Chana trading range for the day is 5615-5907.Chana prices ended with gains amid anticipation of limited supplies amid lower production and expensive imports. In the third advance estimates, chana production is revised downwards to 7.5 mt from 8 mt forecasted in 2nd estimate. The Maharashtra government demanded the Centre to release 10,000 tonnes of tur dal immediately from the buffer stock. In Delhi spot market, chana gained by 10.5 rupee to end at 5816.25 rupee per 100 kgs.
Mentha oil trading range for the day is 846.4-881.4.Mentha oil spot at Sambhal closed at 999.20 per 1kg. Spot prices is down by Rs.-3.10-.Mentha oil ended with gains due to rising demand from consuming industries at the spot market. However, sentiments still remain weak which will cap the gains as this season the farmers are seen getting more interested in sowing. Sources estimate that total area under Mentha planting has dropped by 25% to 1.70 lakh ha this season.
Zinc trading range for the day is 123.9-127.9.Zinc prices gained as support seen after data showed inventories in warehouses registered with the LME continued to erode, falling to 390,375 tonnes. Refined zinc production will trail consumption by 352,000 metric tons this year, the ILZSG said in April, widening its deficit forecast from 152,000 tons in October. Combined zinc inventories in Shanghai, Tianjin and Guangdong fell 10,600 to 350,700 tonnes past week. Warehouse stock for Zinc at LME was at 390375mt that is down by -1125mt.
Crude oil trading range for the day is 3043-3137.Crude oil settled flat as a slight uptick in OPEC production in April reinforced long-term concerns related to the excessive supply glut on global energy markets. OPEC said in its Monthly Report that crude oil production last month rose by 188,000 barrels per day to average 32.44 million bpd. Record bullish bets on higher futures prices by speculators also helped once more this month, OPEC said in the report. Oil services firm Baker Hughes said in its weekly rig count report that oil rigs last week fell by 10 to 318, dropping to the lowest level since October, 2009.
Silver trading range for the day is 39983-41513.Silver prices recovered tracking firmness in gold and base metals prices after prices seen pressure after release of strong U.S. economic data.U.S. Retail sales jumped 1.3 percent last month, the largest gain since March 2015 and a bigger rise than the 0.8 percent expected. The University of Michigan’s Consumer Survey Center said its Consumer Sentiment Index soared nearly seven points in its mid-May flash reading to 95.8.Over the FOMCs first three meetings of 2016, the U.S. central bank has held its benchmark interest rate steady.
Gold trading range for the day is 29633-30269.Gold gained buoyed by weak equity markets and chart-based strength, as it shrugged off a higher dollar. Global demand for gold soared markedly during the first three months of the year, the wgc said, saying that it was the strongest first quarter on record. SPDR gold trust holdings gained by 0.70% i.e. 5.94 tonnes to 851.13 tonnes from 845.19 tonnes. Gold demand in Asia was muted as physical buyers stayed off the market due to the bullions recent rally, with a key festival in India failing to lift demand.
Update: Monsoon rains are expected to arrive on southern Kerala coast by June 7, about a week later than usual, the country’s weather office said on Sunday. Commodity Agri segment can see good bounce.
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