Aluminium trading range for the day is 113-117.6. Aluminium prices gained with a stockpile in the Chinese market leading the charge, along with concern over an available supply shortage. Chinese road regulations as the main cause, as new weight limitations on trucks have delayed aluminum deliveries. These shortage concerns, combined with improving China demand and higher energy prices, have led speculators to jump into market.
Naturalgas trading range for the day is 182.6-195.2.Natural gas remained supported as market players looked ahead to cold weather forecast in U.S. which should boost demand. Total natural gas in storage currently stands at 3.963 trillion cubic feet, according to the U.S. EIA. Updates to weather forecasts over the weekend showed that temperatures could gradually become less extremely warm.
Jeera trading range for the day is 17910-18520.Jeera prices ended with gains on expectations of fresh export and domestic buying. India imported around 2,550 ton jeera during Apr-Oct 28 as against negligible in the previous year. NCDEX accredited warehouses jeera stocks dropped by 93 tonnes to 1382 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 883.35 rupees to end at 18350 rupee per 100 kg.
Turmeric trading range for the day is 7236-7448.Turmeric prices ended with gained amid expectations of pickup in domestic demand despite of expectations of higher output Turmeric sowing has been completed in all the producing states and crop is pest free. NCDEX accredited warehouses turmeric stocks dropped by 85 tonnes to 2862 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7611.55 rupees gained 27.8 rupees.
Soyabean trading range for the day is 3035-3175.Soyabean prices ended with losses amid weak buying support on oversupply woes. Soybean harvesting will continue in Marathawada region till Nov 10 due to higher moisture conditions in field and crop. NCDEX accredited warehouses soyabean stocks gained by 7523 tonnes to 37294 tonnes. At the Indore spot market in top producer MP, soybean dropped -77 rupee to 2990 rupee per 100 kgs.
Menthaoil trading range for the day is 939.8-989.2.Mentha oil spot at Sambhal closed at 1069.50 per 1kg. Spot prices is down by Rs.-1.80-.Mentha oil ended with losses on profit booking after prices gained on lower output estimates from the major producing. Further, sufficient stocks position on higher supplies from producing regions, too added pressure on mentha oil prices. At Barabanki market arrivals were reported at 200 Drums (1-drum-180kg), up by 200 Drums (1-drum-180kg) from previous trading day.
Nickel trading range for the day is 685.6-781.2.Nickel prices gained on the back of positive outlooks for steelmaking raw materials coking coal and iron ore. Nickel stocks fell 546 tonnes to 363,162 tonnes and cancelled warrants dropped 522 tonnes to 120,462 tonnes. Markets are attempting to strike a balance between a Clinton win and the possibility of a sell-off in commodities if Trump is elected.
Zinc trading range for the day is 161.8-168.2.Zinc prices ended with gains due to expected supply deficits in the market. LME stocks and cancelled warrants were both 300 tonnes lower at 449,050 tonnes and 62,000 tonnes respectively. Glencores production data showed, zinc production from its own sources rose to 282,700 tonnes in the third quarter.
Copper trading range for the day is 332.7-345.7.Copper prices gained in step with a firmer Shanghai futures contract as U.S. presidential candidate Hillary Clinton averted charges over use of emails. Prices have been well-supported as traders bet that the global economy may be gaining momentum after a long period of sluggish growth. Sentiment was mixed on whether the hours leading up to the U.S. election on Nov. 8 will spur or subdue trading activity.
Crudeoil trading range for the day is 2919-3033.Crude oil gained boosted by a commitment from OPEC to stick to a deal to cut output. The secretary-general of the OPEC said the group was committed to an output-cutting deal made in Algiers in September. In US there were also signs of rising future output as the number of drilling rigs looking for new oil to produce rose by 9 to 450 in the week to Nov. 4.
Silver trading range for the day is 42337-43477.Silver prices dropped as demand for safe-haven assets ebbed after the FBI said that no charges were warranted against Hillary. The election fears overshadowed comments last week from Fed that signaled policy makers could start raising U.S. interest rates soon. Hedge funds are piling into the perceived safety of bullion, increasing their wagers that the metal will rally for a second straight week.
Gold trading range for the day is 29693-30703.Gold prices fell as U.S. dollar and stocks rallied after FBI cleared Democratic presidential candidate Hillary Clinton of criminal charges. Bullion was also being pressured by increasing odds of an interest rate hike in December by the Federal Reserve. Chinas gold reserves rose to 59.24 million fine troy ounces at the end of October, up from 59.11 million a month earlier, the central bank said.