Commodity Important Updates for December 15, 2016
Gold trading range for the day is 27488-27734.Gold prices edged higher on a weaker dollar and as markets waited for the outcome of the U.S. Federal Reserves policy meetingFeds Yellen announced that the central bank was raising interest rates by 0.25%, and that it planned three additional rate hikes next year. Data prior to Fed statement showed U.S. retail sales barely rose in November, while U.S. industrial production fell more than expected.
Silver trading range for the day is 40899-42385.Silver gains with the dollar little changed as investors awaited the outcome of the Federal Reserves latest policy meeting. The U.S. central bank raised interest rates for the first time in a year and signalled further rate hikes for 2017.The Commerce Department said retail sales edged up 0.1 percent after two straight months of strong gains.
Crudeoil trading range for the day is 3438-3604.Crude oil prices dropped as pressure seen as gasoline supplies rose modestly despite U.S. crude oil stockpiles fell more than expected.Data from U.S. EIA showed that commercial crude inventories last week declined by 2.56 million barrels to 483.19 million barrels.OPEC pointed to a growing oil supply surplus next year unless members implement their deal to curb output from record levels.
Copper trading range for the day is 382-395.2.Copper recovered on a brightening outlook for demand, shaking off an earlier dip. The metal has risen some 22 percent since mid-October, driven by encouraging signs of demand growth in China.Chinas imports of unwrought copper and copper semis were 380,000 mt during November, with YTD imports from January to November at 4460,000 mt.
Zinc trading range for the day is 179.6-194.4.Zinc prices gained as support seen as investors remained upbeat on Chinas growth prospects. Zinc prices have seen strength this year amid tightening supplies, but there is the possibility that after prices rallied that zinc miners would ramp up output. SHFE stocks have plunged 24% year-to-date amid stronger demand for zinc from domestic steel producers.
Nickel trading range for the day is 756.1-785.3.Nickel recovered from lows after the update Philippines audit results into its environmental review in the mining sector has been postponed until January. New Caledonian miners seek to ramp up nickel ore exports to ChinaA first step towards an increase in nickel supply could come soon if Philippines release a soft metal mines audit in the next few days.
Menthaoil trading range for the day is 983-1038.8.Mentha oil spot at Sambhal closed at 1082.80 per 1kg. Spot prices is up by Rs.26.60-.Mentha oil prices ended with gains amid increasing demand in the domestic spot market. Further, tight stocks position on restricted supplies from producing regions, too supported mentha oil prices.At Chandausi market total arrivals are at 70 Drums (1-drum-180kg), up by 20 Drums (1-drum-180kg) as against previous day.
Soyabean trading range for the day is 3045-3121.Soyabean prices gained on supply worries in global market and on robust demand export market.Due to holiday mood arrivals were low at 2.5-3 lakh bags as against 400,000-450,000 bags during last week.NCDEX accredited warehouses soyabean stocks gained by 2865 tonnes to 119356 tonnes.At the Indore spot market in top producer MP, soybean gained 2 rupee to 3036 rupee per 100 kgs.
Turmeric trading range for the day is 7136-7256.Turmeric settled flat due to the arrival of medium and poor quality turmeric from the producing belts. However downside seen limited amid forecast of heavy rains in turmeric area.NCDEX accredited warehouses turmeric stocks dropped by 75 tonnes to 1928 tonnes.In Nizamabad, a major spot market in AP, the price ended at 7809.5 rupees gained 32.95 rupees.
Naturalgas trading range for the day is 229.7-244.5.Natural gas prices rose as investors remained upbeat about prospects for colder temperatures and heightened winter demand.Natural gas prices should continue to be strongly influenced by weather forecasts, as investors look for more clues.Temperatures at the beginning of winter arent always a dependable signal for the coming months.