Gold trading range for the day is 28036-28228.Gold eased as
weaker-than-expected private sector payrolls data fed into a more cautious view
on the pace of U.S. interest rate hikes and Treasury yields firmed. Feds
minutes showed a lack of consensus among policymakers over the outlook for
inflation and how it could impact on the future pace of interest rate increases.
Several officials also wanted to announce a start to the process of reducing
the Feds large portfolio of Treasury bonds and mortgage-backed securities by
the end of August.
Silver trading range for the day is 37181-37733.Silver prices
traded in the range as investors digested the latest minutes from the Federal
Reserve while awaiting fresh U.S. economic reports. U.S. private employers
added 158,000 jobs in June, well below economists expectations, a report by a
payrolls processor ADP showed. Feds minutes failed to provide a clear outlook
for further rate hikes investors are not convinced that the Fed will hold off
on tightening its monetary policy.
Crudeoil trading range for the day is 2879-3053.Crude oil
gained buoyed by data showing that supplies of U.S. crude fell by more than
expected. U.S. crude inventories fell by 6.3 million barrels in the week to
June 30, to 502.9 million barrels, according to the U.S. Energy Information Administration.
Data from the API showed U.S. crude inventories fell more sharply than
expected, down 5.8 million barrels, against expectations for a draw of 2.3
million barrels.
Naturalgas trading range for the day is 183.4-189.4.Natural
gas recovered on short covering, but stayed near the lowest level in around
four months amid bearish weather forecasts that should limit demand for the
fuel. Prices have closely tracked weather forecasts in recent weeks, as traders
try to gauge the impact of shifting outlooks on summer heating demand. Cooler
than normal weather is forecast to cover most of the east coast of the United States
over the next 8-14 days according to the NOAA.
Menthaoil trading range for the day is 903-951.Mentha oil
spot at Sambhal closed at 1049.10 per 1kg. Spot prices was up by
Rs.32.60-.Mentha oil ended with gains amid an increase in demand in the
domestic spot market. The daily arrival of mentha in the major spot markets of
Uttar Pradesh has decreased due to the ongoing monsoon. This year due to
favourable climatic conditions and monsoon there is expectation of 15% hike in
production of mentha.
Aluminium trading range for the day is 123.6-126.6.Aluminium
prices climbed as worries about supply from top producer China escalated on
market talk that local smelters would be forced to shut capacity. There are
ongoing investigations into Chinese aluminium production capacity, which hasnt been
approved by central government. Chinas aluminium production last year accounted
for 55 % of the global total, estimated at nearly 59 million tonnes, according
to International Aluminium Institute.
Nickel trading range for the day is 584.8-596.2.Nickel
dropped as prices came under pressure after the new environment minister lifted
a restriction on issuing environmental permits to projects. The news from the
Philippines has eased worries about shortages of the metal used to make
stainless steel, where production is slowing. Clues to the strength of base
metals demand in China, will come from industrial production, investment, loans
and property market data over coming days.
Zinc trading range for the day is 176.8-183.6.Zinc gains
tracking rise in LME prices by 0.20% as some galvanizers in North China were
restricted by strip steel supply shortages. An ore shortage will see the global
refined zinc deficit gradually widen over the next few years, with producers to
curb output. South Korea is seeking to buy a total of 2,000 tonnes of zinc for
October arrival via tenders, state-run Public Procurement Service said
Copper trading range for the day is 379.6-385.2.Copper prices
steadied underpinned by a strike threat in Chile and a weaker dollar. Chiles
Antofagasta Minerals said that it was facing potential strikes from workers at
two mines. Feds policymakers were increasingly split on the outlook for
inflation and how it might affect the future pace of interest rate rises.
Jeera trading range for the day is 17925-18945.Jeera prices
ended with gains supported by increased buying by retailers and stockists at
the spot market. The jeera arrival in June is lower this year compared to May
as well as June last year. NCDEX accredited warehouses jeera stocks gained by
20 tonnes to 1342 tonnes. In Unjha, a key spot market in Gujarat, jeera edged
up by 50 Rupees to end at 18704.55 Rupees per 100 kg.
Turmeric trading range for the day is 6298-6886.Turmeric
gained due to higher export demand and poor arrivals. Turmeric sowing may be
lower this year in Tamil Nadu due to lack of rains in the main producing
areas.NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 6590 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 6457.15 Rupees
gained 115.5 Rupees.
Soyabean trading range for the day is 2938-3078.Soyabean
prices ended with gains on expectation of good physical buying due to good
rally in edible oils. Farmers in the country planted soybean across 1.52 mln
ha, down 19.2% on year. NCDEX accredited warehouses soyabean stocks dropped by
198 tonnes to 50981 tonnes. At the Indore spot market in top producer MP,
soybean dropped -8 Rupees to 2931 Rupees per 100 kgs.
