COMMODITY MARKET UPDATES FOR JAN 19, 2017
Gold trading range for the day is 28614-28914.Gold pared some of its gains as data showing the biggest pick-up in U.S. consumer prices in 2-12 years lifted the dollar and U.S. Treasury yields.Federal Reserve Chair Janet Yellen advocated lifting U.S. interest rates gradually.The U.S. central bank should be able to raise rates in a gradual and patient manner, Dallas Fed President Robert Kaplan said.
Silver trading range for the day is 41295-42437.Silver prices steadied as investors awaited a speech from Federal Reserve Chair Janet Yellen for fresh clues about the timing of the next rate hike.U.S. Commerce Department said that consumer pricesgained 0.3%in December, in line with expectations.Feds latest Beige Book pointed to a jump in manufacturing and tight labor markets showing U.S. economic health.
Crudeoil trading range for the day is 3417-3631.Crude oil dropped after the head of the International Energy Agency predicted a significant boost to U.S. output.Sentiment in oil markets has been torn between expectations of a rebound in U.S. shale production and hopes that oversupply may be curbedThe IEA (International Energy Agency) said it expects higher oil prices to trigger a significant boost in U.S. shale output.
Naturalgas trading range for the day is 218.2-236.6.Natural Gas dropped once again to test 226 level as forecasts for warmer winter weather continue to weigh on natural gas.Weather models initially predicted colder temperatures throughout most parts of the U.S. during the period.Today weekly storage data is due which is expected to show a draw in a range between 220 and 230bcf in the week ended January 13.
Copper trading range for the day is 390.6-397.4.Copper steadied after prices dropped when U.S. President-elect Donald Trump rattled investors by saying the dollar was too strong.Chinas economy likely grew by a steady 6.7 percent in the fourth quarter, the same pace as in the previous three quartersBarclays raises 2017 copper price forecasts to $5,458t (248 clb) and iron ore to $62.5t
Zinc trading range for the day is 183.3-191.1.Zinc gained as support came after U.S. data showing industrial production in December recorded its biggest increase in two years.Investors were looking ahead to GDP and industrial output data on Friday from China.Japans government could debate after April revising its target of eliminating the primary budget deficit by 2021, two government sources said
Nickel trading range for the day is 683.8-702.6.Nickel prices traded in the range ahead of Trumps inauguration on Friday which could harm economic growth.Nickel prices got some support as update seen by INSG that Nickel in 63,600 T deficit Jan-NovLast weeks Indonesian government decision sent nickel prices tumbling more than 5% as the resumption of nickel ore exports from Indonesia
Aluminium trading range for the day is 120.7-126.5.Aluminium prices gained as expectations of steady growth in China supported prices.Chinas economy likely grew by a steady 6.7 percent in the fourth quarter, the same pace as in the previous three quartersAfter reporting a drop in U.S. industrial production in the previous month, the report showed that production rebounded strongly in the month of December.
Menthaoil trading range for the day is 1012.7-1029.1.Mentha oil spot at Sambhal closed at 1124.50 per 1kg. Spot prices is down by Rs.-0.20-.Mentha oil prices ended with gains amid rising demand at spot marketFurther, tight stocks position on restricted supplies from major producing belts of Chandausi in Uttar Pradesh, too supported mentha oil prices.At Sambhal market arrivals were reported at 50 Drums(1-drum=180kg), lower by 10 Drums(1-drum=180kg) as compared to previous day.
Soyabean trading range for the day is 3131-3235.Soyabean prices dropped on profit booking after prices gained on concerns over excessive rains hitting Argentinas soybean crop.However, an increase of 60 percent in production is estimated in the 2016-17 season compared to previous year.NCDEX accredited warehouses soyabean stocks gained by 1938 tonnes to 160185 tonnes.At the Indore spot market in top producer MP, soybean gained 15 rupee to 3146 rupee per 100 kgs.