Commodity Important Updates for Feb 08, 2017
Gold trading range for the day is 29119-29455.Gold steadied as investors sought the perceived safety of the yellow metal amid growing concerns over political risks in Europe and around the globe.The U.S. trade deficit fell in December as exports hit their highest level in more than 1-12 years amid record shipments of technology products.Holdings of SPDR Gold Trust rose 1.01 percent to 826.95 tonnes on Tuesday from on Monday, holdings rose for a fifth straight session.
Silver trading range for the day is 42007-42827.Silver prices gained as support seen as rising global political uncertainty supported safe-haven demand.Feds Harker said he would be open to raising interest rates again at the U.S. central banks March meeting if growth in jobs and wages continues.Traders remained unconvinced, with markets continuing to price in just two rate hikes during the course of this year.
Crudeoil trading range for the day is 3436-3618.Crude oil dropped amid growing evidence of a revival in U.S. shale production and sluggish demand.Crude inventories rose by 14.2 million barrels in the week to February 3 to 503.6 million barrels, the API data showed.Crude oil exports from southern Iraq in January fell to 3.275 million barrels per day (bpd) from 3.51 million bpd in December.
Naturalgas trading range for the day is 204.5-216.7.Natural gas rallied on short-covering as forecasts called for mostly warmer-than-normal weather in key regionsPrices of the heating fuel are down almost 17% so far this year as forecasts for warm winter weather weighed on heating demand expectations.Traders looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 151 and 161bcf
Copper trading range for the day is 387.8-396.2.Copper dropped as the dollar edged higher after a Federal Reserve official offered support for a March rate rise, while supply concerns underpinned prices.Global miner BHP Billiton said it plans to halt production after unionized workers initiate a strike scheduled to begin on Thursday.Potential monthly copper production losses from Grasberg and Escondida add up to 135,000 tonnes, accounting for 8% of world monthly copper production.
Nickel trading range for the day is 688.8-706.6.Nickel dropped on profit booking tracking LME prices after solid gains amid decision by the Philippines mining minister to close more than half the countrys mines.The Philippines environment minister said she can release the results of a mining audit that an industry group was seeking.New Caledonia is also gearing up, granting three more companies the right to export nickel ore to China.
Menthaoil trading range for the day is 997.2-1052.8.Mentha oil spot at Sambhal closed at 1134.20 per 1kg. Spot prices was up by Rs.5.20-.Mentha oil prices ended with gains taking positive cues from spot market on surging demand.Further, tight stocks position on restricted supplies from Chandausi in Uttar Pradesh, too supported mentha oil prices.Traders anticipate pick up in domestic and export demand to support prices in coming days.
Soyabean trading range for the day is 3051-3121.Soyabeandropped tracking weakness in spot demand and overseas prices amid record Brazilian crop hits the market.Soybean arrivals in the country totaled at 245,000 bags against 260,000 bags on previous session.NCDEX accredited warehouses soyabean stocks gained by 1708 tonnes to 189560 tonnes.At the Indore spot market in top producer MP, soybean gained 7 Rupees to 3077 Rupees per 100 kgs.
Jeera trading range for the day is 17070-17470.Jeera settled flat dropped owing to sluggish domestic amid exports demand in the spot market.However downside seen limited on forecast of fall in jeera production by 12% due to lower acreage.At Unjha market in Mehsana, arrivals were reported at 1400 quintals, down by 1000 quintals as compared to previous day.In Unjha, a key spot market in Gujarat, jeera edged down by -83.35 Rupees to end at 18166.65 Rupees per 100 kg.