Commodity Important Updates for November 10, 2016
Gold trading range for the day is 28782-31924.Gold pared all of its gains to settle in red zone after a conciliatory victory speech from U.S. President-elect Donald Trump also helped the dollar rebound.Hedge funds piled into bullion a week before the Election Day amid bets that a Trump victory would trigger a repeat of last weeks sell-offSPDR gold trust holdings gained by 0.56% i.e. 5.34 tonnes to 955.03 tonnes from 949.69 tonnes.
Silver trading range for the day is 42276-45342.Silver pared gains as U.S. stock markets recovered and investors digested what aDonald Trumppresidency will mean for markets.Economic growth seems to be gaining momentum in China and India as well as other emerging market economies, according to OECD.Holdings at ishares silver trust gained by 0.26% i.e. 29.51 tonnes to 11178.11 tonnes from 11148.60 tonnes.Q
Crudeoil trading range for the day is 2836-3162.Crude oil edged higher as stocks and the dollar bounced back from a huge early slide following Donald Trumps surprise victoryThe U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 2.4 million barrels.Total U.S. crude oil inventories stood at 485.0 million barrels as of last week, which the EIA considered to be historically high levels for this time of year.
Copper trading range for the day is 337.1-372.9.Copper surged to its highest in more than 15 months as investors tried to interpret the implications of Donald Trumps victory in the U.S. presidential election.Inventories of copper held on the LME fell for the fourteenth straight day and are now down 34 percent over the past six weeksChinas imports of copper fell 14.7 percent from a month ago to 290,000 tonnes in October, its lowest since February 2015.
Zinc trading range for the day is 160.4-169.2.Zinc gains on expectations that a U.S. Trump presidency could force China to keep on an easy monetary track.Availability of zinc on the London Metal Exchange has fallen to 20-year lows.Unmet demand for zinc also could prompt miners to ramp up production, bringing the market back into balance.
Nickel trading range for the day is 721.3-798.7.Nickel prices gained after Donald Trump pulled off a stunning victory in the race for the US presidency.Russias nickel exports fell from 155,000 to 148,000 tonnes during January-September.Chinas total exports fell 7.3% and imports slipped 1.4% in October year-on-year in dollar-denominated terms.
Menthaoil trading range for the day is 913.1-980.7.Mentha oil spot at Sambhal closed at 1079.50 per 1kg. Spot prices is remain unchangeby Rs.0.00-.Mentha oil dropped amid amid fall in demand from major consuming industries in the domestic spot market.Further, ample stocks position on higher supplies from producing regions, too influenced mentha oil prices.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 2949-3091.Soyabean prices ended with losses due to higher supplies of new season crop compared to its demand.As per SEA recent survey soybean production in 2016-17 (Jul-Jun) forecasted at 10.9 mt, up 58% from the last year.NCDEX accredited warehouses soyabean stocks gained by 2376 tonnes to 42582 tonnes.At the Indore spot market in top producer MP, soybean dropped -72 rupee to 2905 rupee per 100 kgs.