Crude Oil trading range for the day is 3207-3385. Crude recovered as support seen as a sharp decline in crude inventories offset a widely expected decision by OPEC to leave its production ceiling unchanged. Energy Information Administration said in its weekly report that crude oil inventories fell by 1.366 million barrels in the week ended May 27. Crude prices hit session-lows after OPEC ended its semi-annual meeting in Vienna without making any adjustments to its production ceiling. Iran refused to cooperate with requests to limit production as it attempts to make up for years of harsh sanctions.
Silver trading range for the day is 38303-38723. Silver little changed as the dollar turned positive after the ECB said it made only marginal upward adjustments to its inflation projections. U.S. private employers increased hiring in May and new applications for jobless benefits fell last week, further boosting the economic outlook for the second quarter. Holdings at ishares silver trust gained by 0.46% i.e. 48.52 tonnes to 10491.18 tonnes from 10442.66 tonnes. Market players now looked ahead to Fridays US nonfarm payrolls report, a solid readings could further heighten expectations for a rate hike.
Copper trading range for the day is 306.9-311.3. Copper settled down facing a 2 percent weekly drop as a stronger dollar and ebbing seasonal demand from top consumer China undermined prices. ECB President Mario Draghi said inflation would likely remain very low or negative in the next few months. The total net long position of funds trading copper on the LME rose to 25,404 lots on May 27 from 24,919 lots the previous Friday, an LME report showed. Warehouse stock for Copper at LME was at 153525mt that is down by -825mt.
Aluminium trading range for the day is 101.7-107.5. Aluminium dropped as prices failed to sustain their April gains despite the large boost to Chinese credit growth early this year. The latest data releases on Chinese trade, production, investment and credit suggest that the economys burst of life is unlikely to last. Aluminum daily stocks at Shanghai exchange came down by 2225 tonnes. Warehouse stock for Aluminium at LME was at 2515675mt that is down by -4500mt.
Naturalgas trading range for the day is 157.9-166.3. Natural gas prices rose as support seen after US inventory data showed an increase in stockpiles that was smaller than expected. EIA said in its weekly report that natural gas storage in the US in the week ended May 27 rose by 82bcf against 85bcf. Demand for natural gas tends to rise in the summer months as warmer temperatures increase. Total US natural gas storage stood at 2.907tcf, 24.5% higher than levels at this time a year ago.
Turmeric trading range for the day is 7828-8008. Turmeric prices gained on increasing demand from traders and stockiest at the spot market. Turmeric arrivals are increasing in Southern states and not much of demand is emerging from stockiest. NCDEX accredited warehouses turmeric stocks gained by 20 tonnes to 5432 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8361.75 rupees dropped -27.15 rupees.
Chana trading range for the day is 5961-6125. Chana gained on short covering after prices dropped on the back of easing and on higher supplies from producing regions. In order to increase domestic production of pulses, Government has increased the MSP of Kharif pulses. NCDEX accredited warehouses chana stocks dropped by 321 tonnes to 2022 tonnes. In Delhi spot market, chana dropped by -13.55 rupee to end at 6136.45 rupee per 100 kgs.
Soyabean trading range for the day is 3832-3952. Soyabean prices gained tracked by higher prices in international markets due to concerns over the South American production. Indian farmers are set to reduce the area for soybean cultivation by up to 10% this year, too supported soyabean prices. NCDEX accredited warehouses soyabean stocks gained by 203 tonnes to 34430 tonnes. At the Indore spot market in top producer MP, soybean gained 13 rupee to 3979 rupee per 100 kgs.
Mentha Oil trading range for the day is 859.4-888.6. Mentha oil spot at Sambhal closed at 1001.80 per 1kg. Spot prices is down by Rs.-0.80-. Mentha oil prices gained tracking rising demand from consuming industries at the spot market. Further, restricted arrivals from major producing belt of Chandausi in Uttar Pradesh too fuelled the uptrend. At Sambhal market estimated market supply was at 70 Drums (1-drum=180kg), lower by 10 Drums (1-drum=180kg) as compared to previous day.
Nickel trading range for the day is 564-577.8. Nickel prices dropped amid expectations of slower seasonal demand in top consumer China, where there is a surplus. U.S. private employers increased hiring in May and new applications for jobless benefits fell last week, further boosting the economic outlook in news, Chinas new home prices rose further in May, while global manufacturing activity remained stuck in a rut last month. Warehouse stock for Nickel at LME was at 400008mt that is down by -1500mt.
Gold trading range for the day is 28688-29126. Gold inched down amid a relatively flat dollar, as the ECB and OPEC ended without enacting any major policy changes. Fed have been hesitant to lift rates as the ECB and the Bank of Japan continue to maintain a negative interest rate policy. Holdings in SPDR Gold Trust, rose 0.51 percent to 875.20 tonnes on Thursday from 870.74 tonnes on Wednesday, the highest since October 2013. The steady stream of upbeat data suggest the economy is regaining momentum after growth slowed sharply at the start of the year.
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