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Commodity Important Updates for November 23, 2016

Gold trading range for the day is 28977-29305.Gold pared gains after U.S. equities gains on market expectations for higher growth and more spending from a
Donald Trump presidency.With the market increasing bets on a December rate hike in the U.S., this buying is unlikely to persist in the short term.SPDR gold
trust holdings dropped by 0.42% i.e. 3.85 tonnes to 904.91 tonnes from 908.76 tonnes.

Silver trading range for the day is 40276-41350.Silver prices ended with gains on some more short covering and bargain hunting following recent selling pressure.U.S. home resales rose in October to their highest level in more than 9-12 years as homebuyers, buoyed by an improving labor marketHoldings at ishares silver trust dropped by 0.88% i.e. 95.89 tonnes to 10796.00 tonnes from 10891.89 tonnes.

Crudeoil trading range for the day is 3165-3405.Crude oil dropped amid fresh doubts over whether the OPEC will be able to reach an agreement to limit output.OPEC is trying by Nov. 30 to bring its 14 member states and non-OPEC producer Russia to agree on a coordinated production cut.The American Petroleum Institute said Tuesday that crude oil inventories fell 1.28 million barrels at the end of last week.

Copper trading range for the day is 376.4-390.2.Copper gained as investors bet that rising oil prices would stoke inflation, while falling inventories also supported prices.The global world refined copper market showed a 154,000 tonnes surplus in August, compared with a 144,000 tonnes surplus in July, ICSG said.Global copper inventories tracked by the LME have slumped 34 percent since the end of September, snapping six months of gains.

Zinc trading range for the day is 174.8-179.2.Zinc gains tracking Shanghai Futures powered by signs of tighter supply.The global zinc market deficit narrowed to 19,900 tonnes in September from an upwardly revised deficit of 26,000 tonnes in AugustMeanwhile, hopes of freer trade flows and the prospect of more imports by China also buoyed investor sentiment.

Nickel trading range for the day is 764.2-789.8.Nickel dropped on profit booking after gaining because of a decrease in global nickel supplies.Indonesia will cut the royalty charged on sales of processed and refined nickel to 2 percent from 4 percent.The global nickel market is seen in a 66,000 tonne deficit next year, on growing demand from the stainless steel sector, INSG said.

Menthaoil trading range for the day is 897.9-979.1.Mentha oil spot at Sambhal closed at 1058.00 per 1kg. Spot prices is down by Rs.-5.00-.Mentha oil dropped amid downtick in physical demand for mentha oil.As per sources, during last three weeks around 20 percent arrivals have decreased in the spot markets.According to sources, fears of lower output and rising demand hoarders have started hoarding mentha oil.

Soyabean trading range for the day is 3063-3127.Soyabean gained supported by higher prices in international markets on continued signs of strong demand for the US cropUSDA reported export inspections of US soybeans in the latest week at more than 2.6 million tons.NCDEX accredited warehouses soyabean stocks gained by 1698 tonnes to 88705 tonnes.At the Indore spot market in top producer MP, soybean gained 31 rupee to 3099 rupee per 100 kgs.

Naturalgas trading range for the day is 196.3-209.9.Natural gas prices closed at a three-week high as forecasts for more-normal temperatures in the coming weeks boosted the outlook for demand.Forecasts for cooler temperatures have helped boost natural gas prices, after weeks of warmer-than-average weather have weighed on demand.Recently prices were under pressure from warmer-than-average temperatures this month, as well as a record level of supply in storage.