Jeera trading range for the day is 16840-17590.Jeera prices ended with losses due to limited demand from exporters. However downside seen limited following poor supplies due to fag-end of the season. NCDEX accredited warehouses jeera stocks dropped by 90 tonnes to 4178 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -122.75 rupees to end at 18000 rupee per 100 kg.
Turmeric trading range for the day is 6760-7012.Turmeric prices gained on account of quality arrivals from the producing belts. Turmeric stocks are low this year because of weak output and arrivals have been falling in all the major producing centres. NCDEX accredited warehouses turmeric stocks dropped by 125 tonnes to 7069 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7445 rupees gained 36.7 rupees.
Soyabean trading range for the day is 3148-3282.Soyabean prices dropped tracking weakness in spot demand and overseas markets. Soybean 2016-17 production is likely to jump by 36% to 9.5 million tons on improved rains this year. Total soybean 2016-17 output expected to be higher at 9.5 million tons as compared to 7 million tons previous year. At the Indore spot market in top producer MP, soybean dropped -38 rupee to 3422 rupee per 100 kgs.
Menthaoil trading range for the day is 882.1-895.3.Mentha oil spot at Sambhal closed at 1019.40 per 1kg. Spot prices is down by Rs.-0.40-.Mentha oil dropped on sluggish demand from consuming industries in the domestic and overseas markets. Further, ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh, too added pressure on prices. At Barabanki market sources reported arrivals at 350 Drums (1-drum-180kg), up by 50 Drums (1-drum-180kg) as compared to previous day.
Nickel trading range for the day is 692.6-718.4.Nickel gained as markets braced for news of more Philippine mine suspensions amid a crackdown on environmental lapses. The Philippines has already halted the operations of 10 mines, eight of them nickel producers, since it launched an audit in July. Global nickel market ended in deficit of 89,500 tonnes in January-July 2016 with apparent demand exceeding production.
Zinc trading range for the day is 149.6-153.6. Zinc prices dropped tracking LME prices ending down 0.8 percent at $2,276 a tonne as traders continues to book profit. BMI Research said global zinc demand is expected to grow at a faster pace than output from now until 2020. As per WBMS data, the global zinc market recorded deficit of 106 kt during the initial seven months of the year from January to July.
Copper trading range for the day is 324.5-330.1. Copper gained as support continues after Chinese economic data indicated a firmer tone to the housing market and a revival in factory activity. China, cut imports of the refined metal to the lowest level in 18 months in August as domestic production climbed. Premiums for Shanghai copper have climbed to the highest since May at $55-65, as industrial activity ramps up after summer.
Crudeoil trading range for the day is 2873-3167. Crude oil dropped on signs Saudi Arabia and arch rival Iran were making little progress in achieving preliminary agreement ahead of talks. Data showed the US was on track to add the most number of oil rigs in a quarter since the crude price crash began two years ago. Saudi Arabia did not expect a decision in Algeria where OPEC and other big oil producers were to convene for Sept 26-28 talks.
Silver trading range for the day is 46244-47702. Silver dropped as investors chose to lock in profits after gains seen as the Fed’s decision to leave interest rates unchanged continued to support. Boston Fed President Eric Rosengren said that he believed interest rates should be raised gradually now. Holdings at ishares silver trust gained by 0.29% i.e. 32.48 tonnes to 11337.95 tonnes from 11305.47 tonnes.
Gold trading range for the day is 31134-31424. Gold prices settled flat but ended with gains on weekly basis after Fed sounded a cautious note on the pace of interest rate hikes. In India, discount over the global spot gold benchmark narrowed to $12 an ounce, from $20 last week. Asian physical gold demand remained subdued in the week ahead of a national holiday in China.
Aluminium trading range for the day is 107.4-110.4.Aluminium ended with gains tracking LME prices due to strong demand for Aluminium from speculators. Rising aluminum costs and transport capacity tightness were providing strong support to prices. LME stocks continue to fall, inventories dropped 6,700 tonnes while cancelled warrants were down 7,875 tonnes to 877,800 tonnes.
Naturalgas trading range for the day is 191.9-203.3.Natural gas prices dropped continuing its weak trend momentum from previous day pressured by the inventory build. Things were further worsened by predictions of tepid demand with sudden change in forecasts that showed cooler weather ahead. The U.S. Energy Departments weekly inventory release showed a slightly larger-than-expected increase in natural gas supplies.