Menthaoil trading range for the day is 923.8-963.8.Mentha oil spot at Sambhal closed at 1071.10 per 1kg. Spot prices is down by Rs.-8.40-.Mentha oil prices ended with losses driven by sluggish demand from consuming industries in the spot markets. Besides, ample stocks position on increased supplies from producing belts also put pressure on mentha oil prices. At Barabanki market estimated market supply was at 500 Drums (1-drum-180kg), up by 50 Drums (1-drum-180kg) as against previous day.
Jeera trading range for the day is 18955-20275.Jeera prices dropped on profit booking after prices gained amid good demand in the physical market and lower arrivals as monsoon hit most parts of Gujarat. As per 4th advance estimate of Gujarat State for 2015-16, production is pegged at 2.38 lt compared to 1.97 lt in 2014-15. In 2013-14, production was 3.46 lt. NCDEX accredited warehouses jeera stocks gained by 122 tonnes to 5065 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -92.85 rupees to end at 19492.85 rupee per 100 kg.
Turmeric trading range for the day is 7760-8472.Turmeric prices ended with losses due to profit booking after prices gained on expectation of lower arrivals and good upcountry demand. Turmeric acreage in Telangana as on now was around 30,000 hectares as compared to 31,000 hectares last year. As per dept. of commerce data, turmeric exports in April 2016 increased by 27% compared to last year at 9,135 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8422.6 rupees dropped -56.8 rupees.
Soyabean trading range for the day is 3569-3651.Soyabean prices gained amid short covering and on supply concerns from United States and on hope of higher demand. However, high acreage of the oilseed and lower demand for soymeal, capped some gains. NCDEX accredited warehouses soyabean stocks dropped by 331 tonnes to 3346 tonnes. At the Indore spot market in top producer MP, soybean gained 12 rupee to 3776 rupee per 100 kgs.
Naturalgas trading range for the day is 176.3-186.1.Natural gas dropped but holds 180 level mark on mixed signals from forecasts for hot weather and a stock surplus. Weather reports show above-average temperatures extending across the country into August, a positive sign for demand. Tonight weekly inventory data due from the EIA & data likely to show storage levels grew by 27bcf.Prices are down nearly 10% since reaching a 13-month high on July 1 amid speculation a stockpile glut may persist through the year.
Aluminium trading range for the day is 105.7-107.3.Aluminium prices dropped below 106.50 on persistent worries about oversupply from China Chinese smelter restarts there units which previously shutdowns due to the price recovery. Also the new capacity coming on line again helps bring sufficient output to meet the demand Warehouse stock for Aluminium at LME was at 2318125mt that is down by -6000mt.
Nickel trading range for the day is 681.6-707.2.Nickel drop to hold below 700 level as sentiment soured in China and pressure seen Beijing officials warned about asset bubbles Chinas manufacturing sector struggled for growth in July, adding to expectations that Beijing will step up measures to boost growth. Nickel imports in China have surged by 189% to a record 226,100 mt in the first half of the year. Warehouse stock for Nickel at LME was at 374652mt that is up by 1038mt.
Zinc trading range for the day is 142.5-151.5.Zinc prices dropped as weaker oil prices heightened concerns over the health of the global economy. The International Lead and Zinc Study Group said the market was in a 68,700 metric-ton deficit in May. Increased infrastructure spending in China meant net imports of refined zinc more than doubled to 280,800 mt in the first half of 2016.Warehouse stock for Zinc at LME was at 435600mt that is down by -1000mt.
Gold trading range for the day is 30697-31163. Gold gained after data showed U.S. orders for long lasting manufactured goods fell more than forecast in June. The Federal Reserve left interest rates unchanged but said near-term risks to the U.S. economic outlook had diminished. Chinas annual gold consumption is expected to be 1,200 tonnes by 2020, state-owned Shanghai Securities News reported, citing an estimate from a MIIT official. Among ETF, SPDR Gold Trust GLD, +1.61% was up 0.9% while holdings fell by another 4.5 tonnes on Tuesday to 954.24 tonnes.
Silver trading range for the day is 45646-48036.Silver gained amid a slew of soft economic data in the U.S. as investors awaited the Federal Reserve’s latest interest rate decision shortly after the close. In a 9-1 vote, the FOMC left the target range on its benchmark Federal Funds Rate unchanged at a level between 0.25% and 0.50%.The National Association of Realtors said its Pending Home Sales Index rose by 0.2% last month, far below consensus forecasts of 1.3%. Among exchange-traded funds, the iShares Silver Trust SLV, +3.80% was up 2.6%.
Copper trading range for the day is 321.3-335.1.Copper dropped to near 1 week lows as sentiments soured in China, also declined due to supply concerns, as mines ramp up in Peru. Entire base metals complex was pressured by a stronger dollar ahead of the US central bank decision on interest rates. Copper output in Peru surged 61 percent in May compared with the same month in 2015.Warehouse stock for Copper at LME was at 214425mt that is up by 700mt.
Crudeoil trading range for the day is 2760-2954.Crude oil prices dropped as pressure seen after the weekly US government report revealed an unexpected build in US crude inventories. The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 1.7 million barrels in the week ended July 22. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, rose by 1.11 million barrels last week, the EIA said. China has ramped up its exports of distillates in the past few months in a bid to dump its unwanted barrels to the regional market.
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