Gold tried to move higher in yesterday’s session but dropped again as dollar recovered to hold 96 level mark. But expectations are high to see a rebound in the next couple of days since RSI is in oversold territory.
Aluminium trading range for the day is 110-112.Aluminium settled flat as firmness in LME price s supported ending up 0.4 percent at $1,675.50 a tonne. However upside was limited as the greenbacks stronger tone this week continuing to weigh on the base metals complex. Trade was expected to stay subdued until mainland China markets reopen on Monday. Gold tried to move higher in yesterday’s session but dropped again as dollar recovered to hold 96 level mark. But expectations are high to see a rebound in the next couple of days since RSI is in oversold territory.
Naturalgas trading range for the day is 191.4-208.4.Natural gas gained amid expectations for production to drop to a two-year low and as market players looked ahead to fresh weekly U.S. gas inventories. Traders continued to monitor the path of Hurricane Matthew amid easing concerns that it will disrupt offshore production in the Gulf of Mexico. Market participants awaited weekly supply data, which is expected to show a build of approximately 67 billion cubic feet.
Jeera trading range for the day is 16555-17175.Jeera prices ended with losses on account of fall in domestic as well as export demand at the spot market. At Unjha market in Mehsana, sources reported arrivals at 500 quintals, down by 200 quintals from previous day’s arrivals. NCDEX accredited warehouses jeera stocks dropped by 99 tonnes to 3531 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -225 rupees to end at 17695 rupee per 100 kg.
Turmeric trading range for the day is 6992-7260.Turmeric prices dropped on expectation of higher production in the coming year due to strong sowing of turmeric in the producing belts of Karnataka. No crop damage reported for Turmeric due to recent heavy rainfall in Telangana. Telangana state is major Turmeric growing state in India. NCDEX accredited warehouses turmeric stocks dropped by 198 tonnes to 5256 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7590.75 rupees dropped -9.25 rupees.
Soyabean trading range for the day is 3167-3301.Soyabean gained on short covering after prices dropped tracking weakness in spot demand and overseas prices. The U.S. soybean harvest was 26 percent complete as of now, ahead of the trade estimates average of 25 percent. Total soybean 2016-17 output expected to be higher at 9.5 million tons as compared to 7 million tons previous year. At the Indore spot market in top producer MP, soybean dropped -12 rupee to 3198 rupee per 100 kgs.
Menthaoil trading range for the day is 845.5-878.9. Mentha oil spot at Sambhal closed at 1008.70 per 1kg. Spot prices is down by Rs.-4.80/-. Mentha oil prices ended with losses amid lackluster demand in the domestic spot market. However, insufficient stocks position on restricted supplies from major producing belts of Chandausi restricted some losses. At Sambhal market, estimated market supply was at 150 Drums (1-drum=180kg), higher by 25 Drums (1-drum=180kg) as against previous day.
Nickel trading range for the day is 658.3-686.7.Nickel gains on short covering after prices dropped as supply concerns eased amid speculation that Philippine mines could avoid shutdowns. Prices rallied 20 percent this year through the first three quarters on concern that mine disruptions in the Philippines will curb supply Inventories tracked by the London Metal Exchange fell to the lowest in almost two years.
Zinc trading range for the day is 153.9-159.7. Zinc prices ended with losses as upbeat U.S. services data boosted the dollar. Trading in metals has been muted by the absence of Chinese traders this week due to the Golden Week holiday. Euro zone business growth fell last month to its weakest since the beginning of 2015, according to surveys.
Copper trading range for the day is 319.2-324.8.Copper prices settled flat as holidays in China muted trade, although markets kept a close watch on the U.S. dollar. Around 1,000 miners have gone on strike at Freeport’s Grasberg mine in Indonesia after the company said that production would not be affected. With China absent for national holidays this week, liquidity has also been thin, which has resulted in increased volatility.
Crudeoil trading range for the day is 3247-3367.Crude oil gained after data showed that crude supplies in the U.S. fell for the fifth week in a row. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 2.976 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 569,000 barrels last week, the EIA said.