Copper trading range for the day is 379.8-398.2.Copper prices dropped as pressure seen after data showed another big inflow of inventories into LME-certified warehouses. More than 50,000 tonnes of copper has arrived in the space of two days, sending on-warrant copper stocks up 47 percent to 160,375 tonnes Chinas copper imports surged 31 percent in November from the previous month to 380,000 tonnes, the highest since June, customs data showed.
Crudeoil trading range for the day is 3508-3650.Crude oil settled flat after prices seen supported by strong demand and supply cuts by Abu Dhabi, Kuwait and Qatar as part of production curbs. Russian Energy Minister said he would discuss with Russian oil companies how they will cut oil production to implement. Kuwait Petroleum Corp notified customers of a cut in contractual crude supplies for January, as did Qatar Petroleum.
Aluminium trading range for the day is 116.5-118.9.Aluminium gained as support seen amid better-than-expected positive data from China. Chinas industrial production grew 6.2% year-on-year in November, close to expectations of 6.1%.The market is also looking ahead, when the US Federal Open Market Committee is expected to raise interest rates for the first time in a year. Chinas industrial production grew 6.2% year-on-year in November, close to expectations of 6.1%.The market is also looking ahead, when the US Federal Open Market Committee is expected to raise interest rates for the first time in a year.
Naturalgas trading range for the day is 230.1-244.9.Natural gas prices fell as market participants worried that coming warmer weather could eat into demand. Prices remained under pressure as new weather forecasts showed that warmer weather will be moving in at months end. The recent forecasts are a sharp change from extreme cold temperatures in parts of the country this week.
Jeera trading range for the day is 17175-18015.Jeera gained because of tight stocks and dwindling supplies due to fag-end of season but reports of higher sowing may limited the upside. Jeera sowing in Gujarat as on now stood at 180,000 hectare as against 127,000 hectare a year ago. NCDEX accredited warehouses jeera stocks gained by 50 tonnes to 173 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -128.55 rupees to end at 18371.45 rupee per 100 kg.
Turmeric trading range for the day is 7096-7268.Turmeric prices gained tracking physical demand and forecast of heavy rains in turmeric area. Turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared last year. NCDEX accredited warehouses turmeric stocks dropped by 55 tonnes to 2003 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7776.55 rupees gained 33.9 rupees.
Soyabean trading range for the day is 3040-3092.Soyabean prices gained on account of good crushing demand from the mills. However, improving arrivals in the domestic market and forecasts for some much-needed rain in Argentina’s growing areas, capped some gains. NCDEX accredited warehouses soyabean stocks gained by 5723 tonnes to 116491 tonnes. At the Indore spot market in top producer MP, soybean dropped -1 rupee to 3034 rupee per 100 kgs.
Menthaoil trading range for the day is 959-1031.8.Mentha oil spot at Sambhal closed at 1056.20 per 1kg. Spot prices is up by Rs.4.20-.Mentha oil gained amid rising demand in the domestic spot market. Stock positions of Mentha in MCX accredited warehouses were around 11459 drums which is 27 drums less against the previous day. Trade sources estimate that total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season.
Nickel trading range for the day is 750.1-786.1.Nickel gained supported by a sweeping mining clampdown in the Philippines, the top exporter of nickel ore to China. Philippines authorities have said there will definitely be more mine suspensions when the ruling on the 20 facing suspension is released. Hence, stainless steel suspension at Jiangsu Delong will negatively affect high-grade NPI demand in Chinas market in December and months ahead.
Zinc trading range for the day is 178.6-188.6.Zinc dropped on profit booking after prices gained earlier supported by release of strong retail and factory data in top metals consumer China. Zinc is the top performer on the LME this year with gains of 72 percent fuelled by fears of shortages after some major mines were closed or suspended. Data showed that China posted its strongest retail sales growth of the year in November and surging steel production lifted factory output.