Commodity Important Updates for November 25, 2016
Gold trading range for the day is 28562-28882.Gold fell as the dollar strengthened on growing expectations of Fed rate hike in December following positive U.S. economic data. Fed policymakers appeared confident that the economy was strengthening enough to warrant interest rate increases soon.New orders for U.S. manufactured capital goods rebounded in October, driven by rising demand for machinery and a range of other equipment
Silver trading range for the day is 39921-40621.Silver prices eased as the dollar traded within reach of an almost 14-year high hit on positive U.S. economic data.The minutes from the Feds meeting said an interest-rate increase was possible relatively soon if data indicated that the economy is improving. Some Fed officials explicitly called for a rate hike in December, the minutes showed.
Crudeoil trading range for the day is 3264-3340.Crude oil dropped amid uncertainty ahead of a planned OPEC-led crude production cut and thin liquidity during the U.S. Thanksgiving holiday.IEA Director Fatih Birol told that even if production is cut, prices could soon come back under downward pressure again.OPEC is due to meet on Nov. 30 to coordinate a cut, potentially together with non-OPEC member Russia.
Copper trading range for the day is 391.2-414.2.Copper prices gained on expectations of a pick-up in global manufacturing and infrastructure spending.A report showed orders for business equipment advanced in the U.S, bolstering the outlook for the metal amid optimism demand will accelerate.Zambias copper production is expected to increase by 4 percent to 740,000 tonnes this year.
Zinc trading range for the day is 181.8-191.Zinc rallied as investors poured funds into metals in expectation of inflation in China and the United States.Euro zone business activity expanded the most in nearly a year in November, stirring some optimism that economic momentum is picking up again.The worldwide zinc market has recorded small surplus during January to September this year.
Nickel trading range for the day is 781.3-809.9.Nickel dropped on profit booking after prices remained supported after Wednesdays better-than-estimated U.S. data on durable goods.LME stocks are falling they are down 17% in the year to date. Available stocks at 239,886 tonnes are near this years low.Nickel daily stocks at Shanghai exchange came down by 120 tonnes.
Menthaoil trading range for the day is 902.9-948.7.Mentha oil spot at Sambhal closed at 1062.00 per 1kg. Spot prices is up by Rs.12.00-.Menthaoil settled up taking cues from less arrivals in the major physical markets.According to sources, fears of lower output and rising demand hoarders have started hoarding mentha oilDuring last three weeks around 20 percent arrivals have decreased in the spot markets which will support the mentha prices.
Soyabean trading range for the day is 3052-3184.Soyabean prices ended with gains tracking firmness in overseas prices buoyed by strong Chinese demand for U.S. shipments.Soyabean also drew support from uncertainty about crop weather as the South American growing season gets underway.NCDEX accredited warehouses soyabean stocks gained by 671 tonnes to 90820 tonnes.At the Indore spot market in top producer MP, soybean gained 31 rupee to 3118 rupee per 100 kgs.
Aluminium trading range for the day is 119.7-123.1.Aluminium prices dropped as pressure seen due to profit booking after LME stocks rose. In news, China exported 350,000 tonnes of aluminium in October, up 6.6 percent on year, customs data showed.WBMS indicates that global primary aluminum market has recorded a marginal deficit during the initial nine months of the year.
Naturalgas trading range for the day is 205.1-211.5.Naturalgas dropped on profit booking in light trading day after prices gained Wednesday as storage data showed an unexpected decline in inventories.Prices also saw pressure as warmer-than-average weather has persisted in the U.S.Natural gas prices are dependent on weather forecasts because half of U.S. homes use natural gas for heat.