Rmseed trading range for the day is 4699-4793.Mustard seed prices ended with losses amid weak demand in export market despite of supply worries in global market. Rapeseed meal exports from India slipped 91.21% to 3,090 tons in May compared to 35,188 tons a month ago. NCDEX accredited warehouses mustard seed stocks gained by 301 tonnes to 52426 tonnes. In Alwar spot market in Rajasthan the prices remains unchanged at0 rupees to end at 4746 rupees per 100 kg.
Turmeric trading range for the day is 8020-8236.Turmeric prices dropped due to good sowing progress in the producing belts of Karnataka and Tamilnadu in coming weeks. Though, some losses were capped on receipt of fresh orders from North India. NCDEX accredited warehouses turmeric stocks gained by 20 tonnes to 5795 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8408.8 rupees remains unchanged at0 rupees.
Soyabean trading range for the day is 3793-3885. Soyabean gained due to drop in soyabean acreage for 2016-17 season, as farmers may shift to other crops such as pulses and maize. Indian soymeal after India’s soybean oil meal exports slumped 92.77% to 1,015 tons in June. NCDEX accredited warehouses soyabean stocks dropped by 1351 tonnes to 23519 tonnes. At the Indore spot market in top producer MP, soybean remains unchanged at 0 rupee to 3915 rupee per 100 kgs.
Cotton trading range for the day is 18857-19377. Cotton prices gained on short covering after prices dropped after a US government report showed improving new crop conditions. The total output for the 2014-15 crop year stood at 38.27 million bales, Cotton Association of India (CAI) said. Cotton acreage is likely to drop by 20% in season 2016-17 in Punjab and Haryana compared to the last season. Cotton prices in spot market dropped by 150.00 rupees and settled at 19420.00 rupees.
Cardamom trading range for the day is 836.4-893.4. Cardamom prices dropped on slack demand at the auctions held last week in Kerala and Tamil Nadu. However upside seen limited amid apprehensions about a decline in next crop which will be long delayed and likely to be available by August end. Cardamom output during the current year 2015-16 (Aug-July) is estimated over 30,000 tons as against earlier projection of 22,000 tons. Cardamom prices in spot market dropped by 0.70 rupees and settled at 840.30 rupees.
Menthaoil trading range for the day is 825.2-861.4. Mentha oil spot at Sambhal closed at 931.80 per 1kg. Spot prices is remain unchangeably Rs.0.00/-. Mentha oil prices dropped tracking subdued demand from consuming industries in the spot market. Sentiments still remain weak which will cap the gains as this season the farmers are seen getting more interested in sowing mentha. At Chandausi market sources reported arrivals at 30 Drums (1-drum-180kg), lower by 20 Drums (1-drum-180kg) as against previous day.
Copper trading range for the day is 313.8-321.4. Copper gains on growing expectations that Britain would vote to remain in the European Union and on a weaker dollar. Signaling shorts closing out positions, market open interest has shrunk to its lowest in nearly two months, ShFE data showed. China exported 84,959 tonnes of copper in May, up by 256 percent from the same month last year. Warehouse stock for Copper at LME was at 190700mt that is down by -1475mt.
Nickel trading range for the day is 613.1-628.9.Nickel prices ended with gains amid declines in output and inventories. Chinas nickel ore imports from the Philippines rose to 3 million metric tons in May, the highest level in seven months, according to official figures. The global supply shortage in April amounted to about 10,000 tons, according to the International Nickel Study Group. Warehouse stock for Nickel at LME was at 385566mt that is down by -498mt.
Naturalgas trading range for the day is 177.1-189.9.Natural gas dropped as traders looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand for the fuel. Total U.S. natural gas storage stood at 3.041 trillion cubic feet, 20.8% higher than levels at this time a year ago. EIAs storage report slated for release on Thursday is expected to show a build in 59bcf for the week ending June 17.Natural gas prices are up nearly 40% since late May as expectations have grown that hot summer weather will lead to heavy demand.
Aluminium trading range for the day is 108.8-110.8.Aluminum dropped as consumers, producers and investors waited to see the result of Thursdays vote, but betting odds suggesting Britain will remain in EuChinese aluminum exports increase even as oversupply remains Aluminum daily stocks at Shanghai exchange came down by 3746 tonnes. Warehouse stock for Aluminium at LME was at 2427950mt that is down by -6600mt.
Zinc trading range for the day is 136.1-139.5.Zinc gained and up by around 30% so far this year on worries about shortages created by mine closures. Physical market participants indicated that there was no evident tightness in the refined market currently. Zinc daily stocks at Shanghai exchange came down by 2553 tonnes. Warehouse stock for Zinc at LME was at 395075mt that is down by -1025mt.
Silver trading range for the day is 40760-41558. Silver dropped on uncertainty over Britain’s EU membership are likely to come to an end, regardless of whether Britons vote to leave or remain in referendum. Recent polls suggest an even split and although investors are worried about the economic and market fallout of a Brexit, bullions uncertainty premium is not expected to last. A Leave vote is regarded as bullish for bullion, as investors pile into the safe-haven asset due to increased fears that a British departure. Euro zone consumer confidence fell slightly in June, figures released by the European Commission showed.
Gold trading range for the day is 29933-30367. Gold hovered near its lowest in over a week as Asian stocks rose amid indications that Britain would vote to remain in the European Union. According to an opinion poll published, the campaign for Britain to stay in the EU has seen its lead over the rival out camp cut to just one point. U.S. home resale’s rose in May to a more than nine-year high as improving supply increased choice for buyers, suggesting the economy remains on solid footing. Discounts in India widening till $30-$32 against LBMA the most in 3-1/2 months as consumers shied away from making new purchases.
Click here to know more: Commodity Tips