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Wednesday, 26 October 2016

Equities report on Zinc, Copper, Jeera, Turmeric: MCX NCDEX Calls Today

As per Achievers Equities report, Zinc surged on worries about shortages and as a cut in capacity across China’s steel and coal sectors buoyed prices. Zinc trading range for the day is 153.5 - 160.1. 

China’s imports of refined zinc at 3,50,500 tonnes between January - September this year, up more than 14% from the same period last year. Global refined zinc stocks are expected to fall as mine supply shrinks after several giant mines were shut in the past year. 

Copper trading range for the day is 309.5 - 322.3. Copper gained amid talk of further fiscal stimulus by top consumer China fuelled buying of commodities. Fiscal and monetary stimulus in the country has enhanced investment and demand for base metals and supported prices this year. As per ICSG data, copper production and usage data indicates to an apparent production deficit of nearly 264,000 metric tonnes. 

Jeera prices dropped due to expectations of higher sowing and weak export buying. Jeera trading range for the day is 17,165 – 17,495. As per market source, acreage under jeera is anticipated to increase 10 - 15% in Gujarat and Rajasthan due to better realization. NCDEX accredited warehouses jeera stocks dropped by 54 tonnes to 2,371 tonnes. Trading range of Turmeric for the day is 7128 - 7300. Turmeric dropped due to better crop prospects due to higher sowing and positive weather conditions in the producing centers.

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