Commodity Important Updates for October 17, 2016
Gold trading range for the day is 29349-29879.Gold fell as the dollar rose after U.S. economic data came in within expectations cementing assumptions of an interest rate increase by the Federal Reserve by year-end.Federal Reserve Chair Janet Yellen gave a broad review of where the U.S. economic recovery may still fall short.SPDR gold trust holdings gained by 0.40% i.e. 3.86 tonnes to 965.43 tonnes from 961.57 tonnes.
Silver trading range for the day is 41252-42452.Silver prices dropped with market participants seeing further downside for the precious metal in the near-term amid US dollar strength.U.S. retail sales rebounded 0.6 percent in September while producer prices also rose broadly to record their biggest year-on-year increase since December 2014.Holdings at ishares silver trust gained by 0.32% i.e. 35.42 tonnes to 11268.35 tonnes from 11232.93 tonnes.
Crudeoil trading range for the day is 3274-3448.Crude oil dropped as abundant crude supplies outweighed tighter U.S. fuel inventories and OPECs plans to cut output.OPEC reported that its oil production rose in September to its highest level in eight years and pointed to a larger surplus next year.U.S. crudes structure gained support from the extended outage of a pipeline capable of delivering 450,000 barrels per day of crude into Cushing.
Copper trading range for the day is 309.8-318.8.Copper slipped after Europes biggest smelter cut the premium it will charge customers for copper cathode next year, highlighting over-supply and weak demand.Germanys Aurubis will offer 2017 copper cathode to customers at a premium of $86 a tonne to the LME average cash price.Copper cancelled warrants on the London Metal Exchange have continued to rise in Asia, exchange data showed on October 14.
Zinc trading range for the day is 148.2-152.4.Zinc prices ended with gains on short covering tracking firmness in LME prices settling up by 0.8% at $2258Peruvian copper-zinc miner Antamina aims to double zinc production next year, the mine is expected to produce 340,000-350,000 mt of zinc in 2017 Combined zinc inventories in Shanghai, Tianjin and Guangdong added 14,900 from September 30 to 263,900 tonnes October 14.
Nickel trading range for the day is 691.3-702.3.Nickel gained getting some support after the Philippines environment minister said she wanted to ban new mines to clamp down on damage.Indonesia will almost definitely keep in place a ban on nickel ore and bauxite exports, the countrys mining minister said. Indonesia has already floated plans to allow 15 million tonnes low grade ore to leave the country for processing elsewhere.
Menthaoil trading range for the day is 875.6-921.4.Mentha oil spot at Sambhal closed at 1042.20 per 1kg. Spot prices is up by Rs.18.20-.Mentha oil gained due to rising demand of the commodity in the spot markets with reports of lower arrivals further aiding the positive sentiment.Further, tight stocks position on restricted supplies from producing regions, too supported mentha oil prices.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 3081-3139.Soyabean prices ended with gains on hopes of higher demand from crusher at lower level despite of higher global supply.In Marathwada district of Maharashtra soybean crop has suffered due to moisture stress as during the flowering stage.In Rajasthan, area under soybean cultivation has been reduced by 10% from the figure reported by the government.At the Indore spot market in top producer MP, soybean gained 5 rupee to 3040 rupee per 100 kgs.