Silver trading range for the day is 40775-41769.Silver dropped amid heavy profit taking, as officials suspended Brexit campaigning for a second consecutive day following the tragic death of a Parliament member. St. Louis Fed President James Bullard cut his economic growth outlook and called for only one rate hike for as long as two-and-a-half years. Holdings at ishares silver trust dropped by 1.58% i.e. 168.54 tonnes to 10492.67 tonnes from 10661.21 tonnes. U.S. housing starts slipped in May as the construction of multi-family housing units dropped, but further gains in building permits signaled a rebound.
Zinc trading range for the day is 129.7-137.3.Zinc prices dropped the most after a surge in inventories and risk aversion will dominate the market before the referendum in the UK. Zinc stocks climbed across the three regions due to soft consumption and ample supplies. Total inventories in the three regions should grow further, citing the nearing of slow season, steady supply and mid-year cash tightness. Warehouse stock for Zinc at LME was at 399825mt that is up by 17550mt.
Naturalgas trading range for the day is 170.3-179.1.Natural gas prices gained as warm weather forecasts keep stoking expectations for strong demand this summer. Baker Hughes Inc., said the gas-rig count rose by one in the past week to 86, but that is still near an all-time low. Meanwhile, updated weather forecasting models continued to show above-normal temperatures across most parts of the U.S. over the next two weeks. Many traders are betting the slowdown in the drilling fields could eventually lead to shortages.
Jeera trading range for the day is 16945-17405.Jeera prices gained on account of anticipation of improved export demand in coming months. Reduced stock for domestic consumption coupled with strong export outlook for 2016-17 has pushed jeera prices up in the domestic market. NCDEX accredited warehouses jeera stocks gained by 36 tonnes to 3475 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 20 rupees to end at 17420 rupee per 100 kg.
Menthaoil trading range for the day is 814.8-862.Mentha oil spot at Sambhal closed at 927.70 per 1kg. Spot prices is up by Rs.2.90-.Mentha oil edged higher tracking rising demand from consuming industries in the spot market. Further, restricted arrivals from major producing regions of Chandausi in Uttar Pradesh, also fuelled the uptrend. The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes during 2016-17.
Turmeric trading range for the day is 7842-8158.Turmeric prices remained under pressure on the back of slack demand at the spot market. There were only a few buyers for the commodity as no fresh orders were received from North India. NCDEX accredited warehouses turmeric stocks gained by 59 tonnes to 5656 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8355.5 rupees gained 30.5 rupees.
Soyabean trading range for the day is 3763-3925.Soyabean dropped on supply hope in global market and on weak demand for Indian soymeal in export market. Continuous progress in US soybean plantation and subdued export demand kept bean prices under check. NCDEX accredited warehouses soyabean stocks dropped by 21 tonnes to 25675 tonnes. At the Indore spot market in top producer MP, soybean dropped -31 rupee to 3910 rupee per 100 kgs.
Aluminium trading range for the day is 106.6-109.2.Aluminium prices gained as market worries over a potential British exit from the European Union receded and the dollar eased. Aluminum stocks returned to declines and recent price pullback might slow capacity restarts. Aluminum weekly stocks at Shanghai exchange came down by 22928 tonnes. Warehouse stock for Aluminium at LME was at 2446200mt that is down by -6200mt.
Nickel trading range for the day is 589.3-617.5.Nickel prices gained after holders of LME nickel inventories gave shipment notices for 10,722 tonnes, reducing availability. Nickel is outperforming the complex aided by the large stock draw. Tsingshan put online its 1 million-tpy stainless steel project in Indonesia recently, and demand for nickel will likely to grow. Warehouse stock for Nickel at LME was at 386238mt that is down by -2382mt.
Copper trading range for the day is 301.2-310.2.Copper prices steadied as market worries over a potential British exit from the European Union receded and the dollar eased. Copper recovered from lows, climbing after a suspension of campaigning for Britain’s EU membership vote following the killing of a pro-Remain politician. Increasing the stockpiles of China, could result in import demand remaining relatively strong despite usual seasonal weakness. Warehouse stock for Copper at LME was at 195925mt that is down by -3100mt.
Crudeoil trading range for the day is 3098-3246.Crude oil prices gained amid weaker US dollar and a somber silence as Britain mourns the tragic death of a lawmaker supported oil prices. Optimism about supply outages was replaced by worries that global demand might take a hit if Britain decides to leave the European Union. Oil services firm Baker Hughes said in its weekly rig count report that U.S. oil rigs last week rose by nine to 337 for the week ending on June 10.Hedge funds and other big speculators cut their bullish bets on U.S. crude to the lowest in two months, trade data showed.
Gold trading range for the day is 30165-30875.Gold prices recovered from lows supported by a softer dollar and cautious interest rate comments by a voting U.S. Federal Reserve policy member.St. Louis Fed President James Bullard said the central banks dot plot of projected interest rate policy appears to be too steep. SPDR gold trust holdings gained by 0.59% i.e. 5.35 tonnes to 907.88 tonnes from 902.53 tonnes. In India, dealers were offering a discount up to $48 an ounce to the global spot benchmark this week, the largest since Feb. 26.
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