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Commodity Important Updates for October 14, 2016

Gold trading range for the day is 29569-29955.Gold edged higher as the dollar declined and after world shares slipped following renewed worries about Chinas economy.Some investors switched to gold as world stock markets stumbled to three-week lows following September trade data from China.SPDR gold trust holdings gained by 0.28% i.e. 2.67 tonnes to 961.57 tonnes from 958.90 tonnes.

Silver trading range for the day is 41498-42596.Silver prices edged lower as stocks firmed and the U.S. dollar rose on expectations the Federal Reserve would raise interest rates by year-endThe number of Americans filing for unemployment benefits held at a 43-year low last week, pointing to sustained labour market strength.Minutes of Feds meeting released showed several voting members of the policy committee judged a rate hike would be warranted relatively soon.

Crudeoil trading range for the day is 3269-3433.Crude oil prices gained after a U.S. government report showing hefty draws in diesel and gasoline offset the first crude inventory build in six weeks.The U.S. Energy Information Administration (EIA) said crude stocks swelled 4.9 million barrels in the week ended Oct. 7.The EIA reported a drop of 3.7 million barrels for distillates, which include diesel and heating oil, and 1.9 million barrels decline for gasoline.

Copper trading range for the day is 310.3-325.9.Copper dropped after Chinas September trade data showed a sharp decline in exports, raising fresh concerns about the health of the economy.Copper imports dropped by 26 percent from a year ago and 2.9 percent from month ago to 340,000 tonnes in September, data showed.Chinese imports in dollar terms were back in contractionary territory in September, while exports dropped by a sharper-than-expected 10 percent.

Aluminium trading range for the day is 111.1-113.7. Aluminium on MCX settled up 0.71% at 112.75, tracking firmness in LME prices closing up 0.5 percent at $1,692. Stocks of aluminium in LME warehouses have fallen more than 25 percent since March to 2.12 million tonnes, which has tightened the LME market. Import prices in the U.S. saw a modest uptick in the month of September, according to a report released by the Labor Department.

Naturalgas trading range for the day is 207.1-233.5.Natural gas prices rallied after data showed that natural gas supplies in storage in the U.S. rose less than expected last week.The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 79 billion cubic feet.That compared with a gain of 80 billion cubic feet in the preceding week, 97 billion a year earlier and a five-year average build of 92 billion cubic feet.

Soyabean trading range for the day is 3054-3152.Soyabean prices ended with losses on subdued demand for soymeal in export market and on hope of higher output in global market.Indias soybean output during 2016-17 is expected to rise by 56% despite reports of crop damages, the SOPA said.Indias total yellow bean production in 2016-17 seen at 10.8 million tons compared to 6.92 million tons in the same period a year ago.At the Indore spot market in top producer MP, soybean dropped -99 rupee to 3035 rupee per 100 kgs.