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commodity-update

Commodity Important Updates for October 25, 2016

Gold trading range for the day is 29624-29974.Gold prices slipped as the dollar strengthened on growing speculation that the U.S. Federal Reserve would hike interest rates in December.Recent positive economic data and comments from central bank officials have bolstered expectations of a rate hike.Hedge funds and money managers cut their net long positions in COMEX gold for the third straight week in the week to Oct. 18.

Silver trading range for the day is 41547-42825.Silver prices gains tracking base metals prices despite gold dropped amid stronger dollar and rising expectations of a Fed rate hike.Fed only needs to nudge up interest rates despite being close to its targets, Bullard says.San Francisco Fed President John Williams said that this year would be good for a rate hike.

Crudeoil trading range for the day is 3284-3452.Crude oil dropped on news of the impending restart of Britains Buzzard oilfield and Iraqs wish to be exempted from OPEC production cuts.OPEC plans to reduce production to a range of 32.50 million to 33.0 mln bpd, down from 33.39 million bpd in September.Iraq said that its oil production stood at 4.774 million bpd, with exports standing at 3.87 million bpd.

Copper trading range for the day is 308.7-314.1.Copper settled flat as pressure continues amid a stronger dollar and expectations of ample supply next year.Codelco, worlds biggest copper miner, has slashed its 2017 physical copper premium to European buyers to the $80 to $85 per tonne range.Hedge funds and money managers swung to a net short position of 13,952 lots in copper, U.S. Commodity Futures Trading Commission data showed.

Zinc trading range for the day is 149-158. Zinc prices ended with gains fuelled by a rise in risk appetite by investors Also supporting zinc was a slide in LME “on-warrant” inventories of 31,275 tonnes or 7.4 percent. As per WBMS data, the worldwide zinc market has recorded deficit during January to August this year.

Nickel trading range for the day is 663.1-686.3.Nickel gained amid strong demand for stainless steel as well as the anticipated tightening of output from Philippines following an audit of mine operations.The World Bank said the nickel market had already moved into deficit with falling production in the Philippines.Global nickel market ended in deficit of 75,100 tonnes in January-August 2016 with apparent demand exceeding production.

Menthaoil trading range for the day is 878.4-912.8.Mentha oil spot at Sambhal closed at 1030.30 per 1kg. Spot prices is down by Rs.-8.40-.Menthaoil prices ended with losses amid lackluster demand in the domestic spot market.Exports of mint products stood at 21,150 tonne in FY16 valued at RS. 2,577.59 crore against 25,750 tonne in FY15.At Sambhal market estimated market supply was at 150 Drums, up by 25 Drums from previous days arrivals.

Soyabean trading range for the day is 3083-3151. Soyabean prices dropped due to arrival of new season crop from Madhya Pradesh, Rajasthan and Maharashtra. Moreover, hopes of bumper crop output along with feeble export demand also prompted weakness. NCDEX accredited warehouses soyabean stocks gained by 2429 tonnes to 6327 tonnes. At the Indore spot market in top producer MP, soybean dropped -23 rupee to 2977 rupee per 100 kgs.

Turmeric trading range for the day is 7114-7326. Turmeric prices gained due to rise in demand from domestic and overseas market. However upside seen limited due to better crop prospects because of higher sowing and favourable weather conditions. NCDEX accredited warehouses turmeric stocks dropped by 50 tonnes to 3961 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7494.4 rupees gained 2.3 rupees.

Jeera trading range for the day is 16760-17780. Jeera prices gained on revival of buying and lack of selling in the wake of reports that weak rains may hit jeera sowing operations. As per market source, acreage under jeera is expected to increase 10-15% in Gujarat and Rajasthan due to better realization. NCDEX accredited warehouses jeera stocks dropped by 123 tonnes to 2425 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 275 rupees to end at 17575 rupee per 100 kg.

Naturalgas trading range for the day is 181.1-210.7. Natural gas dropped as forecasts for unseasonably warm weather spurred concern that a mild winter will erode demand for the heating fuel. Prices are reversing course after reaching a 22-month high earlier this month on the back of record power demand and a slowdown in production. Weather forecasts have been predicting extremely-above average temperatures for several days, but Monday’s forecasts grew even warmer.

Aluminium trading range for the day is 108.2-109.6.Aluminium gains as prices recovered on short covering after prices dropped recently because of an expected surge in Chinese output.Aluminum stocks in Chinas five major markets fell for two consecutive weeks and will remain near multi-year low for the foreseeable future.Aluminum daily stocks at Shanghai exchange came down by 1051 tonnes.

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