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Commodity Important Updates for October 19, 2016

Gold trading range for the day is 29609-29929.Gold prices ended higher as a pullback in the U.S. dollar from a seven-month peak boosted the appeal of the precious metal.Fed Vice Chair Stanley Fischer said the U.S. central bank is very close to its employment and inflation targets.Overall gold holdings in ETFs at 57.433 million ounces are up more than 2 percent since Sept. 15.

Silver trading range for the day is 41782-42566.Silver gains as disappointing U.S. inflation data was seen as easing pressure on the Federal Reserve to tighten monetary policy, weighing on dollar.Boston Fed President Eric Rosengren said the current levels of jobs and inflation support the case for a rate increase soon.The U.S. Commerce Department said that consumer prices inched up 0.3% in September, matching expectations.

Crudeoil trading range for the day is 3292-3398.Crude oil prices gains as market players awaited details of a planned output cut by the Organization of  the Petroleum Exporting Countries.Saudi Arabias crude oil exports in August fell to 7.305 mln bpd from 7.622 million bpd in July as the worlds largest oil exporter pumped less.The American Petroleum Institute said that crude oil stocks fell by a surprise 3.8 million barrels last week.

Copper trading range for the day is 310.5-316.1.Copper prices ended with losses as traders sat on the sidelines ahead of key China economic reports despite of strong credit data in China.Copper canceled warrants, or orders to remove the metal from LME, gained for a seventh day as bookings in South Korea climbed to the highest on record. Industrial production in the U.S. inched up by slightly less than expected in the month of September, the Federal Reserve revealed in a report.

Menthaoil trading range for the day is 908.4-937.Mentha oil spot at Sambhal closed at 1056.80 per 1kg. Spot prices is up by Rs.1.40-.Mentha oil prices rallied in last couple of session after news that fire and smoke have engulfed the premises belonging to German company BASF.China and Japan have reduced their buying quantity in the recent past due to the economic slowdown had impacted Mint products exports.At Sambhal market arrivals were reported at 125 Drums(1-drum=180kg), steady as against previous days arrival.

Soyabean trading range for the day is 3049-3113.Soyabean dropped amid hopes of higher crop output by various agencies and heavy imports of edible oils also weighed on prices.According to trading sources, arrivals of soybean in Madhya Pradesh, were estimated at 500,000 bags, twice from 250,000 bags previous day.NCDEX accredited warehouses soyabean stocks dropped by 641 tonnes to 423 tonnes.At the Indore spot market in top producer MP, soybean dropped -33 rupee to 2944 rupee per 100 kgs.

Jeera trading range for the day is 16015-16445.Jeera prices dropped due to fall in domestic as well as export demand at the spot market.Moreover, reports of good sowing prospects for jeera in the producing belts of Gujarat and Rajasthan too fuelled the downtrend.NCDEX accredited warehouses jeera stocks dropped by 114 tonnes to 2899 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -18.55 rupees to end at 17172.2 rupee per 100 kg.

Naturalgas trading range for the day is 214.5-222.9. Natural gas prices gained driven by uncertainty about winter forecasts. A series of smaller-than-expected injections of natural gas into storage has raised hopes that the overhang of supply is dissipating. Natural gas production on the Norwegian Continental Shelf posted steep monthly and annual falls during September.

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