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Millions across the world are celebrating Eid ul-Fitr, which marks the end of Islam’s holy month of Ramadan that began on May 27 and ended on Saturday, June 24. The timing of Eid ul-Fitr is based on the Islamic lunar calendar. Eid ul-Fitr begins with morning prayers (Namaz), wherein Muslims gather before holding family gatherings and visiting friends. People also donate food to those who are less fortunate.Among those who celebrated and remembered to wish their friends and loved ones.Happy Eid To all From Research Via .
ALUMINIUM = (-3225)
COPPER = (2000)
LEAD = ( -1475)
NICKEL = (-792)
ZINC = ( -2100)
Gold trading range for the day is 28537-28795.Gold pushed higher on short covering after seen pressure as recent selling pressure tied to bets on another U.S. interest rate hike this year faded. The move high in gold prices comes in the wake of a recent shift in sentiment towards safe havens, after oil prices drop to multi-month lows this week. First-time claims for U.S. unemployment benefits saw a modest increase in the week ended June 17th, according to Labor Department. Investors continued to evaluate the possibility of another rate hike from Fed later this year in the wake of mixed messages from policymakers in recent days.
Silver trading range for the day is 37851-38717.Silver rose benefiting from risk aversion as weaker oil prices dented stocks while the dollar retreated. Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 241,000 for the week, the Labor Department said. Holdings at ishares silver trust gained by 0.64% i.e.67.66 tonnes to 10571.73 tonnes from 10504.07 tonnes. Futures traders are pricing in less than a 15% chance of a hike at the Feds September meeting.
Crudeoil trading range for the day is 2701-2851.Crude oil gains paring some of the losses sustained in recent sessions but sentiment remained bearish as investors continue to fret about rising global stockpiles. The move comes a day after EIA said that crude stockpiles fell by roughly 2.45m barrels in the week ended June 16, above expectations of draw of about 2.1m barrels. According to EIA, domestic output climbed by 20,000 barrels to 9.35 million barrels a day last week, almost 8% high than the same period last year. The increase in U.S. drilling activity and shale production has mostly offset efforts by OPEC and other producers to cut output in a move to prop up the market.
Naturalgas trading range for the day is 180.7-194.7.Natural gas gains as the storage data helped boost confidence that storage builds would be limited during the summer period. In the near term, there were still expectations of slightly higher than normal gas demand due to the influence of hot weather conditions in the South and South West. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 61 billion cubic feet in the week ended June 16.Total natural gas in storage currently stands at 2.770 trillion cubic feet, according to EIA, 10.4% lower than levels at this time a year ago.
Aluminium trading range for the day is 119.4-121.8.Aluminium gains on expectations of falling supplies from China. In May, Chinas country exported 460,000 tonnes of unwrought aluminium and aluminium products, up from Aprils 430,000 tonnes. Data from the IAI showed Chinas aluminium production last year accounted for 55 percent of the global total, estimated at nearly 59 million tonnes. Warehouse stock for Aluminium at LME was at 1432750mt that is down by -8125mt.
Nickel trading range for the day is 561.5-595.9.Nickel gains bolstered by a weaker dollar and concerns newly constructed nickel smelters in Indonesia have stopped operations Global nickel market was in a shortage of 35,300 tonnes during the first four months of 2017, according to the WBMS. By the end of April, LME nickel inventories were up by 7,100 tonnes from the level seen in late 2016.Warehouse stock for Nickel at LME was at 376644mt that is down by -450mt.
Zinc trading range for the day is 166.9-178.5.Zinc gained as the market focused on falling stocks in LME warehouses, which at 304,000 tonnes are down nearly 30 % since January. Only 40% of lead and zinc mines in Fujian Province, China remained in normal production at present because of environmental protection pressure. WBMS reported global zinc supply was in 106,000 tonnes of deficit during January-April 2017, although output registered a 3.1% growth. Warehouse stock for Zinc at LME was at 304000mt that is down by -975mt.
Copper trading range for the day is 363.9-376.1.Copper prices gained moved on by data showing the metals shift to global a supply deficit. The global world refined copper market showed a 5,000 tonne deficit in March, compared with a 102,000 tonne surplus in February. In the first quarter of this year, the world mine production is estimated to decline by around 3.5 % to 4.63 million tons when compared to the same period last year. Warehouse stock for Copper at LME was at 256700mt that is down by -2600mt.
Jeera trading range for the day is 18100-18580.Jeera prices dropped tracking weakness in spot demand amid continued profit booking. Though, exports demand is increasing while the stocks in the Exchange warehouse are diminishing. NCDEX accredited warehouses jeera stocks gained by 18 tonnes to 1235 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -84.6 Rupees to end at 18492.3 Rupees per 100 kg.
Turmeric trading range for the day is 5988-6380.Turmeric prices gained on increasing demand for the commodity from both domestic and export buyers.Andhra Pradesh government projected 2016-17 turmeric crops at 155,000 ton up from 121,000 ton in the previous year.NCDEX accredited warehouses turmeric stocks dropped by 39 tonnes to 6569 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5916.65 Rupees gained 116.65 Rupees.
Soyabean trading range for the day is 2769-2833.Soyabean prices dropped due to higher arrivals and bumper crop with the farmers. The sowing operations for soyabean could be delayed as major producing states might not receive adequate rain during this month. NCDEX accredited warehouses soyabean stocks dropped by 6033 tonnes to 69231 tonnes. At the Indore spot market in top producer MP, soybean dropped -5 Rupees to 2939 Rupees per 100 kgs.
Menthaoil trading range for the day is 915.7-935.1.Mentha oil spot at Sambhal closed at 1031.90 per 1kg. Spot prices was remain unchanged by Rs.0.00-.Mentha oil prices gained taking positive cues from physical market. The expectation of good production of mentha during the year has boosted the demand for natural mentha. Stock positions of mentha in MCX accredited warehouses were around 3749 drums which is same against the last day.
Jet Airways: Budget carrier Jet Airways on Thursday announced expansion of its codeshare partnership with Air France, KLM Royal Dutch Airlines, and Delta Air Lines. Under the expanded pact, the carriers will expand choice and connectivity options for guests flying between India and Europe, Jet Airways said in a release.
Reliance Defence: Reliance Infrastructure on Thursday said its arm Reliance Defence has entered into a pact with Daher Aerospace, France for aerospace equipment manufacturing. “This offers a great opportunity for both the companies to work together for aerospace composites parts manufacturer. There is an increasing demand in aerospace sector for the composite components,” Reliance Infrastructure said in a BSE filing.
Fortis Healthcare: Malaysia’s healthcare services provider IHH Healthcare Berhad on Thursday said it is not close to “concluding any negotiations” to buy controlling stake in Fortis Healthcare.
State Bank of India: State Bank of India, the country’s biggest bank, has been authorised to refer Essar Steel, Bhushan Steel and Electrosteel to the bankruptcy court raising the possibility that some of these companies could be merged in an effort to return them to health. The decision of the lenders consortium which met in Mumbai on Thursday indicates a new urgency in dealing with lakhs of crores of bad loans in the steel sector. The three companies between them owe banks nearly Rs 1 lakh crore.
RIL: Reliance Industries (RIL) and partner BP have withdrawn the gas price-related arbitration against the government, paving the way for the companies to claim the premium price for output from deep-sea fields in which they plan to invest Rs 40,000 crore.
Reliance Communications: Global private equity investors and international hedge funds, including NSR Partners, Galleon, HSBC Daisy Investments (Mauritius), Drawbridge Towers, Investment Partners B (Mauritius) and George Soros Quantum Funds are learnt to have backed Reliance Communications’ decision to sell a majority stake in its tower arm, Reliance Infratel, to Canada’s Brookfield Group, two people directly aware told ET.
Mahindra & Mahindra: Global brokerage firm Credit Suisse maintained ‘Outperform’ rating on Mahindra & Mahindra with a target price of Rs 1,530. The scrip was at Rs 1,396.10 on Thursday on BSE.
Quess Corp: The company has signed an agreement to acquire 46 per cent equity in Heptagon Technologies on June 21. The acquisition will be completed on or before July 31, 2017.
Wockhardt: The company and its two subsidiaries, Wockhardt UK Holding and CP Pharmaceuticals, have settled an ongoing commercial litigation before the High Court in London, UK in relation to a supply contract for a drug named Trisenox.
Shriram EPC: The company has won multiple orders under its water management business amounting to Rs 165 crore.
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ALUMINIUM = (-8125)
COPPER = (-2600)
LEAD = (-700)
NICKEL = (-450)
ZINC = (-975)
Gold trading range for the day is 28367-28739.Gold prices rebounded as an oil price slump pushed down stock markets and a weaker U.S. dollar made bullion cheaper. Investors evaluated the impact of hawkish Federal Reserve policy on the economy even as inflation measures are deteriorating. U.S. home resales unexpectedly rose in May to the third highest monthly level in a decade. Russias central bank posted an increase in gold reserves in May, the fifth consecutive month of gains.
Crude oil trading range for the day is 2646-2914.Crude oil dropped as investors discounted evidence of strong compliance by OPEC and non-OPEC producers with a deal to cut global output. Crude inventories fell 2.5 million barrels, surpassing expectations for a decrease of 2.1 million barrels, as imports rose marginally by 56,000 bpd, the U.S. EIA said. Data from the American Petroleum Institute showed U.S. crude stockpiles last week had dropped more than forecast. OPEC and non-OPEC oil producers compliance with the output deal reached 106 percent in May, a source familiar with the matter said.
Silver trading range for the day is 37590-38420.Silver prices ended with losses as investors worried about future Federal Reserve rate hikes. Market expectations for another Fed rate hike later this year have improved in wake of hawkish comments made by influential New York Fed Chief William Dudley. The Fed also provided greater detail about how it plans to reduce its massive $4.5 trillion balance sheet. Futures traders are pricing in around a 20% chance of a hike at the Feds September meeting.
Natural gas trading range for the day is 183.4-192.Naturalgas prices tried to recovered from the days low as weather forecasting models turned warmer, which should boost demand in the weeks ahead Natural gas prices have closely tracked weather forecasts as traders try to gauge the impact of shifting outlooks on summer heating demand. Weather conditions remained very hot across much of the South and Southwest which continued to fuel demand for natural gas. Traders are eyeing on storage data with expecting a significantly lower build on the week of close to 55bcf following an increase of 78 Bcf last week.
Aluminium trading range for the day is 119.1-122.3.Aluminium dropped as pressure seen as many aluminum smelters in China are starting to bring idled capacity back into operation. With supply already in surplus and softening consumption, these production resumptions will weigh on prices. Data showed that overall aluminium output rose slightly last month both in top producer China and in the rest of the world. Warehouse stock for Aluminium at LME was at 1440875mt that is up by 21550mt.
Nickel trading range for the day is 567.3-585.9.Nickel gains as support seen after news that about a dozen Indonesian nickel smelters had stopped operations because of a plunge in prices. Goldman Sachs says lowers its 3612-month nickel price forecasts by 28 percent 18 percent. According to Russia Customs data, the country exported 48,000 tonnes of nickel, down from 69,200 tonnes a year ago. Warehouse stock for Nickel at LME was at 377094mt that is down by -378mt.
Zinc trading range for the day is 162.5-175.1.Zinc prices gained on longstanding concerns over potential supply constraints. Spot premiums shrank in Shanghai, Tianjin and Guangdong markets narrowing 20-50 yuan per tonne and 100 yuan per, respectively, in Shanghai and Guangdong. Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 7,800 to 120,000 tonnes last week. Warehouse stock for Zinc at LME was at 304975mt that is down by -1600mt.
Copper trading range for the day is 359.1-377.7.Copper gained in response to a retreat in the U.S. dollar from its recent peaks and evidence of tightening supply. The global world refined copper market showed a 5,000 tonnes deficit in March, compared with a 102,000 tonnes surplus in February, industry data showed. National Bureau of Statistics (NBS) data showed Chinas copper cathode output increased 6.8% on a yearly basis to 727,000 tonnes in May. Warehouse stock for Copper at LME was at 259300mt that is down by -2775mt.
Jeera trading range for the day is 18205-18865. Jeera prices ended with losses on reports of weak physical demand at the spot market. Though, some losses were capped as the jeera arrival is lower this year compared to last year. NCDEX accredited warehouses jeera stocks gained by 9 tonnes to 1217 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -33.8 Rupees to end at 18576.9 Rupees per 100 kg.
Turmeric trading range for the day is 5862-6114.Turmeric prices gained amid rising physical demand coupled with diminishing supplies. However upside seen limited as there were good rains in last few days in southern peninsula NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 6608 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5800 Rupees gained 125 Rupees.
Soyabean trading range for the day is 2784-2842.Soyabean prices ended with losses due to higher arrivals and bumper crop with the farmers. Soybean sowing may delay in anticipation of inadequate rains in JuneNCDEX accredited warehouses soyabean stocks dropped by 2199 tonnes to 75264 tonnes.At the Indore spot market in top producer MP, soybean dropped -7 Rupees to 2944 Rupees per 100 kgs.
Menthaoil trading range for the day is 908.3-939.7.Mentha oil spot at Sambhal closed at 1029.90 per 1kg. Spot prices was down by Rs.-3.70-.Mentha oil gained on rising demand at the domestic spot market. However, some gains were capped as arrivals of the new crop have started in the key markets of Sambhal and Chandausi. The expectation of good production of mentha during the year has boosted the demand for natural mentha.
Bhushan Steel BSE 2.60 % and Electro steel Steels: Banks led by State Bank of IndiaBSE 0.53 % will decide on Thursday the fate of three large defaulters -Essar Steel, Bhushan Steel and Electrosteel SteelsBSE 5.90 % -which constitute nearly half the loans of the top 12 defaulters identified by the Reserve Bank of India, thus marking a significant phase in the effort of lenders to clean up bad loans.
Petronet LNG: The country’s biggest importer of liquid gas is in talks to buy 25 per cent stake in Gujarat State Petroleum Corporation’s (GSPC) almost- complete Rs 4,500-crore Mundra LNG import terminal in Gujarat.
Reliance Communications: Anil Ambani-led Reliance Communications on Wednesday said it has started the process to monetise its real estate assets in Delhi and Mumbai as part of its efforts to pare debt. The company is burdened with Rs 45,000-crore debt. It has got a seven-month reprieve from banks to service the debt.
Larsen & Toubro: The government on Wednesday sold its 2.5 per cent stake in Larsen & Toubro (L&T) to state-run entities, including SBI and LIC, for about Rs 4,200 crore.
Federal Bank: South-based Federal Bank on June 21 launched an institutional sale of shares, aiming to raise around Rs 2,000 crore or $310 million in capital. There is an option to upsize the issue by Rs 500 crore or $77 million, sources said.
Axis Bank: Private sector Axis Bank has planned a capital raise of up to Rs 35,000 crore in about a year’s time in line with its growth projection in domestic as well as overseas operations.
Zee Entertainment: Global brokerage firm CLSA maintained ‘Buy’ on Zee EntertainmentBSE 0.87 % with a target price of Rs 625.
Pidilite: Credit Suisse maintained ‘Outperform’ on Pidilite with a target price of Rs 920. The global financial services firm prefers Pidilite due to its impregnable business moat.
Tata Motors: The auto major said that a meeting of the duly authorised committee held Wednesday, approved offering for subscription, on a private placement basis, up to 5,000 Rated, Listed, Unsecured, 7.50% coupon, redeemable, non-convertible debentures (NCDs) of face value Rs 10 lakh each, at par, aggregating up to Rs 500 crore.
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ALUMINIUM = ( 21550)
COPPER = (-2775)
LEAD = (-525)
NICKEL = ( -378)
ZINC = ( -1600)
Jeera trading range for the day is 18430-19260.Jeera ended with losses on profit booking after prices gained on good physical demand and reports of less carryover stocks. Output of jeera in Gujarat during 2016-17 is estimated lower at 212,000 ton due to fall in acreage, Gujarat Agriculture ministry data showed. NCDEX accredited warehouses jeera stocks dropped by 9 tonnes to 1208 tonnes. In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 Rupees to end at 18610.7 Rupees per 100 kg.
Turmeric trading range for the day is 5786-6146.Turmeric prices ended with losses on profit booking after prices gained due to rising physical demand coupled with diminishing supplies. Increased global demand for turmeric, drove its exports to attain figures of 1,16,500 tonnes in volume in 2016-17.NCDEX accredited warehouses turmeric stocks dropped by 10 tonnes to 6598 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5675 Rupees remains unchanged at0 Rupees.
Soyabean trading range for the day is 2799-2873.Soyabean ended with small gains on reports of slow progress in soybean sowing in the country. Farmers in Madhya Pradesh, accounting for 70% of the Indias soybean output, may have to replant the bean seeds on moisture stress. NCDEX accredited warehouses soyabean stocks dropped by 4584 tonnes to 77463 tonnes. At the Indore spot market in top producer MP, soybean remains unchanged at 0 Rupees to 2951 Rupees per 100 kgs.
Menthaoil trading range for the day is 911.7-935.7.Mentha oil spot at Sambhal closed at 1033.60 per 1kg. Spot prices was remain unchanged by Rs.0.00-.Mentha oil prices recovered on short covering after prices dropped taking weak cues from physical market. The expectation of good production of mentha during the year has boosted the demand for natural mentha. Stock positions of mentha in MCX accredited warehouses were around 3749 drums which is same against the last day.
Aluminium trading range for the day is 120.5-123.1.Aluminium remained supported after rumors that Chinese Wei Qiao Group, would cut aluminum production by 250,000 mt. Aluminum ingot stocks in Chinas five major markets, which had been growing steadily, unexpectedly dropped 2,000 tonnes on a weekly basis. Data showed that overall aluminium output rose slightly last month both in top producer China and in the rest of the world.
Nickel trading range for the day is 559.9-590.3.Nickel dropped on profit booking after prices rose an Indonesian nickel smelting official said that 13 Indonesian smelters would halt operations. Nickel ore inventories at seven major Chinese ports kept increasing in the week ending June 16, data showed. Goldman Sachs says lowers its 3612-month nickel price forecasts by 28 percent18 percent.
Zinc trading range for the day is 162.6-167.Zinc pared gains on profit booking after rising as support seen on anticipation of pickup in steel plants demand. In April, Chinas refined zinc output fell to its lowest in more than two years due to mine closures. Spot premiums on zinc shrank in Shanghai, Tianjin and Guangdong markets on June 20, narrowing 20-50 yuan per tonne and 100 yuan per tonne.
Copper trading range for the day is 360.6-371.4. Copper dropped amid stronger dollar capped gains after comments by Fed official that boosted confidence in another U.S. interest rate hike this year. Fed official said U.S. inflation should rise alongside wages, reinforcing expectations for the Fed to keep raising interest rates. China imported 41,400 tonnes of copper concentrates via Port of Ganqimaodu in May 2017, down 53.22 YoY, and 333,300 tonnes in January-May.
Naturalgas trading range for the day is 185.2-189.8.Naturalgas little changed in yesterdays session after suffering its biggest daily loss since January as updated weather forecasting. The weather model are showing cooler weather is expected to invade the Midwest and Northeast over the next two week. A weather update from the US, indicating that the early summer in some regions could be cooler, has triggered this sharp fall in the gas price.
Crudeoil trading range for the day is 2731-2933.Crude oil prices fell after news of increases in supply by several key producers U.S. crude oil inventories fell 2.720 million barrels, the API said, more than expected compared to an expected drop of 2.106 million barrels seen. U.S. drillers last week added rigs for the 22nd week in a row, according to data implying that further gains in domestic production are ahead.
Silver trading range for the day is 37697-38533.Silver dropped as hawkish remarks made by an influential Federal Reserve official reinforced expectations for the Fed to keep raising interest rates. New York Fed Chief William Dudley gave an upbeat assessment of the economy and warned against the central bank taking a pause in the tightening cycle. Chicago Fed President Charles Evans however said the Fed should move slowly to raise rates and trim its portfolio due to soft inflation.
Gold trading range for the day is 28425-28649.Gold traded in the range with Fed views on rate hikes for the rest of the year pointing to more, though the inflation outlook has not met expectations. Support can be seen as global political uncertainties, and risk aversion due to Brexit, concerns over Trumps ability to carry out financial reforms. British and EU Brexit negotiators agreed how to organize talks on Britains divorce at a first meeting in Brussels where both sides stressed.
Steel Authority of India BSE -0.09 % and Monnet Ispat: Amid speculations that public sector Steel Authority of India Ltd (SAIL) may take over debt-ridden Monnet IspatBSE 6.53 % & Energy Ltd, Steel Minister Chaudhary Birender Singh has ruled out any such possibility.
Adani Ports: Adani Ports and Special Economic Zone (APSEZ), India’s largest ports company, plans to raise at least $500 million through overseas bond sales and use the proceeds to refinance some current loans and fund expansion, two people familiar with the debt issue told ET.
ICICI Bank: ICICI Bank said that the Committee of Executive Directors of the bank at its meeting held on Tuesday has approved the proposal for fund raising by way of issuance of senior unsecured long term bonds in the nature of debentures in single/multiple tranches on private placement basis.
Reliance Communications: Global brokerage firm Credit Suisse maintained ‘Underperform’ rationg on Reliance Communications but cut the target price to Rs 15 per share from Rs 30. The company has put its property monetisation exercise on fasttrack and is targeting an overall 80 per cent reduction in its near Rs 45,000-crore debt by December.
Canara Bank BSE 0.92 % and CARE: State-owned Canara Bank has decided to sell nearly 9 per cent stake in the credit ratings firm CARE Ltd that could fetch it over Rs 393 crore.
Idea Cellular: Idea Cellular’s revenue and Ebitda (earnings before interest, taxes, depreciation & amortisation) estimates for FY18 and FY19 have been cut following a sharp 27 per cent fall in the company’s incremental revenue market share in FY17, high contingent liabilities and a hefty repayment burden over the next three years, brokerage CLSA said in a note seen by ET.
Uco Bank: State-run Uco BankBSE -1.30 % may require Rs 3,000-4,300 crore of tier 1 capital in the FY2018 and FY2019 to cover the losses for the last two years, rating company ICRA said, after downgrading the bank’s bond programmes.
Indian Oil Corporation BSE -0.40 % (IOC): Indian OilBSE -0.40 % Corp has been losing Rs 1 crore daily since February as an agitation in Kerala has hit its planned Rs 2,200 crore liquefied petroleum gas (LPG) import terminal and pipeline project, the company said in a statement on Tuesday.
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ALUMINIUM = (-6400)
COPPER = (-3100)
LEAD = ( -600 )
NICKEL = ( 522)
ZINC = ( -5350)
Jeera trading range for the day is 18605-19445.Jeera prices gained because of poor arrivals due to fag end of the season and depleted stocks. Lower stocks in the production centers due to fall in production and low carryover stocks also supporting prices. NCDEX accredited warehouses jeera stocks dropped by 21 tonnes to 1217 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 127.15 Rupees to end at 18682.15 Rupees per 100 kg.
Turmeric trading range for the day is 5708-6132.Turmeric prices gained on revival of fresh buying and fall in supplies on weather woes. Fears of fall in acreage due to lower price realization also provide support to prices. NCDEX accredited warehouses turmeric stocks dropped by 10 tonnes to 6608 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5675 Rupees gained 106.25 Rupees.
Soyabean trading range for the day is 2781-2873. Soyabean prices ended with gains tracking firmness in spot demand. Soyabean prices improved further on reports of slow progress in soybean sowing, despite of forecast of rains in soybean growing areas. NCDEX accredited warehouses soyabean stocks dropped by 2591 tonnes to 82047 tonnes. At the Indore spot market in top producer MP, soybean gained 18 Rupees to 2949 Rupees per 100 kgs.
Menthaoil trading range for the day is 905.5-932.7.Mentha oil spot at Sambhal closed at 1027.70 per 1kg. Spot prices was down by Rs.-7.70-.Mentha oil prices dropped driven by increased arrivals in the major spot markets of Uttar Pradesh. However, reports showed that climatic condition is good for the mentha crop due to which it is expected that this year production might increase 15%. Stock positions of mentha in MCX accredited warehouses were around 4674 drums which is 48 drums more against the previous day.
Aluminium trading range for the day is 120-122.2.Aluminium gained on short covering tracking LME prices closed 0.4 % high after touching its lowest since May 11 on Friday Home prices levelled off in Chinas biggest cities in May but continued to climb nationwide, indicating demand remains resilient. Confidence among Japanese manufacturers bounced in June to match a decade-high level recorded in April and is expected to rise for several months.
Nickel trading range for the day is 568.5-592.5.Nickel prices gained as support seen after news some Indonesian nickel smelters cease operations due to falling prices. Thirteen smelters with a combined capacity of 750,000 tonnes of nickel pig iron a year were forced to cease operation. Nickel ore inventories at seven major Chinese ports kept increasing in the week ending June 16, data showed.
Zinc trading range for the day is 161.8-166.8.Zinc prices ended with gains on rising steel prices and as inventories steel hit a nine-year low, highlighting a potential shortage of metal. Prices also seen supported after Chinas government said it was beating its targets for capacity closure.The market focus is on New Orleans warehouses on-warrant stocks which have dropped to 144,975 tonnes after a further 24,475 tonnes of cancellations.
Copper trading range for the day is 363.7-372.5.Copper prices gained helped by news and data from China that indicated higher demand for the commodity. Chinas central bank plans to step up support for green financing, including incentives to encourage banks to extend more loans for projects friendly to the environment. Speculators increased their net long position in copper futures and options, latest data from the U.S. Commodity Futures Trading Commission showed.
Naturalgas trading range for the day is 180.4-199.Natural gas prices dropped as updated weather forecasting models pointed to weak demand in the weeks ahead. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand. Total natural gas in storage currently stands at 2.709 trillion cubic feet, according to the U.S. EIA, 10.6% lower than levels at this time a year ago.
Crudeoil trading range for the day is 2857-2953.Crude oil dropped weighed down by a continuing expansion in U.S. drilling that has helped to maintain higher global supplies. Traders said the main factor driving prices lower was a steady rise in U.S. production undermining the OPEC-led effort. Japans customs-cleared crude oil imports fell 13.5 % in May from the same month a year earlier, to 2.83 million bpd, the Ministry of Finance said.
Silver trading range for the day is 37940-38554.Silver prices fell as investors looked ahead to a busy week of Federal Reserve speakers for more clues on future monetary policy moves. Last week, the Fed raised interest rates as widely expected and maintained plans to go ahead with another rate hike by year-end. Despite Feds meet, market players remained doubtful over the central banks ability to raise rates as much as it would like before the end of the year.
Gold trading range for the day is 28449-28697. Gold fell as the dollar rose after hawkish comments from a top Fed official New York Federal Reserve President William Dudley reinforced expectations that the U.S. central bank will continue on its path of tightening monetary policy.U.S. homebuilding drop for a third straight month in May to the lowest level in eight months as construction activity declined broadly.
BPCL: State-run Bharat PetroleumBSE -0.24 % (BPCL) is revisiting its mothballed plan to build a refinery in Allahabad to cater to the expanding demand for fuel in the country. “It’s an old plan. Now we are reassessing it. We already have land for that and have begun erecting boundaries around it,” BPCLBSE -0.24 % managing director D Rajkumar told ET. He didn’t say by when the company would take a decision on this.
Larsen & Toubro (L&T): Global financial services firm Macquarie maintained ‘Outperform’ on L&T with a target price of Rs 2,125.
Crompton GreavesBSE -0.06 % Consumer: Goldman Sachs initiated coverage of Crompton Greaves Consumer with ‘Buy’ rating and has set a target price of Rs 286.
Tata Motors: Tata MotorsBSE 2.23 % Ltd said on Monday it had no plans to list its luxury British car brand Jaguar Land Rover after Bloomberg reported that the automaker was considering an initial public offering of the unit.
SpiceJet: Low-cost carrier SpiceJetBSE 2.29 % on Monday said it has signed an MoU with Boeing for 40 737 MAX airplanes. “The agreement, valued at approximately $4.74 billion at current list prices, is split evenly between 20 new orders for the 737 MAX 10 and conversions of 20 of the low-cost carrier’s 737 MAX eight airplanes of its current order to 737 MAX 10s,” the airline said in a statement.
Wipro: Shareholders of software major WiproBSE -0.18 % approved two resolutions of its board to increase the authorised share capital and issue bonus shares through postal ballot and by electronic voting, said the company on Monday.
Aviation stocks: Airline major SpiceJet, IndiGo and Jet Airways will remain in focus on Tuesday after passengers carried by domestic airlines grew by close 18 per cent to 465.87 lakhs during January-May 2017 as against 396.04 lakhs in the corresponding period of previous year, according to the performance report of the domestic airlines released on Monday.
ICICI Bank: Shares of ICICI Bank turn ex-dividend on Monday for dividend of Rs 2.50 per share for the year ended March 31, 2017.
Vedanta: Mining major Vedanta said its gross debt has come down by over Rs 4,000 crore during the 2016-17 fiscal and further reduced by Rs 6,200 crore since April 1 this year.
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ALUMINIUM = (-7100)
COPPER = (-3275)
LEAD = ( -925 )
NICKEL = ( 522)
ZINC = ( -2125)