Commodity Important Updates for Feb 20, 2017
Gold trading range for the day is 29223-29517.Gold prices eased but notched a weekly gain as investors opted for the safe-haven qualities of bullion due to uncertainty about U.S. and European politics.Fed Chair Janet Yellen said U.S. interest rates may need to be raised in March.Holdings of SPDR Gold, have risen 5.6 percent so far this month, the most since June 2016.
Silver trading range for the day is 42689-43123.Silver prices ended with a loss but tallied a third consecutive weekly gain as political uncertainty continued to boost investment demand for the metal. Meanwhile, a trio of mostly solid economic reports covering jobs, housing and regional manufacturing did little to change the interest-rate outlook.Feds Yellen said that the Fed has penciled in three interest-rate hikes this year and on Wednesday she defended the central banks monetary.
Crudeoil trading range for the day is 3566-3644.Crude oil dropped as prices remained under pressure from a stronger dollar and rising U.S. shale oil output.Rising U.S. output has helped boost domestic crude and fuel inventories to record highs.US crude oil exports rose to a record 1.03m barrels last week but the remarkable thing is the on-week gain was ~81%, largest since June 2014
Naturalgas trading range for the day is 188.1-196.3.Natural gas prices fell for the third straight week, setting a three-month low as a historically mild winter continues to drag on the market.The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 114 billion cubic feet.That compared with a withdrawal of 152 billion cubic feet in the preceding week, 163 billion a year earlier
Copper trading range for the day is 393.5-405.9.Copper dropped as prices pulled back below 6000 level on LME as talks renewed between striking workers and management at Chiles Escondida copper mine.Indonesias ministry said it has issued a recommendation that is expected to allow the local unit of Freeport McMoRan Inc to resume copper concentrate exports.The announcement comes after a more than one-month stoppage which push global copper prices to 21-month highs this week.
Zinc trading range for the day is 183.7-193.7.Zinc prices ended with losses as increase in availability dampened recent price moves higher.The global zinc market was balanced in December after a deficit of 45,400 tons in November, the ILZSG said.Korea Zinc said it plans to cut its refined zinc production by 7.7% to 599,937 tons this year, citing tightening supply.
Nickel trading range for the day is 720.6-749.8.Nickel prices recovered from lows on mounting concerns about supplies after the suspension of mines in top ore producer the Philippines.The Philippines this week ordered the cancellation of 75 mineral production-sharing agreements as developing them would threaten water supply.Stocks of nickel in LME-approved warehouses stand at around 380,000 tonnes, while those in SHFE-warehouses totals at 89,000 tonnes.
Aluminium trading range for the day is 123.5-128.1.Aluminium prices dropped tracking LME prices closed down 0.9 percent at $1,880 a tonne as weakness in other base metals counter weighed.According to Rusal, the China is expected to see only a moderate surplus despite 4mts of new capacity and some restarted capacity in 2016.Reinforcing the idea of a pick-up in Chinese demand was new loans data; banks extended 2.03 trillion yuan ($295.74 billion) in net new yuan loans in January.
Menthaoil trading range for the day is 1016.1-1039.5.Mentha oil spot at Sambhal closed at 1151.70 per 1kg. Spot prices was up by Rs.7.00-.Mentha oil prices ended with losses amid fall in demand from in the domestic spot market.Further, ample stocks position on higher supplies from producing belts of Chandausi in Uttar Pradesh also weighed.Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year.
Soyabean trading range for the day is 2916-3020.Soyabean prices ended with losses on ample supply in the domestic spot market.European Union soybean imports in the 201617 season had reached 8.2 million tonnes by Feb. 14, down 4 percent.NCDEX accredited warehouses soyabean stocks gained by 1214 tonnes to 208667 tonnes.At the Indore spot market in top producer MP, soybean dropped -27 Rupees to 2996 Rupees per 100 kgs.