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Commodity Important Updates for Feb 13, 2017

Gold trading range for the day is 28822-29380.Gold prices recovered from lows to end with gains as the U.S. dollar and Treasury yields came off their highs.U.S. economic data has also stoked talk that the Federal Reserve would press ahead with U.S. interest rate hikes sooner rather than later.SPDR gold trust holdings gained by 0.50% i.e. 4.14 tonnes to 836.72 tonnes from 832.58 tonnes.

Silver trading range for the day is 41432-43318.Silver prices gained as an improving China signals a better global economy and gives support to the more industrial metals.The preliminary report from US showed that the consumer sentiment index dropped to 95.7 in February from the final January reading of 98.5.U.S. import prices rose more than expected in January, while initial jobless claims dropped unexpectedly last week to the lowest in nearly 43 years.

Crudeoil trading range for the day is 3511-3669.Crude oil gained after reports that OPEC members delivered more than 90 percent of the output cuts they pledged in a landmark deal that took effect in January.IEA says record OPEC cut compliance helps oil market rebalanceSupply from the 11 members of the OPEC with production targets under the deal fell to 29.92 million barrels per day

Naturalgas trading range for the day is 198.4-210.4.Natural gas prices fell extending a recent stretch of losses from winter weather forecasts that keep getting progressively warmer.The bearish signs on demand are compounded by an increasing number of drilling rigs going out around the country.The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 152 billion cubic feet in the week.

Copper trading range for the day is 384.8-420.4.Copper prices rallied as LME prices jumped above $6000 on talk of BHP Billiton declaring force majeure on shipments from its Escondida mine in Chile.Freeport had said that it would scale back output at Grasberg, but Indonesias mining ministry said the company could apply immediately to restart exports that were stopped on Jan. 12.China reported better-than-expected trade data for January as demand picked up both at home and abroad, an encouraging start to 2017

Zinc trading range for the day is 187-201.4.Zinc gained on prospects for rising demand from Chinas steel industry after the country reported a near-record volume of iron ore imports in January.Prices were also boosted after China reported better-than-expected trade data for January as demand picked up both at home and abroad.Combined zinc inventories in Shanghai, Tianjin and Guangdong added 15,300 to 295,000 tonnes this past week.

Aluminium trading range for the day is 122-126.4.Aluminium prices ended with gains after China reported better-than-expected trade data for January.China exported 390,000 tonnes of unwrought aluminium and aluminium products in January, in line with Decembers figure.Australias Tomago Aluminium smelter has been forced to shut down operations to conserve power as a heat wave grips much of the country, a government official said.

Menthaoil trading range for the day is 1020.9-1036.1.Mentha oil spot at Sambhal closed at 1145.60 per 1kg. Spot prices was up by Rs.1.70-.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 added pressure on mentha oil prices.Pressure also seen on speculation the area under cultivation can incerese this year resulting good production.

Soyabean trading range for the day is 3030-3104.Soyabean ended with losses on ample supply in the domestic spot market.USDA maintained 2016-17 United States soybean production forecast for February also kept forecast for ending stockpiles unchangedNCDEX accredited warehouses soyabean stocks gained by 1922 tonnes to 195575 tonnes.At the Indore spot market in top producer MP, soybean dropped -12 Rupees to 3071 Rupees per 100 kgs.

Turmeric trading range for the day is 6714-6934.Turmeric prices dropped on rising arrivals as the harvesting is going on in key producing states Maharashtra, Tamilnadu and Karnataka.Production of turmeric in Telangana is seen rising 35% on year to 251,000 tn 2016-17 (Jul-Jun) due to favourable rains, according to the second advance estimate.Turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared last year.In Nizamabad, a major spot market in AP, the price ended at 7352.95 Rupees gained 0.15 Rupees.