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Commodity Important Updates for December 01, 2016

Gold trading range for the day is 27869-28761.Gold dropped as widespread expectation of an interest-rate increase by the Federal Reserve in December dampened the metals short-term outlook.The U.S. economy grew faster than initially estimated in the third quarter, notching up its best performance in two years.Payroll processor ADP report showed that U.S. private sector employment increased by much more than expected in the month of November.

Silver trading range for the day is 40426-41842.Silver prices slid as the dollar pushed higher after upbeat U.S. economic reports supported the case for higher interest rates.Demand for the dollar continued to be underpinned after solid U.S. economic reports fed into expectations for a December rate hike by the Federal Reserve.U.S. third quarter growth was revised up to 3.2%, its strongest rate in two years, according to the Commerce Department.

Crudeoil trading range for the day is 3038-3558.Crude oil prices jumped more than 8 percent to a five-week high as OPEC has agreed its first limit on oil output since 2008.OPEC agreed on a proposal by member Algeria to reduce production by around 4.5 percent, or about 1.2 million barrels per day.The source added that OPEC had also suspended Indonesia from OPEC and hence the exact combined reduction was yet to be calculated.

Copper trading range for the day is 382.9-411.9.Copper gained supported by predictions of greater demand from China and higher oil prices.However upside seen limited as the potential for a cash crunch in China as yuan borrowing costs in Shanghai surged to a two-month high.Chilean government reported November 29 the countrys copper output dropped 11.1% year-on-year to 445,117 tonnes in October.

Zinc trading range for the day is 178.8-192.Zinc dropped as investors cut bets on higher prices due to growing doubts that this months sizzling rally was built on solid fundamentals. Chinas refined zinc imports were 477,400 tonnes during January and October, a drop of 3.94% year-on-year. Global zinc market has recorded small surplus during January to September of this year.

Nickel trading range for the day is 741.3-785.9.Nickel settled flat as regulators stepping in to curb speculation with position limits, higher margins and transaction costs.According to recent statistics released by INSG, the global nickel market has reported production deficit of 52,600 tonnes during the initial three quarters of the current year.The drastic change in markets supply fundamentals on account of ban on nickel mine production by the Philippines administration led to sharp rally in Nickel prices.

Menthaoil trading range for the day is 941.1-987.5.Mentha oil spot at Sambhal closed at 1071.90 per 1kg. Spot prices is down by Rs.-0.10-.Mentha oil prices dropped on late profit booking after prices gained amid increasing demand in the domestic spot market.According to sources, fears of lower output and rising demand hoarders have started hoarding mentha oil.At Chandausi market estimated market supply was at 15 Drums(1-drum-180kg), down by 10 Drums(1-drum-180kg) from previous days arrivals.

Soyabean trading range for the day is 3150-3208.Soyabean prices dropped amid improving arrivals in the physical market and expectations that the peak arrivals will be observed.Arrivals at the spot markets declined to 60,000 bags against 330,000 bags in its previous trading session.NCDEX accredited warehouses soyabean stocks gained by 2773 tonnes to 97964 tonnes.At the Indore spot market in top producer MP, soybean dropped -19 rupee to 3112 rupee per 100 kgs.

Jeera trading range for the day is 17795-18565.Jeera prices dropped due to profit booking on anticipation of good sowing progress in Gujarat and Rajasthan.As on now, Jeera sowing in Gujarat is completed in around 99,100 hectares as compared to last year acreage.NCDEX accredited warehouses jeera stocks dropped by 36 tonnes to 141 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -24.05 rupees to end at 18938.45 rupee per 100 kg.

Jeera trading range for the day is 17795-18565.Jeera prices dropped due to profit booking on anticipation of good sowing progress in Gujarat and Rajasthan.As on now, Jeera sowing in Gujarat is completed in around 99,100 hectares as compared to last year acreage.NCDEX accredited warehouses jeera stocks dropped by 36 tonnes to 141 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -24.05 rupees to end at 18938.45 rupee per 100 kg.