Commodity Important Updates for January 16, 2016
Gold trading range for the day is 28234-28600.Gold price gained while Comex Gold test $1,200 for first time in two months after president-elect fails to address spending plans.Trump delivered a wide-ranging briefing that lasted longer than expected but contained no details on tax cuts and infrastructure spendingGold has been bullish in early 2017, but with big investors taking flight amid forecasts from the Fed for three rate rises this year.
Silver trading range for the day is 40438-41524.Silver prices dropped despite the dollar fell after U.S. President-elect Donald Trumps long-awaited news conference gave few details on economic policy.The number of Americans filing for unemployment benefits rose less than expected last week, pointing to a tightening labour market.Federal Reserve Chair Janet Yellen did not comment on the outlook for the U.S. economy or monetary policy in remarks to teachers.
Crudeoil trading range for the day is 3508-3696.Crude oil gained on reports key OPEC members were starting to cut production as promised and on forecasts of strong demand growth in China.OPEC agreed in November to cut oil production to try to reduce a global supply glut that has depressed prices for more than two years.OPEC member Iraq, said it had cut production by 160,000 barrels per day since the beginning of January.
Naturalgas trading range for the day is 218.9-241.3.Naturalgas rallied as support seen after data showed that supplies in storage in the U.S. fell more than expected last week.EIA said in its weekly report that natural gas storage in the US declined by 151bcf in the week ended January 6Temporary blasts of cold have produced big boosts in demand in recent weeks, and there is still plenty of time for the weather to shift
Copper trading range for the day is 388.1-409.5.Copper rallied to settle above 400 level market hit its highest since December 12 also helped by supply concerns.Copper remains up this year after Chinese and global economic data fuelled expectations for firm demand in 2017.Copper stocks fell a net 2,525 tonnes at 285,700 tonnes, while cancelled warrants were down 4,800 tonnes at 80,200 tonnes.
Zinc trading range for the day is 181.1-189.5.Zinc settled with gains in volatile session as traders are now making long positions as fundamentals look strongZincs fundamentals are strong and, while suspended capacity remains idle, the deficit is likely to draw down stocks of concentrates and refined metal.Processing fees for Chinas zinc smelters reached record lows last month as the supply from mines continued to dwindle.
Nickel trading range for the day is 646-732.Nickel erased losses after sliding 5% in earlier trade after Indonesia eased a ban on metal ore exports.The broad changes cover areas including permit extensions, which can now be applied for up to 5 years in advance of expiry, and rules on divestment.Nickel on the London Metal Exchange fell to its lowest since mid September at $9,660 a tonne after the news
Aluminium trading range for the day is 117.9-123.7.Aluminium gained tracking firmness from LME Aluminium seen after Chinas NDRC said it had approved 23 fixed-asset investment projects.Support also seen as dollar weakened on US president-elect Donald Trumps failure to give clear policy detailsManufacturing indicators still look good, which could suggest that the global economy has got off to a good start in 2017
Menthaoil trading range for the day is 1017-1045.Mentha oil spot at Sambhal closed at 1125.40 per 1kg. Spot prices is up by Rs.1.30-.Mentha oil ended with gains amid rising demand at the spot market.As per local sources, during last three weeks around 20 percent arrivals have decreased in the spot markets.Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also added support to mentha oil prices.
Soyabean trading range for the day is 3021-3069.Soyabean prices gained as investors covered short position at lower level amid supply worries from Argentina.Conab has raised the Brazils 201617 soybean production forecast to 103.8 million tonnes from its December forecast of 102.45 million tonnes.NCDEX accredited warehouses soyabean stocks gained by 1704 tonnes to 150045 tonnes.At the Indore spot market in top producer MP, soybean gained 17 rupee to 3044 rupee per 100 kgs.