Commodity Important Updates for December 29, 2016
Gold trading range for the day is 27135-27429.Gold prices crawled in the range after prices open up as supported by a softer dollar and short-covering.Gold hit a 10-month low on Dec. 15 as solid U.S. economic data prompted the Fed to raise U.S. interest rates for the first time in a year.Reflecting bearish investor sentiment, assets in the SPDR Gold Trust fell 0.14 percent to 823.36 tonnes on Tuesday.
Silver trading range for the day is 38882-39796.Silver prices edged up tracking firmness in gold as subdued cash demand and investor short-covering helped offset a stronger U.S. dollar.Contracts to buy previously owned U.S. homes fell in November to their lowest level in nearly a year, a sign rising interest rates could be weighing on the housing market.Recently released solid U.S. economic data prompted the Fed to raise U.S. interest rates for the first time in a year.
Crudeoil trading range for the day is 3645-3743.Crude oil prices extended gains less than a week before major global oil producers begin to scale back production in line with the deal they struck last month.The 4.2 million barrel build in U.S. crude oil stocks shown in the API data came as a surprise.OPEC members agreed to reduce output by a combined 1.2 million barrels per day starting from January 1.
Copper trading range for the day is 371.9-385.5.Copper dropped as investors fretted about demand growth in China and took profits ahead of the Christmas break.China imported 276,730 tonnes of refined copper in November, down 22.9 percent year-on-year, but up 46 percent month-on-month.Still, copper, is up around 16 percent this year and on track for its largest annual rise since 2010.
Zinc trading range for the day is 169.2-180.6.Zinc gained amid expectations of stronger demand in top consumer China persuaded buyers to return to the market.The United States accounts for only about 8 percent of the roughly 22 million tonnes-per-year global market.Global zinc mine production dropped by 1.8% compared to the same 10 months in 2015
Nickel trading range for the day is 677.3-703.7.Nickel prices dropped as pressure seen weighed by any relaxation in Indonesias export ban on nickel ore.Chinas nickel imports lurched lower by 38.8 per cent to 16,919 tonnes, zinc imports plunged 63.5 per cent to 25,424 tonnes.Nickel ore inventories at seven major Chinese ports were down 230,000 tonnes on a weekly basis.
Menthaoil trading range for the day is 1022.9-1055.5.Mentha oil spot at Sambhal closed at 1125.50 per 1kg. Spot prices is down by Rs.-3.10-.Mentha oil prices ended with losses driven by muted demand in the spot market.Total production of mentha oil during the current season is 32,000-34,000 tonnes against preliminary estimates of around 40,000 tonnes.At Chandausi market total arrivals are at 10 Drums(1-drum-180kg), down by 5 Drums(1-drum-180kg) as compared to previous day.
Soyabean trading range for the day is 3006-3056.Soyabean gained on account of good crushing demand from the mills, even though improving supplies in the domestic market capped some gains.However expectation of higher supply in global market and weak meal demand from poultry limited the upside.NCDEX accredited warehouses soyabean stocks gained by 1710 tonnes to 138440 tonnes.At the Indore spot market in top producer MP, soybean gained 9 rupee to 3043 rupee per 100 kgs.
Turmeric trading range for the day is 6696-6868.Turmeric prices dropped on expectations of increasing production in coming harvesting season at the producing belts.The availability of good quality is quite low and crop arriving currently is of medium to low quality.Next year crop is expected to be higher which is keeping stockiest at bay.In Nizamabad, a major spot market in AP, the price ended at 7616.65 rupees dropped -19.05 rupees.
Jeera trading range for the day is 17280-17680.Jeera prices ended with gains on short covering after prices dropped on reports of good sowing progress at the producing regions.At Unjha market in Mehsana, estimated market supply was at 400 quintals, up by 200 quintals from previous days arrivals.According Department of commerce data, the exports of Jeera in the first six months (Apr-Sep) of 2016-17 is recorded at 70,809 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 23.9 rupees to end at 18034.6 rupee per 100 kg.
Naturalgas trading range for the day is 248-269.4.Naturalgas surged up by 2.23% to settled at 261.80 to the highest price in two years on expectations a blast of cold air next month.Colder weather and as futures expiration likely forced sellers to buy and close out their positions.Weather models are suggesting that a blast of cold Arctic air will lower temperatures across the U.S.
Aluminium trading range for the day is 116-119.6.Aluminium dropped tracking LME aluminium amid concerns about Chinas property market, pointing to moves to limit property speculation in 2017.Contracts to buy previously owned U.S. homes fell in November to their lowest level in nearly a year, a sign rising interest rates could be weighing on the housing market.Japans factory output rose in November and manufacturers expect to ramp up production in coming months, data showed.