Commodity Important Updates for January 02, 2016
Gold trading range for the day is 27287-27713.Gold snapped a three-year losing streak with prices rising 10% in 2016, but the metal ended the year under a cloud of relentless selling.There are signs inflation is ticking higher, with price gains potentially supportive of bullion as a hedge.SPDR gold trust holdings dropped by 0.14% i.e. 1.19 tonnes to 822.17 tonnes from 823.36 tonnes.
Silver trading range for the day is 38341-40229.Silver prices ended with losses as gains from a weak dollar was offset by profit-taking at the end of a year. Growth in Chicago-area business activity slowed by much more than anticipated in the month of December, according to a report.U.S. economic data gave the Fed the confidence to raise rates for the first time in a year.
Crudeoil trading range for the day is 3613-3699.Crude oil dropped on last trading session of the year but gained on yearly basis on the back of an agreement struck between OPEC and non-OPEC countries.The market also shrugged off an unexpected increase in U.S. crude inventories, which rose 614,000 barrels.Traders are expected a balance to return to the market by the middle of 2017, however, as OPECs production cuts take full effect.
Naturalgas trading range for the day is 245.2-263.8.Natural gas dropped on profit booking amid due to short term weather forecasts.EIA said in its weekly report that natural gas storage in the U.S. declined by a whopping 237 billion cubic feetTotal natural gas in storage currently stands at 3.360 trillion cubic feet, according to the EIA, almost 11.0% lower than levels at this time a year ago
Copper trading range for the day is 373.5-380.3.Copper gains amid falling stocks and expectations of stronger demand in top consumer China persuaded buyers to return to the market.The copper market already had excess supply and inventories had risen to 213,000 tonnes at the start of December.Large deliveries of copper to LME-registered warehouses — thought to be from China — helped to fuel the sell-off.
Zinc trading range for the day is 168.8-178.4.Zinc prices gained amid as receding worries about demand and expectations of tighter supplies.Stocks in exchange warehouses and elsewhere totalling nearly 2 million tonnes or about seven weeks of usage are potentially negative for zincChina imported about 1.6 million tonnes of zinc-in-concentrate in 2015, with 6.2 million tonnes of zinc production.
Nickel trading range for the day is 675.1-698.5.Nickel prices dropped despite supply-side issues in Indonesia and the Philippines have again taken centre stage in the nickel market.Global primary nickel output is estimated to reach 1.96 million tonnes in 2016, an increase of 0.35% on an annual comparison.Chinese stainless steel production reached 24.79 million tonnes in 2016, an increase of 11.87% year-on-year.
Aluminium trading range for the day is 113.7-116.5.Aluminium gained tracking firmness in LME prices on short covering on the last trading session of the year despite of rise in LME stocks.Japans aluminum premium for shipments during January to March next year was set at $95 per ton, as spot premiums rose.Global aluminium output rose in recent months it was up 3% month-on-month in November on higher Chinese output – IAI.
Menthaoil trading range for the day is 1030.1-1059.1.Mentha oil spot at Sambhal closed at 1128.00 per 1kg. Spot prices is down by Rs.-2.00-.Mentha oil ended with gains amid pick-up in demand in the domestic spot market. However, ample stocks position on higher supplies At Sambhal market estimated market supply was at 70 Drums, higher by 10 Drums as against previous day.China and Japan have reduced their buying quantity in the recent past due to the economic slowdown had impacted Mint products exports
Soyabean trading range for the day is 3061-3099.Soyabean recovered from lows on short covering after prices dropped expectation of higher supply in global markets. However upside seen limited due to good demand from crushers amid steady sales of soymeal.NCDEX accredited warehouses soyabean stocks gained by 607 tonnes to 140765 tonnes.At the Indore spot market in top producer MP, soybean gained 13 rupee to 3065 rupee per 100 kgs.