Crude Oil trading range for the day is 3099-3319.Crude oil gained amid a looming strike in Norway threatened to cut output in Western Europe’s biggest producer. About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output if a new wage deal is not agreed before a Friday deadline. Combined oil output was about 285,000 barrels per day in the first four months of the year. Oil production in Nigeria has risen to about 1.9 million bpd from 1.6 million bpd due to repairs.
Aluminium trading range for the day is 107.5-111.3.Aluminium prices rallied boosted by growing expectations of monetary stimulus and a weaker dollar Morgan Stanley expects demand growth of 3.6% this year combined with supply discipline will mean the Aluminium market has a small surplus of 34,000 tonnes this year. Aluminum daily stocks at Shanghai exchange came down by 2492 tonnes. Warehouse stock for Aluminium at LME was at 2400300mt that is down by -8675mt.
Menthaoil trading range for the day is 824.5-840.9. Mentha oil spot at Sambhal closed at 911.40 per 1kg. Spot prices is down by Rs.-3.60/-. Mentha oil ended with gains driven by improved demand from consuming industries at the spot market. Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh too supported. The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes during 2016-17.
Jeera trading range for the day is 17865-18635.Jeera prices ended with gains amid anticipation of improved export demand in coming months. However upside seen limited on heavy arrivals from the producing belts. NCDEX accredited warehouses jeera stocks gained by 254 tonnes to 3188 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -38.65 rupees to end at 18075 rupee per 100 kg.
Turmeric trading range for the day is 8216-8496.Turmeric prices ended with gains on receipt of orders from North India. Though, some gains were capped on monsoon progress in key turmeric producing belts, as the sowing is taking place. NCDEX accredited warehouses turmeric stocks gained by 60 tonnes to 5601 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8567.1 rupees gained 58.05 rupees.
Soyabean trading range for the day is 3765-3841.Soyabean prices gained on improved demand for the bean in export market. The US Department of Agriculture in its weekly soybean export sales report that for 2015-16 were up by 93% on week. NCDEX accredited warehouses soyabean stocks dropped by 585 tonnes to 21627 tonnes. At the Indore spot market in top producer MP, soybean dropped -5 rupee to 3870 rupee per 100 kgs.
Naturalgas trading range for the day is 182.9-202.7. Natural Gas prices rally to settled above 195 level on plant explosion and Weather outlook for hot temperatures in next two weeks Updated forecasts released Monday said temperatures may be hotter than normal throughout most of the contiguous U.S. from July 8 through July 12. Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning. Traders looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand for the fuel.
Nickel trading range for the day is 606-643.4.Nickel prices gained as investors bet on more global stimulus measures after Britain’s shock vote to leave the European Union. Nickel prices gained as sentiments improved after the report from BMI suggested that it maintained its refined nickel price forecast at $9000t in 2016Prices also remained supported on hopes countries would bring in new measures to soothe uncertainty after Britain’s referendum. Warehouse stock for Nickel at LME was at 381084mt that is down by -708mt.
Zinc trading range for the day is 134.6-144.2.Zinc prices gained tracking firmness in LME prices on expectations of tighter markets due to mine closures. The possibility of monetary policy easing in Britain and in China have also helped sentiment. Zinc daily stocks at Shanghai exchange came down by 801 tonnes. Warehouse stock for Zinc at LME was at 428575mt that is down by -1200mt.
Copper trading range for the day is 317.1-330.7.Copper climbed as the dollar slipped and markets continued to digest the implications of Britain’s vote to exit the European Union. Copper has found support as Chinese buyers emerged following news that regulators there would support the yuan. ECB President told EU leaders that Britain’s decision to leave the EU could reduce euro zone growth by a cumulative 0.3 to 0.5 percent. Warehouse stock for Copper at LME was at 192950mt that is up by 1250mt.
Silver trading range for the day is 41626-42798.Silver prices ended with small gains supported by firmness in base metals and crude oil prices. Brexit news raised concerns that other countries might leave the union and that global growth would come under significant pressure Holdings at ishares silver trust gained by 0.23% i.e. 23.65 tonnes to 10374.41 tonnes from 10350.76 tonnes. Market players now turn their attention to a closely-watched two-day EU Summit in Brussels for clearer indications on Britain’s next steps.
Gold trading range for the day is 31020-31598.Gold fell as buyers cashed in gains from the biggest two-day rally in the metal since late 2008, made in the wake of Britain’s shock vote to leave the European Union last week. Britain’s vote to leave the bloc could pose a new drag on the U.S. economy at a time when momentum in the U.S. job market may already be slowing. Ratings agency S&Ps announced that it had lowered the U.K.s sovereign credit rating from AAA to AA, citing last week’s referendum. Holdings in SPDR Gold Trust, climbed by another 13 tonnes to 947.38 tonnes, the highest since July 2013.
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