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Commodity Important Updates for December 22, 2016

Gold trading range for the day is 26821-27291.Gold prices remained under pressure as a firm U.S. dollar and the possibility of further U.S. interest rate hikes next year continued to weigh.The Fed, which raised interest rates last week, signalled three more increases next year.SPDR gold trust holdings dropped by 0.43% i.e. 3.56 tonnes to 824.54 tonnes from 828.10 tonnes.

Silver trading range for the day is 38626-40020.Silver prices dropped tracking weakness in base metals and crude oil prices as a leading dollar index revived its run to fresh 14-year highs.U.S. home resales unexpectedly rose in November, reaching their highest level in nearly 10 years, likely as buyers rushed into the market.Euro zone consumer confidence rose by more than economists had expected in December, figures released by the European Commission showed.

Crudeoil trading range for the day is 3500-3702.Crude oil dropped as prices declined after data showed a surprise increase in U.S. crude supplies last week.The U.S. EIA said in its weekly report that crude oil inventories rose by 2.3 million barrels in the week ended December 16.Trust between oil producing countries is important if a global deal to curtail output is to succeed, Russian Energy Minister Alexander Novak said.

Copper trading range for the day is 372.5-379.9.Copper remained under pressure from worries about an oversupplied market and funds cutting bets on higher prices over coming days.ICSG fell to 29,000 tonnes in the Jan-Sept period from a deficit of 227,000 tonnes between January and June.The easier availability of metal pressured premiums for copper in Shanghai bond down by $5 to $80, the lowest since late October.

Zinc trading range for the day is 173-180.4.Zinc dropped on the concerns about excess supply and pressure seen after Chinas zinc smelters are accepting record low fees to produce metal amid a shortage of ore.The sharp drop in fees signals a long-heralded zinc market shortage may be closer to reality.Global mine supply has been shrinking after several big mines closed and others slashed output as prices fell to a 6-12-year-low in January.

Nickel trading range for the day is 723.3-750.1.Nickel dropped tracking weakness from LME Nickel as supply-side issues in Indonesia and the Philippines have again taken centre stage in the nickel market.Concerned at the environmental impact of mining, the worlds top nickel ore supplier has already halted the operation of 10 mines.Technically market is under fresh selling as market has witnessed gain in open interest by 8.54% to settled at 12340.

Menthaoil trading range for the day is 1018.7-1063.7.Mentha oil spot at Sambhal closed at 1130.20 per 1kg. Spot prices is up by Rs.25.40-.Mentha oil gained on the back of strong demand in the spot markets amid hopes of export demand may pick up in the coming days.Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi also provided support to prices.Trade sources estimate that total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season.

Soyabean trading range for the day is 2997-3037.Soyabean prices ended with losses on expectation of higher supply in global market.Arrivals across India were pegged at 360,000 bags against 335,000 bags in its previous trading session.NCDEX accredited warehouses soyabean stocks gained by 1868 tonnes to 131139 tonnes.At the Indore spot market in top producer MP, soybean dropped -14 rupee to 2988 rupee per 100 kgs.

Turmeric trading range for the day is 6696-6972.Turmeric prices gained on short covering after prices dropped on medium and poor quality arrivals from the producing belts.Next year crop is expected to be higher which is keeping stockiest at bay.NCDEX accredited warehouses turmeric stocks dropped by 90 tonnes to 726 tonnes.In Nizamabad, a major spot market in AP, the price ended at 7675 rupees dropped -40.25 rupees.

Jeera trading range for the day is 16965-17465.Jeera prices settled flat on reports of good sowing progress in the producing regions.As per Gujarat Govt. sowing data current year Jeera sowing completed around 256800 hectares as compared to last year same period 243000 hectaresNCDEX accredited warehouses jeera stocks dropped by 6 tonnes to 203 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 30.75 rupees to end at 18100 rupee per 100 kg.