Jeera trading range for the day is 17635-18305.Jeera prices gained on anticipation of higher demand for the new season jeera crop. There is a forecast of fall in jeera production by 12 % to 387,000 tonnes during 2016-17 due to lower acreage. At Rajkot market in Rajkot (Guj.), total arrivals are at 125 quintal, lower by 60 quintal as against previous day. In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 Rupees to end at 18446.15 Rupees per 100 kg.
Soyabean trading range for the day is 3047-3143.Soyabean prices gained as support seen on lower level buying after prices dropped amid ample supplies in the physical market. The bulk buyers and oil millers are quite active at lower levels keeping pressure on prices. NCDEX accredited warehouses soyabean stocks gained by 2797 tonnes to 184088 tonnes. At the Indore spot market in top producer MP, soybean gained 21 Rupees to 3041 Rupees per 100 kgs.
Menthaoil trading range for the day is 996.7-1023.9.Mentha oil spot at Sambhal closed at 1123.80 per 1kg. Spot prices was up by Rs.5.80-.Mentha oil prices gained amid rise in physical demand for mentha oil in the domestic spot market. Further, tight stocks position on restricted supplies from major producing belts of Chandausi in Uttar Pradesh, too supported mentha oil prices. Total production of mentha oil during the current season is 32,000-34,000 tonnes against preliminary estimates of around 40,000 tonnes.
Aluminium trading range for the day is 120.4-124.4.Aluminium dropped as the dollar recovered and profit-taking after the prices rose on talk of potential capacity cuts in China. U.S. factory activity accelerated to more than a two-year high in January amid sustained gains in new orders, pointing to a recovery in manufacturing. Payroll processing firm ADP said non-farm private employment rose by 246,000 last month, easily surpassing forecasts for an increase of 165,000.
Nickel trading range for the day is 669.7-704.7.Nickel rallied most as support seen after the update that some Philippine mines need to be shut given the environmental harm Support also seen as Finnish PM cleared in nickel mine conflict of interest review Norilsk Nickel plans to increase output of its main metals from Russian raw material this year, the company said.
Zinc trading range for the day is 190.5-196.1.Zinc prices will hold gains as supplies will remain limited in H1 2017 despite restarts at overseas mines LME zinc stocks are near their lowest level since June last year. The Shanghai Futures Exchange has been closed for its week long spring festival holiday and will reopen on Friday.
Copper trading range for the day is 399-410.4.Copper fell as the dollar recovered and profit-taking set in after the metal rose to a two-month high on concerns over a looming strike in Chile. Workers at Escondida mine in Chile have voted to reject a company wage offer and go on strike, the union said The strike is due to begin in about 48 hours but the workers union said the company will likely request government mediation to attempt a resolution.
Silver trading range for the day is 41398-42494.Silver dropped with investors noting upbeat language from the Fed in the latest policy review signaling rate hikes remain on track. Payroll processing firm ADP said non-farm private employment rose by 246,000 last month, easily surpassing forecasts for an increase of 165,000.Holdings at ishares silver trust dropped by 0.28% i.e. 29.48 tonnes to 10414.99 tonnes from 10444.47 tonnes.
Gold trading range for the day is 28357-29129.Gold dropped as the dollar strengthened ahead of an interest rate decision by Fed which is expected to provide clues on monetary policy this year. The Fed kept interest rates unchanged in its first meeting since President Donald Trump took office. The Fed could hike interest rates as many as four times this year, a move that markets are not sufficiently anticipating.