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Commodity Important Updates for January 18, 2016

Gold trading range for the day is 28490-28900.Gold gained as stocks and the dollar fell after U.S. President-elect Donald Trump said the greenback was too strong.Britain will quit the EU single market when it leaves the European Union, Prime Minister Theresa May said in a decisive speech.Feds Williams called for gradual U.S. interest-rate hikes over the next few years to keep the economy from overheating and ultimately falling into recession.

Silver trading range for the day is 40794-42182.Silver gained as the U.S. dollar plunged amid lingering uncertainty over President-elect Donald Trumps economic policies.Feds Brainard said the U.S. central bank might hike rates more aggressively if deficit spending under the Trump administration produced a quick economic boost.The United Nations expects global economic growth to rise to 2.7 percent this year and 2.9 percent in 2018.

Crudeoil trading range for the day is 3517-3675.Crude oil edged higher supported by a falling U.S. dollar and Saudi Arabia saying it would adhere to OPECs commitment to cut output.Oil has drawn support from top crude exporter Saudi Arabia, which said it would adhere strictly to its commitment to cut output.Under the agreement, OPEC, Russia and other non-OPEC producers have pledged to cut oil output by nearly 1.8 million bpd, initially for six months.

Naturalgas trading range for the day is 222.1-244.1.Natural gas prices ended lower, pulling back after hitting a two-week high amid colder forecasts for the end of January.Natural gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns.Meanwhile, market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 220 and 230 bcf.

Copper trading range for the day is 387.3-402.3.Copper dropped as uncertainty ahead of Donald Trumps inauguration as U.S. president and concerns over Britains impending exit weighed on prices.LME copper stocks fell another 1,625 tonnes, exchange data showed, bringing their decline for the year to 34,450 tonnes, or 11 percent.Chinese customs data showed the country shipped in a record 4.95 million tonnes of copper in 2016.

Zinc trading range for the day is 179.1-188.9.Zinc prices ended with weak sentiment as a firmer U.S. dollar pressured the market.Zinc inventories in Shanghai, Tianjin and Guangdong added 15,300 tonnes to 216,000 tonnes in January.Downstream producers are expected to restart earlier after the 2017 Chinese New Year holiday compared to years past.

Nickel trading range for the day is 675.5-708.5.Nickel dropped with pressure from Indonesias move to ease a ban on nickel ore exports.Indonesia introduced new rules last week that will allow exports of nickel ore and bauxite and concentrates of other minerals under certain conditions.Indonesias abrupt easing of a three-year ban on nickel ore exports will not flood the global market but instead is aimed at balancing the countrys smelters.

Aluminium trading range for the day is 119.6-124.2.Aluminium gained tracking LME prices supported by expectations that Chinese smelters would shut over the northern hemisphere winterAluminium stocks at three major Japanese ports stood at 275,500 tonnes at the end of December, up 14.8 percent from the previous month.Aluminum daily stocks at Shanghai exchange came up by 721 tonnes.

Menthaoil trading range for the day is 1005.2-1036.8.Mentha oil spot at Sambhal closed at 1124.70 per 1kg. Spot prices is up by Rs.3.20-.Mentha oil prices ended with losses on sluggish demand in spot markets.Further, ample stocks position on higher supplies from producing regions, too added pressure on mentha oil prices.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 3057-3257.Soyabean prices gained on improved buying in line with rising price at international markets following forecasts of lower-than-expected US output.USDA trimmed its estimate of the US 2016 soybean yield to 52.1 bushels per acre, still an all-time high.NCDEX accredited warehouses soyabean stocks gained by 2530 tonnes to 158247 tonnes.At the Indore spot market in top producer MP, soybean gained 46 rupee to 3131 rupee per 100 kgs.