Silver trading range for the day is 38075-38953. Silver prices dropped as mixed U.S. economic data likely did little to sway the Federal Reserve in either direction ahead of a highly-anticipated interest rate decision. The U.S. economy is on track to grow by a 2.9 percent annualized rate in the second quarter following surprisingly strong data on domestic personal spending in April. Investors will monitor May U.S. private-sector ISM manufacturing data, due on Wednesday, and nonfarm payrolls on Friday. Market players will also be focusing on the outcome of Thursdays ECB meeting as well as new quarterly forecasts.
Gold trading range for the day is 28697-29103. Gold gained but remained on track for its biggest monthly decline since November on dollar strength and growing expectations of an imminent U.S. interest rate hike. U.S. consumer spending rose by the most in more than six years in April as households stepped up purchases in economic growth. Gold has been under pressure since release of the minutes from the Federal Reserve’s April meeting boosted expectations of an imminent rate rise. The U.S. Mint sold 76,500 ounces of American eagle gold coins in May, down 27.5 percent from the previous month, according to the latest data.
Copper trading range for the day is 310.3-316.5. Copper settled unchanged while prices dropped by more than 7% in May, pressured by a resurgent dollar on increasing expectations of a US interest rate hike. Copper output in Chile fell in April as some mines were hit by heavy rains and ore grades continued to decline, the government said. Workers at Chinalcos copper mine in Peru start strike on Tuesday to demand the reinstatement of a quarterly bonus- the union said Warehouse stock for Copper at LME was at 151725mt that is down by -2025mt.
Crudeoil trading range for the day is 3286-3394. Crude oil prices dropped on rising output from the Middle East and ahead of an OPEC meeting later this week. Iraq will supply 5 million barrels of extra crude to its international oil company partners in June, industry sources familiar with the issue said. OPECs 13 members meet in Vienna on Thursday to set the groups policy, which is more focused on market share than on influencing prices. OPEC preparing to meet later this week, Morgan Stanley said that any coordinated action on cuts is unlikely.
Zinc trading range for the day is 126.6-131.2. Zinc prices gained on the expectation that activity in Chinas manufacturing sector will improve and actual data unexpectedly expanded for the third straight month in May. The official PMI was unchanged from April at 50.1 last month, barely above the 50-mark that separates expansion in activity from contraction on a monthly basis. Zinc demand will benefit to the extent that China continues to rely on infrastructure growth for overall economic support Warehouse stock for Zinc at LME was at 380700mt that is down by -2300mt.
Menthaoil trading range for the day is 848.1-904.1. Mentha oil spot at Sambhal closed at 1008.10 per 1kg. Spot prices is up by Rs.7.30-. Mentha oil prices gained amid rising demand from consuming industries at the spot market. Besides, restricted supplies from major producing belts of Chandausi in Uttar Pradesh also fuelled the uptrend.
Soyabean trading range for the day is 3817-3977. Soyabean prices dropped on weak demand in export market and on hope of higher supply in domestic market. Moreover, forecast of good monsoon season may prompt farmers to release their remaining stock anticipating the prices to fall. NCDEX accredited warehouses soyabean stocks gained by 101 tonnes to 34664 tonnes. At the Indore spot market in top producer MP, soybean dropped -57 rupee to 3973 rupee per 100 kgs.
Jeera trading range for the day is 16360-16700. Jeera prices ended with losses on increased arrivals from producing regions. Jeera prices may be under pressure in coming months if pace of export demand will not pick up in few weeks. NCDEX accredited warehouses jeera stocks dropped by 6 tonnes to 3897 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 8.35 rupees to end at 16750 rupee per 100 kg.
Turmeric trading range for the day is 7874-8042. Turmeric prices dropped on reports of good rains in turmeric growing area in south India. Farmers, who are holding stocks on hopes of higher prices, may bring stocks in the market to meet their cash requirements. NCDEX accredited warehouses turmeric stocks dropped by 20 tonnes to 5412 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8419.4 rupees dropped -14.8 rupees.
Chana trading range for the day is 6062-6212. Chana prices dropped triggered by ample stocks on higher supplies from producing belts at spot market against subdued demand. However, anticipation of supply crunch in coming months due to lower production, capped some losses. Pulses prices have seen increase because of a fall in domestic production, largely due to drought and scanty rainfall. In Delhi spot market, chana dropped by -24.05 rupee to end at 6200 rupee per 100 kgs.
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