COMMODITY MARKET UPDATES FOR NOVEMBER 04, 2016
Gold trading range for the day is 30004-30890.Gold dropped but prices recovered from lows in response to a lower dollar and also uncertainty about the outcome of a tight U.S. presidential race.The Fed kept rates unchanged, but said the economy had gained steam and job gains remained solid.SPDR gold trust holdings gained by 0.47% i.e. 4.43 tonnes to 949.69 tonnes from 945.26 tonnes.
Silver trading range for the day is 41957-44755.Silver prices ended with losses as investors locked in gains ahead of a key U.S. economic data at the end of the week.The number of Americans filing for unemployment benefits rose to near a three-month high last week.CME raises COMEX 5000 Silver futures maintenance margins by 10.5 percent to $5,800 per contract from $5,250 for Nov. and Dec. 2016.
Crudeoil trading range for the day is 2903-3107.Crude oil dropped triggered by a surge in U.S. crude inventories and doubts over the ability of producers to coordinate output cuts.Data showed stocks of oil in the US had risen by a record amount last week, adding negative sentiment.U.S. crude stockpiles soared by more than 14 million barrels last week, the largest weekly build up since the U.S. EIA started keeping records in 1982.
Copper trading range for the day is 326.1-335.5.Copper gained hitting a three-month high supported by a weaker dollar and buying from computer-driven speculative funds.Chinas services sector grew at the strongest pace in four months in October as new business picked up.Chinas copper concentrate imports transit the Port of Xiamen witnessed steady growth in the first nine months of this year.
Zinc trading range for the day is 160.1-168.7.Zinc prices gained supported by Chinese economic data that pointed to robust demand for industrial metals.Prices also seen supported on supply concerns after Glencore shuttered its Black Star mine in Australia.The ILZSG continues to anticipate that the supply of refined zinc metal will be constrained by a sharp reduction in the availability of zinc concentrates.
Menthaoil trading range for the day is 915.5-954.1.Mentha oil spot at Sambhal closed at 1058.40 per 1kg. Spot prices is down by Rs.-6.60-.Mentha oil dropped amid subdued demand from major consuming industries at the domestic spot market.Further, sufficient stocks position on higher supplies from producing regions, too added pressure on mentha oil prices.Exports of mint products stood at 21,150 tonne in FY16 valued at RS. 2,577.59 crore against 25,750 tonne valued at RS. 2,689.25 crore in FY15
Soyabean trading range for the day is 3131-3185.Soyabean prices ended with gains on improved demand from China despite of increasing supplies as markets resumes trading activity.Arrivals yesterday increased to nearly 560,000 bags as compared to 100,000 bags during previous session.NCDEX accredited warehouses soyabean stocks gained by 2477 tonnes to 23952 tonnes.At the Indore spot market in top producer MP, soybean gained 10 rupee to 3062 rupee per 100 kgs.
Turmeric trading range for the day is 7054-7302.Turmeric prices gained due to good demand from the upcountry buyers.Expectations of increasing production in coming harvesting season and lowering export demand in recent months are putting pressure on prices.NCDEX accredited warehouses turmeric stocks dropped by 76 tonnes to 2957 tonnes.In Nizamabad, a major spot market in AP, the price ended at 7558.3 rupees gained 11.45 rupees.
Jeera trading range for the day is 17200-17970.Jeera prices gained on account of rising domestic as well as exports demand at the spot market.Good sowing prospects for jeera in Gujarat and Rajasthan are pressurizing the prices as the sowing season is about to commenced.NCDEX accredited warehouses jeera stocks dropped by 36 tonnes to 1497 tonnes.In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 17466.65 rupee per 100 kg.
Naturalgas trading range for the day is 179.2-193.6.Natural gas dropped as warmer-than-average temperatures have weighed despite storage supplies storage in U.S. rose slightly less than forecastThe U.S. EIA said in its weekly report that natural gas storage in the U.S. rose by 54 billion cubic feet.Total U.S. natural gas storage stood at 3.963 trillion cubic feet, just 1.2% higher than levels at this time a year ago.