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Commodity Important Updates for December 13, 2016

Gold trading range for the day is 27321-27855.Gold gains with U.S. Treasury yields coming off their highs and the U.S. dollar falling ahead of the start of a two-day Federal Reserve meeting.Gold premiums in China held near three-year highs this week amid fears of limited supply of the precious metal.Dealers in India, the worlds No.2 consumer of the metal were offering a discount of up to USD 5 an ounce in week.

Silver trading range for the day is 40781-42271.Silver ended with gains lifted by a weaker dollar ahead of anticipation of an interest rate hike at Federal Reserve meeting. Consumer sentiment in the U.S. has improved by much more than anticipated in the month of December, according to a report.Market-based indicators put the odds of a Fed rate hike next week at nearly 100%.

Crudeoil trading range for the day is 3433-3721.Crudeoil rallied after major oil producers reached a deal over the weekend to cut output in an attempt to reduce the global supply overhang. OPEC and non-OPEC producers, reached their first deal since 2001 on coordinated production cuts to cut the worldwide glut in oil and drive prices higher.Saudi Arabia has told its U.S. and European customers it will reduce oil deliveries from January.

Copper trading range for the day is 388.7-395.5.Copper dropped weighed down by a strong dollar and falling stocks, and as investors were tempted to take profitsProducer prices in China, rose at the fastest pace in more than five years in November as prices of coal, steel and other building materials soared.ShFE copper inventories fell 2.5 percent from last Friday, while LME copper stocks fell to their lowest since mid-August.

Zinc trading range for the day is 179.1-186.9.Zinc prices gained benefitting from a decline in stocks held in London Metal Exchange-listed sheds.The refined zinc market was in deficit of 19,900 tonnes, the ILZSG said, bringing the year-to-date deficit to 251,000 tonnes.Combined zinc inventories in Shanghai, Tianjin and Guangdong added 1,400 to 224,400 tonnes this past week

Nickel trading range for the day is 754.2-775.Nickel dropped on profit booking after prices seen supported by prospects of falling ore exports from the Philippines.Philippines authorities have said there will definitely be more mine suspensions when the ruling on the 20 facing suspension is released.The market remains buoyant given growing signs that supply constraints in the concentrate market may trickle into the refined market.

Menthaoil trading range for the day is 323.6-323.6.Mentha oil spot at Sambhal closed at 1052.00 per 1kg. Spot prices is down by Rs.-0.50-.Mentha oil gains amid rising demand in the domestic spot market.Further, tight stocks position on restricted supplies from producing regions of Chandausi in Uttar Pradesh, too supported mentha oil prices uptrend.As on now stock positions of Mentha in MCX accredited warehouses were around 11459 drums which is 27 drums less against the previous day.

Soyabean trading range for the day is 3025-3075.Soyabean prices dropped tracked by lower prices in international markets on oversupply woes.After facing minor hurdles when arrivals had come to a halt and soybean arrivals have begun picking up.NCDEX accredited warehouses soyabean stocks gained by 2098 tonnes to 110768 tonnes.At the Indore spot market in top producer MP, soybean dropped -9 rupee to 3035 rupee per 100 kgs.

Turmeric trading range for the day is 7080-7216.Turmeric prices ended with gains on rising demand at the spot market. Though, some gains were capped due to the arrival of medium and poor quality turmeric from the producing belts.NCDEX accredited warehouses turmeric stocks dropped by 50 tonnes to 2058 tonnes.In Nizamabad, a major spot market in AP, the price ended at 7742.65 rupees gained 17.65 rupees.

Jeera trading range for the day is 17100-17700.Jeera prices gained amid rising export demand at the spot market despite of reports of higher sowing.Jeera sowing current year completed around 180300 hectares as compared to last year same period 127600 hectares.NCDEX accredited warehouses jeera stocks gained by 6 tonnes to 123 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 10 rupees to end at 18510 rupee per 100 kg.