Commodity Important Updates for Feb 10, 2017
Gold trading range for the day is 28847-29509.Gold slipped after robust U.S. economic data pointed to a stronger economy, increasing the likelihood that the Federal Reserve will raise U.S. interest rates.Data showing rising U.S. wholesale inventories and an unexpectedly low number of Americans filing for unemployment benefits pushed up the dollar.Feds Charles Evans, a voter on policy this year, told reporters it is reasonable to expect the Fed to raise rates three times this year.
Silver trading range for the day is 41580-42638.Silver dropped as some renewed strength in U.S. dollar, as well as a rise among most U.S. equities helped to dull the metals appeal.Data on jobless claims did little to sway the metals market from expectations for gradually higher Federal Reserve interest rates this year.St. Louis Fed President James Bullard said he sees no reason interest rates need to move much at all.
Crudeoil trading range for the day is 3505-3573.Crude oil gained boosted by an unexpected draw in U.S. gasoline inventories although bloated crude supplies meant that fuel markets remain under pressure.EIA predicts U.S. production will likely grow by 100,000 barrels a day this year from 2016 and another 500,000 barrels a day by 2018.OPEC and 11 other heavyweight producers, such as Russia, late last year pledged to trim down production by 1.8 million barrels a day to support prices.
Naturalgas trading range for the day is 204.8-215.6.Natural gas struggled to hold its gain despite data showed that natural gas supplies in storage in the U.S. fell.EIA said in its weekly report that natural gas storage in the U.S. declined by 152bcf in the week ended February 3Natural gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns.
Copper trading range for the day is 384.9-398.1.Copper dropped as dollar gained while concerns over whether the supply and demand backdrop justified its recent rallyWorkers in Chile went on strike, with the union saying that night workers would not be replaced.In Indonesia, Freeport-McMoRan Incs Grasberg mine has yet to be granted a new export permit.
Zinc trading range for the day is 186.3-193.1.Zinc prices dropped as traders are eyeing for the Chinas January trade data and informal financing, UKs December industry outputEuropes largest zinc producer Nyrstar is considering restarting its idled and for sale Myra Falls zinc-copper mineKorea Zinc cuts refined zinc output by 7.7% for 2017 as TCs bite
Nickel trading range for the day is 674-709.2.Nickel dropped below 690 level as dollar gained as data showing rising U.S. wholesale inventoriesRussias Nickel exports slid, Nickel exports totaled 185,700 tonnesNegative news from the Philippines will kept affecting the market.
Menthaoil trading range for the day is 1021.1-1039.9.Mentha oil spot at Sambhal closed at 1143.90 per 1kg. Spot prices was down by Rs.-2.70-.Mentha oil prices dropped amid muted demand in the domestic spot market.Further, ample stocks position on higher supplies from producing belts of Chandausi in Uttar Pradesh, too influenced mentha oil prices.Pressure also seen on prices on the speculation the area under cultivation can incerese this year resulting good production.
Soyabean trading range for the day is 3059-3109.Soyabean prices gained supported by speculation that China, has bought several US bulk cargoesArrivals across Madhya Pradesh were around 140,000-130,000 bags of 90 kilograms compared to 135,000-100,000 bags of 90 kilograms.NCDEX accredited warehouses soyabean stocks gained by 2230 tonnes to 193653 tonnes.At the Indore spot market in top producer MP, soybean gained 8 Rupees to 3083 Rupees per 100 kgs.
Jeera trading range for the day is 17095-17475.Jeera prices ended with losses due to anticipation of higher new season arrivals in the physical market.Jeera (Cumin) output in India may fall by 12 per cent to 387,000 tonnes during 2016-17 due to lower acreage.At Unjha market in Mehsana , total arrivals are at 1800 quintals, higher by 400 quintals from previous trading day.In Unjha, a key spot market in Gujarat, jeera edged down by -25 Rupees to end at 18100 Rupees per 100 kg.