Aluminium trading range for the day is 114.6-117.Aluminium prices dropped on worries about Chinese smelters restarting and adding to a glut of supply.Chinas aluminum market started a round of destocking in 2016 amid the countrys ongoing supply side reform.Aluminum capacity in China will reach 41.50 million tonnes by the end of 2016 and rise to 44.50 million tonnes by 2017.
Naturalgas trading range for the day is 179.5-193.5.Natural gas edged higher as market players looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand.Market participants awaited weekly supply data due on Thursday, which is expected to show a build of 34 billion cubic feet.Total natural gas in storage currently stands at an all-time high of 4.017 trillion cubic feet, according to the U.S. Energy Information Administration.
Jeera trading range for the day is 16335-17675.Jeera prices ended with gains tracking a firm trend at spot market on rising domestic as well as exports demand.Reports of lower output in other producing countries, Turkey and Syria will help the Indian exporters to clinch more export deals.NCDEX accredited warehouses jeera stocks dropped by 36 tonnes to 1061 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 6734-7134.Turmeric prices gained on the back of strong demand in the spot markets.However, gains remained capped on expectations of increasing production in coming harvesting season.NCDEX accredited warehouses turmeric stocks dropped by 5 tonnes to 2649 tonnes.In Nizamabad, a major spot market in AP, the price ended at 7528.95 rupees gained 21.1 rupees.
Soyabean trading range for the day is 2982-3080.Soyabean gained on account of the good demand in the spot market against restricted arrivals from producing belts.Soybean meal exports rose over 55% in October from a month ago due to a drop in its price and a pickup in demand from Southeast Asian market.NCDEX accredited warehouses soyabean stocks gained by 2712 tonnes to 62358 tonnes.At the Indore spot market in top producer MP, soybean gained 27 rupee to 3012 rupee per 100 kgs.
Menthaoil trading range for the day is 949.2-1021.Mentha oil spot at Sambhal closed at 1085.00 per 1kg. Spot prices is down by Rs.-4.50-.Mentha oil settled up due to rising demand and falling arrivals the physical markets.Amid fear of lower output this year and rising demand, stockists have started hoarding of mentha oil to manipulate prices.Indias mentha oil output was estimated to remain lower this year from 32,000 tonnes produced during last year.
Nickel trading range for the day is 748.9-786.3.Nickel bucked the weak trend tracking firmness in LME prices settling at $11,300 despite of weakness in other base metals counterGoldman Sachs raised its 3-month, 6-month and 12-month forecast for Nickel to $12,500, $12,500 and $11,000 per tonne.U.S. producer prices were unexpectedly flat in October as a rise in the cost of goods was offset by declining services costs.
Zinc trading range for the day is 167.7-177.7.Zinc dropped pressured by a strong dollar, losses in steel-related products and the unwinding by speculators of very long positions.Zinc prices were also pressured by steep losses in iron ore and steel prices.The euro zone economy grew steadily in the three months after Britains shock vote in June to leave the European Union.
Copper trading range for the day is 361.2-381.2.Copper slid as the dollar strengthened, easing after last week hitting its highest in over a year.China refined copper output jumped 7.1 percent in October from a year ago to 737,000 tonnes, data from the National Bureau of Statistics showed.The total net long position of funds trading copper on the LME rose 18 percent to 63,870 lots last Friday from the previous week.
Crudeoil trading range for the day is 3031-3201.Crude oil prices gained after Russian energy minister said Russia ready to support OPEC decision on output freeze.U.S. crude oil inventories rose more than expected last week on increased imports and a build at the storage hub in Cushing, Oklahoma, EIA showed.The IEA expects global oil consumption to peak no sooner than 2040, leaving its long-term forecasts for supply and demand unchanged.
Silver trading range for the day is 40740-41886.Silver prices dropped amid mounting expectations that the Federal Reserve will hike interest rates next month.Prices are down over the past week amid optimism that increased fiscal spending and tax cuts under a Trump administration will spur economic growth.U.S. industrial production was unchanged in October, weighed down by a decline in utilities output, data from the Federal Reserve showed.
Gold trading range for the day is 29254-29506.Gold steadied with investors showing concern over the impact of the potential economic policies of U.S. president-elect Donald Trump.One interest rate increase, possibly next month, may be enough to bring U.S. rates to a neutral setting, Feds Bullard said.SPDR Gold Trust said its holdings fell 0.13 percent to 926.26 tonnes on Wednesday from 927.45 tonnes on Tuesday.