Commodity Important Updates for October 4, 2016
Gold trading range for the day is 30712-31098.Gold dropped as the dollar gained on stronger-than-expected U.S. manufacturing data and investors awaited jobs data later this week.Also weighing on gold were reports that Deutsche Bank was negotiating a reduced settlement with the U.S. Department of Justice.Indias gold imports fell for a ninth straight month in September as weak retail demand and higher discounts prompted banks and refineries to cut overseas purchases of the bullion.
Silver trading range for the day is 44104-46286.Silver prices ended with losses as pressure seen due to stronger dollar after an upbeat U.S. economic data.Fed would probably not be able to cut interest rates as aggressively as the last time around if it were faced with a U.S. recession in the next few years.U.S. factories ramped up activity in September, shaking off a one-month contraction in a sign America was resisting the downward pull.
Crudeoil trading range for the day is 3128-3372.Crude oil prices ended with gains supported by a planned production cut by exporter club OPEC.OPEC said last week it would cut output to between 32.5 million barrels per day (bpd) and 33.0 million bpd from about 33.5 million bpd.OPECs oil output is likely to reach 33.60 million bpd in September from a revised 33.53 million bpd in August, its highest in recent history.
Copper trading range for the day is 318.5-331.9.Copper prices slipped on profit booking as funds sold, but losses were limited by expectations of firmer demand in China.Activity in Chinas manufacturing sector expanded for a second month in a row in September, an official survey showed.Japans Pan Pacific Copper plans to produce 283,700 tonnes of refined copper in October-March, up 17.5 percent from the same period the year before.
Zinc trading range for the day is 156.3-162.1.Zinc gains continuing its firm trend amid worries about shortages due to mine closures and cutbacks.Zinc canceled warrants, or orders to remove the metal from LME warehouses, jumped 25 percent to 33,250 tons, the highest since June 15.Chinese markets are shut this week for the National Day holiday, thinning trading volumes in Asia.
Nickel trading range for the day is 661.8-722.6.Nickel prices dropped in the absence of Chinas market participation after LME inventories rose to 362,004 tonnes.Manila has ordered suspensions at another 20 mines, which have seven days to make changes to remain open.Having stagnated in August, Chinese manufacturers signalled little change to overall operating conditions in September.
Menthaoil trading range for the day is 865.8-885.6.Mentha oil spot at Sambhal closed at 1012.20 per 1kg. Spot prices is up by Rs.13.60-.Mentha oil prices gained amid pickup in demand from consuming industries at domestic spot market.Besides, restricted supplies from major producing belts of Chandausi in Uttar Pradesh also added support to mentha oil prices uptrend.
Soyabean trading range for the day is 3213-3319.Soyabean prices dropped on profit booking after gaining earlier due to increased demand in the spot market.Pressure also seen on prices as the United States harvesting season of the record crop is in progress.Private exporters had sold 120,000 tons of soybeans for delivery to China during the 2016-17 crop years.At the Indore spot market in top producer MP, soybean gained 28 rupee to 3244 rupee per 100 kgs.
Jeera trading range for the day is 17325-17685.Jeera prices settled flat amid expectations of good domestic as well as export demand ahead of festival season.Traders are expecting jeera export during the current fiscal around 120,000 ton up from 98,700 ton last year.NCDEX accredited warehouses jeera stocks dropped by 137 tonnes to 3750 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -74.8 rupees to end at 17994.45 rupee per 100 kg.
Naturalgas trading range for the day is 189.6-198.6. Natural gas prices ended with gains as hurricane fears are balancing out lower expectations for demand. Hurricane Matthew is bringing life-threatening conditions north toward Haiti as a Category 4 storm, a trend that can cause gas traders to prepare for disruptions. Small weekly additions to gas stockpiles have also been a frequent support for prices.
Aluminium trading range for the day is 109.2-113.4. Aluminium settled flat as pressure came after LME stocks jumped 30,425 tonnes to 2,154,825 tonnes due to arrivals in Busan. Aluminium LME cancelled warrants at 871,575 tonnes were up 13,125 tonnes, a move also centred on Busan. A gauge of manufacturing held near a two-year high for a second month in China and services increased, the National Bureau of Statistics said.