Aluminium trading range for the day is 110.6-112.4.Aluminium prices dropped as LME prices closed down 0.1 percent at $1,675 on profit booking after prices gained to seven-week high .The U.S labor market showed weaker than expected readings as the economy created fewer jobs than expected in September.Chinas reserves have now dropped for three straight months, down $15.89 billion in August and $4.11 billion in July.
Naturalgas trading range for the day is 197.5-222.1.Natural gas gained as forecasts showed unseasonably high temperatures that would prop up demand for the power-plant fuel, trimming a supply glut.Prices also seen supported as meteorologists predicted warmer-than-normal weather across most of the lower 48 states from Oct. 12 to Oct. 21.Traders are speculating that Hurricane Matthew will cause fewer power outages in the U.S. Southeast than expected, keeping gas demand elevated.
Jeera trading range for the day is 16780-17280.Jeera prices ended with losses on anticipation of good crop from the producing belts in the next season.The physical stocks are dwindling with the stockists but anticipation of good crop in the next season also weighed.NCDEX accredited warehouses jeera stocks gained by 37 tonnes to 3457 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 8.35 rupees to end at 17608.35 rupee per 100 kg.
Turmeric trading range for the day is 6830-7330.Turmeric prices ended with losses on higher arrivals from the producing regions.Pressure also seen on forecast of dry weather across turmeric growing states during second half of October, which may be favorable for crop.NCDEX accredited warehouses turmeric stocks dropped by 54 tonnes to 5087 tonnes.In Nizamabad, a major spot market in AP, the price ended at 7523.5 rupees remains unchanged at0 rupees.
Soyabean trading range for the day is 3187-3277.Soyabean prices dropped on profit booking after prices gained as late spells of monsoon rains has damaged standing soybean crop.Soybean Processors Association of India (SOPA) said about 70% of the crop has already been harvested so any damage would be minimal.Soybean cultivation area in MP this year has been estimated at 56 lakh hectares, about the same as last year.At the Indore spot market in top producer MP, soybean gained 3 rupee to 3229 rupee per 100 kgs.
Menthaoil trading range for the day is 850.6-878.4.Mentha oil spot at Sambhal closed at 1009.60 per 1kg. Spot prices is down by Rs.-1.60-.Mentha oil prices dropped amid lackluster demand in the domestic market.However, tight stocks position on restricted supplies from major producing belts of Chandausi in Uttar Pradesh restricted some losses.At Sambhal market, sources reported arrivals at 125 Drums(1-drum=180kg), lower by 25 Drums(1-drum=180kg) from previous trading day.
Nickel trading range for the day is 669.3-698.1.Nickel prices dropped as concerns about supply restrictions eased even inventories tracked by the LME fell to the lowest in two years.Indonesia could export up to 15 million tonnes of nickel ore in 2017 if it amends a ban on unprocessed ore exports, a mining ministry official said.Indonesias nickel ore exports had increased sharply before the ban was implemented, hitting about 60 million tonnes in 2013.
Zinc trading range for the day is 153-157.6.Zinc prices ended with small gains tracking LME zinc rose 0.2 percent to $2,325 as weakness in dollar supported.U.S. employers took on fewer workers than expected in September, indicating the Fed could be more cautious about raising interest rates.U.S. wholesale inventories in August fell more than previously reported as businesses ran down their stocks.
Copper trading range for the day is 317.5-325.5.Copper prices gains after the dollar pared gains on data showing U.S. employers took on fewer workers than expected in September.Traders are concerned a raft of new measures announced by Beijing to dampen soaring house prices in second and third tier cities.LME copper stocks continued to leave listed warehouses in Asia – Cancelled warrants at 69,375 tonnes were down 6,925 tonnes.
Crudeoil trading range for the day is 3242-3432.Crude oil prices dropped as financial market confidence in the rally came up against a physical excess of crude.Some of the support came from Hurricane Matthew in the U.S. Gulf, which could disrupt U.S. oil imports and lead to fuel shortages.OPEC members are scheduled to meet November 30 in Vienna to discuss the details of an agreement to cut output to 32.5-33 million barrels per day.
Silver trading range for the day is 40502-42982.Silver prices ended with gains as support seen in response to a soft US jobs report and a weaker US dollar.The ECB will do its part to support euro zone growth by continuing its stimulus policy of ultra-low interest rates and bond purchases.Non-farm payrolls rose 156,000 in September, compared to the rise of 167,000 in August that was revised from the initial reading of 151,000.
Gold trading range for the day is 29019-30139.Gold prices traded with heavy volatility and settled flat after the U.S. economy added fewer jobs last month than forecastThe U.S labor market showed weaker than expected readings as the economy created fewer jobs than expected in September.SPDR gold trust holdings gained by 1.19% i.e. 11.27 tonnes to 958.90 tonnes from 947.63 tonnes.
Read More – Commodity Updates