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Commodity Market Updates for Feb 02, 2017

Gold trading range for the day is 28357-29129.Gold dropped as the dollar strengthened ahead of an interest rate decision by Fed which is expected to provide clues on monetary policy this year.The Fed kept interest rates unchanged in its first meeting since President Donald Trump took office.The Fed could hike interest rates as many as four times this year, a move that markets are not sufficiently anticipating.

Silver trading range for the day is 41398-42494.Silver dropped with investors noting upbeat language from the Fed in the latest policy review signaling rate hikes remain on track.Payroll processing firm ADP said non-farm private employment rose by 246,000 last month, easily surpassing forecasts for an increase of 165,000.Holdings at ishares silver trust dropped by 0.28% i.e. 29.48 tonnes to 10414.99 tonnes from 10444.47 tonnes.

Crudeoil trading range for the day is 3534-3654.Crude oil traded with weakness after inventory data showed crude and gasoline stockpiles rose sharply.Support seen on signs that OPEC and other producers are holding the line on output cuts are helping support prices.Crude inventories rose 6.5 million barrels in the week to Jan. 27, While Gasoline stocks climbed by 3.9 million barrels.

Naturalgas trading range for the day is 208.4-221.4.Natural gas prices rose on short covering as market players looked ahead to weekly storage data to gauge supply and demand levelPrices have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns.Traders looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 83 and 94bcf

Copper trading range for the day is 399-410.4.Copper fell as the dollar recovered and profit-taking set in after the metal rose to a two-month high on concerns over a looming strike in Chile.Workers at Escondida mine in Chile have voted to reject a company wage offer and go on strike, the union saidThe strike is due to begin in about 48 hours but the workers union said the company will likely request government mediation to attempt a resolution.

Zinc trading range for the day is 190.5-196.1.Zinc prices will hold gains as supplies will remain limited in H1 2017 despite restarts at overseas minesLME zinc stocks are near their lowest level since June last year.The Shanghai Futures Exchange has been closed for its week long Spring festival holiday and will reopen on Friday.

Nickel trading range for the day is 669.7-704.7.Nickel rallied most as support seen after the update that some Philippine mines need to be shut given the environmental harmSupport also seen as Finnish PM cleared in nickel mine conflict of interest reviewNorilsk Nickel plans to increase output of its main metals from Russian raw material this year, the company said

Soyabean trading range for the day is 3047-3143.Soyabean prices gained as support seen on lower level buying after prices dropped amid ample supplies in the physical market.The bulk buyers and oil millers are quite active at lower levels keeping pressure on prices.NCDEX accredited warehouses soyabean stocks gained by 2797 tonnes to 184088 tonnes.At the Indore spot market in top producer MP, soybean gained 21 Rupees to 3041 Rupees per 100 kgs.