Zinc trading range for the day is 151.3-153.5.Zinc continuous to outperform settled up at 152.55 on concern about market deficits created by mine closures Chinas trade data was worse than expected on both imports and exports while copper imports were very disappointing. Chinas imports fell 12.5 per cent from a year earlier in July and exports fell 4.4 per cent, pointing to further economic weakness. Warehouse stock for Zinc at LME was at 429425mt that is down by -275mt.
Nickel trading range for the day is 713.7-729.1.Nickel settled up rallied as inflation in China eased in July, Inflation in China grew by 1.8 percent in July, down slightly. Skittish global investors may be reassured by fairly steady growth expected in a flurry of Chinese data in coming weeks Global production of stainless steel was 0.4 percent higher in the first quarter than in the same period of 2015Warehouse stock for Nickel at LME was at 369228mt that is down by -264mt.
Menthaoil trading range for the day is 879.6-933.8.Mentha oil spot at Sambhal closed at 1043.90 per 1kg. Spot prices is down by Rs.-23.90-.Mentha oil prices dropped amid a fall in physical demand from major consuming industries in the domestic spot market. Overall mentha oil output for 2016-17 is now revised upwards at 34,000 tonnes. At Barabanki market estimated market supply was at 350 Drums (1-drum-180kg), lower by 50 Drums (1-drum-180kg) as against previous day.
Jeera trading range for the day is 18455-19945. Jeera prices dropped on profit booking after prices seen supported on expectations of good export demand. Indias jeera exports grew nearly 25% to around 50,000 ton in Apr-Jul this year from 40,000 ton a year ago. NCDEX accredited warehouses jeera stocks dropped by 238 tonnes to 6109 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -183.35 rupees to end at 19250 rupee per 100 kg.
Turmeric trading range for the day is 8078-8246. Turmeric prices ended with losses as sowing is reported to be higher this year, despite of tight stocks and restricted supplies. Sowing operations are in full swing in most of the producing states as rains have picked up in the producing areas. NCDEX accredited warehouses turmeric stocks dropped by 5 tonnes to 6057 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8482.5 rupees gained 6.35 rupees.
Soyabean trading range for the day is 3534-3638. Soyabean prices gained amid higher demand in export market despite of higher supply in domestic market following improved sowing data. Prices were also supported by higher demand from China, imported 7.76 million tons of bean in July. As on Aug 5, soybean sowing was recorded at 11.18 million hectare compared to 11.07 million hectare, data showed. At the Indore spot market in top producer MP, soybean dropped -11 rupee to 3787 rupee per 100 kgs.
Naturalgas trading range for the day is 180-187.2. Natural gas dropped as forecasts for milder weather drove down expectations for demand and pressured prices. Weather forecasts project that the heat waves that have swept the country will dissipate in the coming weeks. Total U.S. natural gas storage stood at 3.288 trillion cubic feet as of last week, according to the US EIA. Prices lost amid speculation that August heat won’t prevent stockpiles from reaching a record before the winter.
Aluminium trading range for the day is 108.6-111.2. Aluminium prices dropped as pressure seen amid worries about demand in top consumer China. Chinas imports fell 12.5 percent from a year earlier in July and exports fell 4.4 percent, pointing to further economic weakness. Aluminum daily stocks at Shanghai exchange came down by 472 tonnes. Warehouse stock for Aluminium at LME was at 2259325mt that is down by -5725mt.
Crudeoil trading range for the day is 2752-2976.Crude oil gained amid renewed speculation that OPEC would try to restrain output, easing oversupply worries. The energy minister of Russia, said crude prices were not at levels that warranted intervention, but he remained open to negotiations with OPEC. Meanwhile, the amount of oil rigs drilling in the United States rose to 381, the highest amount since March. Hedge funds cut their bullish exposure to Brent to the smallest level since January while paring positive bets on WTI to the least since February.
Copper trading range for the day is 318.8-323.8.Copper settled up at 320.65 on short covering but still sentiments remain weak as Chinas copper imports fell in July. Chinas copper imports fell 14 percent to 360,000 tonnes in July from the previous month, customs data showed on Monday Copper demand in China has been very low in July, traditionally a slow period for demand due to summer holidays. Warehouse stock for Copper at LME was at 205025mt that is down by -1625mt.
Silver trading range for the day is 45640-46762.Silver traded in the range as investors continued to stake their bets on a 2016 interest rate hike from the Federal Reserve. The payrolls data reignited speculation that the Federal Reserve could press ahead with interest rate hikes later this year. Holdings at ishares silver trust gained by 0.27% i.e. 29.55 tonnes to 10941.12 tonnes from 10911.57 tonnes. Speculators cut their net long position in COMEX silver contracts for the first time in two months in the week to Aug.
Gold trading range for the day is 30942-31332.Gold steadied as downward momentum from stronger-than-expected U.S. jobs figures late last week lost steam. U.S. employment rose more than expected for the second month in a row in July and wages picked up, bolstering expectations of faster economic growth. SPDR gold trust holdings dropped by 0.67% i.e. 6.54 tonnes to 973.80 tonnes from 980.34 tonnes. Chinas gold reserves stood at 58.79 million fine troy ounces at the end of July, up from 58.62 million fine troy ounces at the end of June, the central bank said.
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