Aluminium trading range for the day is 114.5-116.7.Aluminium gains as market factored in rising costs of production due to higher energy and raw material prices in top producer China. Low arrivals from northwest China, combined with rising costs also supported prices. LME inventories on-warrant inventories stocks that have not been ordered for withdrawal last month fell to 1.25 million tonnes.
Naturalgas trading range for the day is 197.9-214.9.Natural gas slumped as warmer-than-normal weather in key gas-consuming regions in the U.S. dampened demand expectations for the heating fuel. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 73 billion cubic feet. Total U.S. natural gas storage stood at 3.909 trillion cubic feet, just 1.3% higher than levels at this time a year ago.
Jeera trading range for the day is 16840-17650.Jeera prices ended with gains due to restricted arrivals from major producing belts. Reports of lower output in other producing countries, Turkey and Syria will help the Indian exporters to clinch more export deals. NCDEX accredited warehouses jeera stocks dropped by 120 tonnes to 1832 tonnes. In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 17466.65 rupee per 100 kg.
Turmeric trading range for the day is 7150-7478.Turmeric prices gained due to anticipation of good demand from traders and upcountry buyers ahead of festival season. Though, expectation of higher production in coming season capped some gains in turmeric prices. NCDEX accredited warehouses turmeric stocks dropped by 40 tonnes to 3098 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7483.3 rupees remains unchanged at0 rupees.
Soyabean trading range for the day is 3090-3198.Soyabean dropped on profit booking after prices gained on supply worries from overseas following reports of unfavorable weather. The farmers are likely to hold their produce and release it slowly anticipating prices to rise in the near future. NCDEX accredited warehouses soyabean stocks gained by 2249 tonnes to 14057 tonnes. At the Indore spot market in top producer MP, soybean gained 1 rupee to 3074 rupee per 100 kgs.
Menthaoil trading range for the day is 912.5-920.9.Mentha oil spot at Sambhal closed at 1038.30 per 1kg. Spot prices is up by Rs.0.80-.Mentha oil prices ended with gains amid increasing demand from major consuming industries in the domestic spot market. Further, tight stocks position on restricted supplies from producing regions, too supported mentha oil prices. China and Japan have reduced their buying quantity in the recent past due to the economic slowdown had impacted Mint products exports.
Nickel trading range for the day is 686.9-713.3.Nickel dropped on profit booking after prices seen supported as a tightening supply chain and increased demand supported prices. The global nickel market is seen in a 66,000 tonne deficit next year, in line with this year, on growing demand from the stainless steel sector. LME nickel stocks fell 540 tonnes to 361,710 tonnes and cancelled warrants fell 1,884 tonnes to 123,780 tonnes.
Zinc trading range for the day is 158.4-168.2.Zinc rallied lifted by expectations that availability of the metal would remain tight LME zinc stocks and cancelled warrants were both 175 tonnes lower 451,425 tonnes and 63,050 tonnes respectively. Combined zinc inventories in Shanghai, Tianjin and Guangdong fell 8,400 to 240,000 tonnes for the week ending October 28.
Copper trading range for the day is 322.8-328.6.Copper gained as the market focused on the likelihood of stronger demand in China. Also supporting prices are stocks in LME-approved warehouses, which at 331,450 tonnes have fallen more than 12 percent since late September. Demand for base metals from China is likely to grow in 2017, which revised up by 3 percent its copper price forecast for 2016.
Crudeoil trading range for the day is 3070-3298.Crude oil dropped amid mounting skepticism over the implementation of a planned deal by OPEC to limit production. OPEC officials meeting in Vienna to work out the details of their plan to reduce oil production failed to reach agreement Prices have been under pressure in recent days amid market skepticism over the implementation of a planned deal by OPEC to limit production.
Silver trading range for the day is 42245-42585.Silver prices eased as improved risk sentiment decreased the appetite for safe haven assets. A preliminary reading of gross domestic product, expanded at a 2.9% annual clip from July through September, aided by a surge in exports. The U.S. central banks next meeting is in November, but a rate hike ahead of the presidential election is seen as unlikely.
Gold trading range for the day is 29851-30079.Gold dropped as the U.S. dollar bounced back from Friday’s selloff The U.S. economy grew by 2.9 percent in the third quarter, outpacing consensus forecast of 2.5 percent. Gold demand in India spiked as festive buying lifted the premium over official domestic prices to its highest in 10 months.