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Commodity Important Updates for November 29, 2016

Gold trading range for the day is 28497-28991.Gold rose recovering from a 9-12 month low in the previous session, as the U.S. dollar extended losses after touching a 14-year high touched last week.The metal has fallen about 7 percent so far this month on the back of a strong U.S. dollar and surging bond yields.Supply concerns in China after a directive from the Peoples Bank of China to limit gold import licenses, kept premiums in Shanghai around $22

Silver trading range for the day is 40071-41601.Silver gains as the dollar and long-dated U.S. Treasury bond yields retreated from recent highs.The euro zone recovery has withstood economic and political uncertainty and its recovery expected to continue, ECB President Mario Draghi said.Hedge funds and money managers again cut their net long positions in COMEX silver contracts in the week to Nov. 22, U.S. CFTC data showed.

Crudeoil trading range for the day is 3076-3366.Crude oil gained after Iraqs oil minister said he was optimistic that Wednesdays crunch OPEC meeting will yield an agreement on output cuts.OPEC experts ended their meeting without agreeing on concrete details of a planned reduction in oil output by individual countries.Saudi Arabian Energy Minister Khalid al-Falih said that he believed the oil market would balance itself in 2017 even if producers did not intervene.

Copper trading range for the day is 389.7-420.3.Copper dropped on profit booking after gaining earlier as demand growth stabilized in China Available copper stocks in major exchange inventories have fallen, but not to crisis levels.Peru expects coppers improving outlook to spur interest in developing new projects and reverse an investment slump.

Zinc trading range for the day is 183.5-208.7.Zinc dropped on profit booking after prices surged to its highest in nine years crossing over 200 mark.Zinc got a boost by news of a Chinese clampdown on illegal expansions by steel mills and further environmental probes.Imports of refined zinc into China in October jumped over 50 percent from the previous month as demand for galvanised steel improved.

Nickel trading range for the day is 765.6-827.4.Nickel dropped on profit booking after prices gained as supply in nickel ore market is tightening.Nickel ore inventories at seven major Chinese ports kept falling in the week ending Nov. 25.Chinas trade deficit in services narrowed to $20.9 billion in October from $23.3 billion in September, the foreign exchange regulator said.

Menthaoil trading range for the day is 915.5-1007.1.Mentha oil spot at Sambhal closed at 1080.00 per 1kg. Spot prices is up by Rs.13.00-.Mentha oil gained on the back of rising demand at the spot market.As per local sources, during last three weeks around 20 percent arrivals have decreased in the spot markets also supported 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 3112-3184.Soyabean prices gained on strong demand for oil and meal due to positive crushing margin.Crushers are carrying soybean stock of around 20-25 days so crushing is happening with maximum capacity.NCDEX accredited warehouses soyabean stocks gained by 2120 tonnes to 93925 tonnes.At the Indore spot market in top producer MP, soybean gained 17 rupee to 3131 rupee per 100 kgs.

Turmeric trading range for the day is 7130-7482.Turmeric dropped on profit booking after prices gained because of dwindling stocks and amid expectations of good demand from domestic market.Meanwhile, expectations of a bigger crop compared to last year may too weigh the market sentiments.NCDEX accredited warehouses turmeric stocks dropped by 110 tonnes to 2319 tonnes.In Nizamabad, a major spot market in AP, the price ended at 7630 rupees remains unchanged at0 rupees.

Naturalgas trading range for the day is 221-235.Natural gas prices rose for the sixth straight session with forecasts that cooler weather is setting in, which will likely lead to increased demand.The bullish case continues to be enhanced by a slow response by the production community and near-term production losses. Rig counts inched higher before the Thanksgiving holiday but continues to lag year-ago and long-term averages.