reserves in August, data from the International Monetary Fund showed.
Silver trading range for the day is 46047-47027.Silver dropped with focus switching to a U.S. presidential debate which could prove a key pointer to the outcome of Novembers election.New U.S. single-family home sales posted their biggest decline in nearly a year in August after soaring to nine-year highs the month before.Uncertainty gripped as investors braced for a potentially pivotal U.S. presidential debate by shunning stocks while favouring safe haven assets.
Crudeoil trading range for the day is 2939-3161.Crude oil rallied on chance of OPEC action to support prices.Producers will gather in Algeria to discuss ways to support prices, with nervous trade driving volatility to its highest.Scepticism about a deal being reached in Algiers had prompted money managers to cut their bullish bets to a one-month low last week.
Copper trading range for the day is 323.7-329.1.Copper edged lower as LME prices dropped by 0.3%, with losses limited by expectations of a revival in Chinese demand.According to WBMS, in January-July this year, global copper supply shortage of 151,000 tons, the supply shortage gap was about 197,000 tons.Improvements within Chinas copper economy, coupled with the lack of further monetary easing, cap the downside for copper.
Zinc trading range for the day is 148.5-154.1.Zinc prices gained after a report showed the global market for refined zinc was in deficit from January to July.Global zinc mine production declined 6.1% during the same period, which mostly was due to substantial reductions in India, Australia, Ireland and Peru.Meanwhile, world refined zinc metal output fell 3.9% due to a significant drop off in Indian production and a decline in the U.S.
Nickel trading range for the day is 685.2-709.8. Nickel dropped as nagging concerns about demand took the shine off lastweeks rally on the possibility of more mine closures. Data showed that Chinas nickel ore imports in August climbed to a 13-month high of 4.3mt. Indonesian mined nickel production slumped from 834,000 tonnes in 2013 to 177,000 tonnes in 2014 -INSG
Menthaoil trading range for the day is 870.8-898.8.Mentha oil spot at Sambhal closed at 1017.20 per 1kg. Spot prices is down by Rs.-2.20-.Mentha oil dropped on sluggish demand from consuming industries in the domestic and overseas markets.Further, ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh, too added pressure. Indias mentha oil output was estimated to remain lower this year from 32,000 tonnes produced during last year.
Soyabean trading range for the day is 3130-3234.Soyabean dropped as dry weather is forecasted in the soybean growing areas which aid the harvesting.Further, reduction in the import duty of refine and crude edible oil in the country, also added pressure on soyabean prices.Chinas August16 soybean imports are reported down by 1.5% at 7.6 million tonnes compared to 7.7 million tonnes in July16. At the Indore spot market in top producer MP, soybean dropped -229 rupee to 3193 rupee per 100 kgs.