Commodity Important Updates for December 19, 2016
Gold trading range for the day is 26840-27428.Gold gained as dollar and U.S. stocks dipped at the end of a volatile week highlighted by the Feds signal that there could be more rate hikesPrices also got boost following word of renewed tension in the South China Sea after word China seized an American underwater drone.SPDR gold trust holdings dropped by 0.63% i.e. 5.34 tonnes to 836.99 tonnes from 842.33 tonnes.
Silver trading range for the day is 38867-40337.Silver gained on short covering after prices dropped in previous session due to the higher dollar after the U.S. Federal Reserve meetFed Concluded Its Policy Meeting by raising interest rates by 25 basis points and projected three more rate hikes for 2017.Holdings at ishares silver trust gained by 0.39% i.e. 41.29 tonnes to 10575.83 tonnes from 10534.54 tonnes.
Crudeoil trading range for the day is 3387-3589.Crude oil gained as support seen after Goldman Sachs boosted its price forecast for 2017.Russia said that all of the countrys oil companies, including top producer Rosneft, had agreed to reduce output.Kuwait reportedly notified customers that it would cut supplies from January as part of an effort by OPEC to stabilize the oil market.
Copper trading range for the day is 379-395.2.Copper prices fell as rising stocks in London Metal Exchange warehouses and signs of softer demand from major consumer China.Upbeat economic data from China suggests demand should be positive next year, but rising inventories put the metal under pressure.Mining companies in Peru, are accelerating their production of copper to take advantage of better prices for the red metal.
Zinc trading range for the day is 178.9-192.7.Zinc prices dropped on profit booking triggered by a rising dollar that cast doubt over demand strength and expectations of tighter supply.There is also idle mine capacity that can be reactivated to alleviate the supply deficit.ILZSG data for January-October shows zinc mine output fell 1.9% to 10.887 million tonnes, a drop of some 205,000 tonnes.
Nickel trading range for the day is 743.6-780.4.Nickel prices dropped as pressure seen on prices after update the global nickel market moved to a surplus.Data showed the global nickel market moved to a surplus of 900 tonnes in October from a deficit of 500 tonnes a month before.News that the Philippines government had cancelled permits for another three mines on environmental grounds did little to support the metal.
Menthaoil trading range for the day is 984.7-1019.7.Mentha oil spot at Sambhal closed at 1069.20 per 1kg. Spot prices is down by Rs.-2.80-.Mentha oil settled up amid increasing demand in the domestic spot market.Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year.Farmers are keeping most of the stocks in their hands. Most buyers are willing to buy at these levels.
Soyabean trading range for the day is 3010-3110.Soyabean prices ended with losses tracking weakness in spot demand amid increase in supplies in December and January.There is an expectation that the arrivals of soybean in the domestic market keeping the supplies more than the demand.NCDEX accredited warehouses soyabean stocks gained by 1924 tonnes to 122131 tonnes.At the Indore spot market in top producer MP, soybean dropped -7 rupee to 3045 rupee per 100 kgs.
Turmeric trading range for the day is 6900-7072.Turmeric dropped amid expectation of good crop next season and as damage to the turmeric crop in recent rains is not significant.The availability of good quality is quite low and crop arriving currently is of medium to low quality.NCDEX accredited warehouses turmeric stocks dropped by 556 tonnes to 1372 tonnes.In Nizamabad, a major spot market in AP, the price ended at 7761.25 rupees dropped -25.65 rupees.
Jeera trading range for the day is 17075-18015.Jeera prices dropped on profit booking after prices gained amid dwindled supplies and good demand for exports.In 2016-17 Jeera sowing completed around 180300 hectares as compared to last year same period 127600 hectares, as on now.NCDEX accredited warehouses jeera stocks gained by 108 tonnes to 281 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -38.45 rupees to end at 18461.55 rupee per 100 kg.