Commodity Important Updates for November 18, 2016
Gold trading range for the day is 28905-29503.Gold eased after strong U.S. economic data and comments by U.S. Feds Janet Yellen further bolstered the case for hiking rates next month.The Federal Reserve could raise U.S. interest rates relatively soon if economic data keeps pointing to an improving labor market and rising inflation.SPDR Gold Trust said its holdings fell 0.61 percent to 920.63 tonnes on Thursday from 926.26 tonnes on Wednesday.
Silver trading range for the day is 40207-41657.Silver dropped as sentiment moved into bear territory ahead of an expected Fed rate hike next month and a strong dollar curbed buying interest.Yellen said Fed policymakers at their meeting earlier in November judged that the case for a rate hike had strengthened.St. Louis Fed President James Bullard said that the Fed would hike U.S. interest rates in December barring any major shocks.
Crudeoil trading range for the day is 3034-3198.Crude oil gained as expectations of an OPEC deal to limit production outweighed evidence of global oversupply and rising inventories.Saudi Energy Minister Khalid al-Falih said he was optimistic OPEC would formalize a preliminary oil output deal reached in Algeria in September.OPEC countries are ready to reach a forceful agreement on cutting oil output, Venezuelan President Nicolas Maduro said.
Copper trading range for the day is 361.8-380.2.Copper gains on speculative flows and against the backdrop of falling inventories for the metal used in construction and power.The global copper market will be oversupplied for at least two years, casting doubt on the chances of a prolonged rally in prices.Global miner Anglo American said it was suspending all operations at its Los Bronces copper mine in central Chile.
Zinc trading range for the day is 167.2-173.8.Zinc prices continued its profit booking after prices rallying amid prospect of weighty infrastructure spending in China.Zinc stockpiles tracked by LME are near the lowest level since 2009 after mines depleted and miners scaled back production amid a price plunge.The optimism surrounding China is based largely on the ongoing infrastructure spending that is underway.
Nickel trading range for the day is 751.5-772.7.Nickel dropped as the dollar stayed near a 13-year high, while investors cast doubt on the sustainability of last weeks rally.The number of Americans filing for unemployment benefits fell to a 43-year low last week, pointing to a rapidly tightening labor market.Annualized consumer price inflation (CPI) hit a 2-year high in October, though core inflation eased, official data showed.
Menthaoil trading range for the day is 953.4-999.4.Mentha oil spot at Sambhal closed at 1075.00 per 1kg. Spot prices is down by Rs.-4.50-.Mentha oil dropped on profit booking after gaining amid firm trend at spot market on rising demand.Howvere tight stocks position on fall in arrivals from producing belts also limited the downside.Indias mentha oil output was estimated to remain lower this year from 32,000 tonnes produced during last year.
Soyabean trading range for the day is 3007-3111.Soyabean prices gained amid strong demand for oil and meal in export market.Arrivals increased marginally to 160,000-180,000 bags as against 110,000-150,000 bags during previous session.NCDEX accredited warehouses soyabean stocks gained by 3570 tonnes to 65928 tonnes.At the Indore spot market in top producer MP, soybean gained 29 rupee to 3041 rupee per 100 kgs.
Turmeric trading range for the day is 6914-7130.Turmeric prices gained amid less stocks and restricted supplies in the spot market.The reports of good production from new season crops likely to cap the upside.NCDEX accredited warehouses turmeric stocks dropped by 10 tonnes to 2639 tonnes.In Nizamabad, a major spot market in AP, the price ended at 7528.95 rupees remains unchanged at0 rupees.
Jeera trading range for the day is 17110-17740.Jeera prices gained on the back of increasing demand at spot markets amid restricted arrivals from producing belts.Current year Jeera sowing completed around 36600 hectares as compared to last year same period 18000 hectares.NCDEX accredited warehouses jeera stocks dropped by 48 tonnes to 1013 tonnes.In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 18218.75 rupee per 100 kg.