Zinc trading range for the day is 150.7-155.1. Zinc rallied to its highest in nearly 15 months as investors continued to fret over a shortage of mine supply. Stockpiles in warehouses tracked by the LME climbed 6.9 percent to 459,075 tons, the highest in five months, on deliveries in New Orleans. Investors are awaiting economic data this week from the U.S. and China for more clues on global demand. Warehouse stock for Zinc at LME was at 459075mt that is up by 29800mt.
Nickel trading range for the day is 703.7-743.7. Nickel settled up 0.19% while nickel prices fell from one-year highs as profits were booked as a Philippines mine review draws to a close. Global production of stainless steel was 0.4 percent higher in the first quarter than in the same period of 2015 as Chinese mills ramped up their output the existing supply deficit is likely to grow further in the next few months given that the nickel market is also tightening due to the supply side. Warehouse stock for Nickel at LME was at 370392mt that is down by -762mt.
Copper trading range for the day is 314.9-328.5. Copper settled up as prices rebounded as support came as a weak dollar helped lift the base metal. Overall sentiments remain weak for copper as confidence is fading as the impact of Chinese monetary stimulus wanes and markets focus once more on oversupply. Zambia’s copper production climbed by 8 percent to 368,371 tonnes in the first six months of this year from 340,510 tonnes in the same period last year. Warehouse stock for Copper at LME was at 204825mt that is down by -525mt.
Jeera trading range for the day is 18445-19025. Jeera prices gained supported by good physical and export demand coupled with dwindling supplies with stockiest. During the last few months China has emerged a major buyer of Indian jeera due to lower output there. NCDEX accredited warehouses jeera stocks gained by 124 tonnes to 6239 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -156.65 rupees to end at 19110 rupee per 100 kg.
Aluminium trading range for the day is 108.6-111.4.Aluminium prices gained as supported came after a sharp fall in the dollar. U.S. job openings increased in June and layoffs dropped to their lowest in nearly two years as labor market conditions tightened further Aluminum daily stocks at Shanghai exchange came down by 50 tonnes. Warehouse stock for Aluminium at LME was at 2248500mt that is down by -7900mt.
Naturalgas trading range for the day is 167.1-179.5.Natural gas dropped for 5th session on concerns that consumption is set to decline also traders awaited an update on inventories. Hot weather prompts households and offices to turn up the air conditioning, which increases use of gas-fired power generation. Last week, the EIA reported a rare summer draw in inventories, natural gas stocks declined by 6 billion cubic feet. Forecasts for the next two weeks call for hot temperatures in the East Coast and mid-Atlantic, said Commodity Weather Group.
Turmeric trading range for the day is 8054-8242.Turmeric prices ended with dropped on profit booking after gaining due to pick up in physical demand at the spot market. Turmeric acreage in Telangana as on now was up 14.5% at 43,000 hectares as compared to 37,780 hectares last year. The arrivals in the main physical markets such as Nizamabad, Duggirala (AP), Salem, Erode and Sangli reported decreasing. In Nizamabad, a major spot market in AP, the price ended at 8393.4 rupees dropped -57.7 rupees.
Soyabean trading range for the day is 3545-3669.Soyabean dropped on profit booking after prices gained on fears of damage to the new crop. So far the standing soybean crop is in good conditions but it will be too early to project the output at this stage, said an official of SOPA. Indian farmers have planted soybean over 11.18 million hectare marginally up from 11 million hectare a year due to good monsoon rains. At the Indore spot market in top producer MP, soybean dropped -7 rupee to 3816 rupee per 100 kgs.
Menthaoil trading range for the day is 899.3-926.5. Mentha oil spot at Sambhal closed at 1053.30 per 1kg. Spot prices is up by Rs.16.80/-. Mentha oil prices gained amid an increase in physical demand from major consuming industries in the domestic spot market. Currently, mentha crop is been harvested and reports of heavy rainfall in the major growing areas in Uttar Pradesh affected arrivals India’s mentha oil output was estimated to remain lower this year from 32,000 tonnes produced during last year.
Crudeoil trading range for the day is 2737-2935. Crude oil prices fell after the second-biggest weekly draw in U.S. gasoline this summer was countered by an unseasonal build in crude stockpiles The EIA said it expected a smaller decline of 700,000 barrels per day in U.S. crude oil production in 2016 than the 820,000 drop it forecast a month ago. Crude inventories rose 1.1 million barrels in the week ended Aug. 5, compared with analysts’ expectations for a decrease of 1.0 million barrels, EIA said. The last time producers met to discuss measure to tighten oil supplies and prop up prices, in April, OPEC members were not able to agree on any measures.
Gold trading range for the day is 31128-31698.Gold gained as the dollar fell on lower expectations for a U.S. rate hike after weaker economic data. Gold, meanwhile, climbed after a report that U.S. worker productivity fell for a third straight quarter in the spring this year. The unexpected drop in U.S. productivity may confirm the U.S. Federal Reserve’s fears that the economy may slip into a period of slow growth. Gold consumption in China and India, is set to drop 15 to 20 percent in 2016 after lower investment demand and jewelry sales.
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