Aluminium trading range for the day is 114.5-119.7. Aluminium prices dropped into negative territory tracking LME prices amid further profit-taking and rise in LME stocks by 61525 tonnes. Japans economic growth handily beat expectations in the July-September period, expanding for a third straight quarter as exports recovered. Euro zone industrial production fell by less than expected in September, driven down mostly by a steep drop in the output of durable goods.
Naturalgas trading range for the day is 181.9-194.3. Natural gas prices dropped as dismal seasonal demand outweighed optimism from normalizing weather forecasts. Prices rose earlier in the day on forecasts for normal and below-normal temperatures across the East, which could signal more consumption. Market participants awaited weekly supply data, which is expected to show a build in a range between 21 and 30 billion cubic feet.
Jeera trading range for the day is 16035-17165. Jeera prices gained as there is paucity of supplies while domestic buying may emerge. Sowing of jeera has started and traders are expecting higher acreage due to high prices in the domestic market. NCDEX accredited warehouses jeera stocks gained by 39 tonnes to 1097 tonnes. In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 18218.75 rupee per 100 kg.
Turmeric trading range for the day is 6650-7106. Turmeric prices ended with losses amid expectation of bumper output despite of tight stocks position. Turmeric sowing has been completed and output is expected by bumper as standing crop is pest free due to favourable weather conditions. NCDEX accredited warehouses turmeric stocks dropped by 70 tonnes to 2654 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7507.85 rupees dropped -29.65 rupees.
Soyabean trading range for the day is 2954-3062. Soyabean prices dropped as the ongoing cash crunch is affecting buying activity of oil millers and crushing units and on higher supply. World inventories before start of Northern Hemisphere harvest forecast to rise 5.8% to record as global output climbs for fourth time in past five years. NCDEX accredited warehouses soyabean stocks gained by 10998 tonnes to 59646 tonnes. At the Indore spot market in top producer MP, soybean dropped -30 rupee to 2985 rupee per 100 kgs.
Menthaoil trading range for the day is 925.3-989.7. Mentha oil spot at Sambhal closed at 1089.50 per 1kg. Spot prices is up by Rs.10.00-. Mentha oil prices gained taking positive cues from spot market on upsurge in demand against tight stocks. Indias mentha oil output was estimated to remain lower this year from 32,000 tonnes produced during last year. Interestingly, India possesses massive carryover stocks from the last year capping the rise in prices.
Nickel trading range for the day is 738.9-788.1. Nickel ended with noimnal losses after a rally fuelled by Donald Trumps victory in the U.S. presidential election. Retail sales in the U.S. rose more than expected in October, bolstering optimism about consumer spending being able to push economic growth. Eurozone gross domestic product (GDP) expanded 0.3% in the third quarter, unchanged from the April-June period.
Zinc trading range for the day is 168-183.2. Zinc dropped tracking copper prices on profit booking after gaining earlier on expectations of a pick-up in Chinese demand for steel alloys. Zinc stockpiles tracked by LME are near the lowest level since 2009 after mines depleted and miners scaled back production amid a price plunge. Industrial output gains have stabilized in excess of 6 percent compared with a year before, according to data.
Copper trading range for the day is 356.5-388.1. Copper dropped as traders cashed in gains after last weeks dramatic price spikes supported by Trumps U.S. presidential election victory. Prices rallied last week lifted by the surge in interest from China and increasing signs of economic resilience in the country. Chinas refined copper output will grow 3.1% to 8 million tonnes in 2017.
Crudeoil trading range for the day is 2898-3178. Crude oil jumped on expectations that OPEC will agree later this month to cut production to reduce a supply glut. Oil producers in the Organization of the Petroleum Exporting Countries are due to meet later this month to agree to limit output. Saudi Arabias energy minister has said it is imperative OPEC reach a consensus on a deal to curb production, sources said.
Silver trading range for the day is 40432-42078. Silver prices recovered on short covering amid uncertainty over the economic policies of U.S. President-elect Donald Trump. The case for U.S. interest rate increases at the Federal Reserve will grow if the federal government uses tax cuts, Feds Lacker said. In a report, the U.S. Commerce Department said that retail sales rose 0.8% in October from the prior month, compared to expectations for a 0.6% increase.
Gold trading range for the day is 29032-29702. Gold sentiments dropped as markets are now anticipating a hike in U.S. interest rates in December. The case for U.S. interest rate increases at the Federal Reserve will grow if the federal government uses tax cuts, Feds Lacker said. SPDR Gold Trust, said its holdings fell 0.16 percent to 927.45 tonnes on Tuesday from 928.93 tonnes on Monday.