Soyabean trading range for the day is 2945-3023.Soyabean gained on account of higher demand and tighter supplies in the domestic market.Soybean arrivals in local mandis during March fell by 23% compared to previous month as farmers were reluctant to sell crops at lower prices.NCDEX accredited warehouses soyabean stocks dropped by 787 tonnes to 182272 tonnes.At the Indore spot market in top producer MP, soybean gained 13 Rupees to 3072 Rupees per 100 kgs.
Menthaoil trading range for the day is 979-999.8.Mentha oil spot at Sambhal closed at 1124.40 per 1kg. Spot prices was up by Rs.4.20-.Mentha oil settled up amid pick-up in demand in the domestic spot market.Further, tight stocks due to fall in arrivals from Chandausi too led to the rise in mentha oil prices.Total production of mentha oil during the current season is 32,000-34,000 tonnes against preliminary estimates of around 40,000 tonnes.
Aluminium trading range for the day is 121.8-124.Aluminium prices gained amid short covering after Chinas economic outlook brightens as trade beats forecasts.China exported 410,000 tonnes of unwrought aluminium and aluminium products, up from Februarys 260,000 tonnes. Chinas aluminium makers have stepped up exports as a healthier global manufacturing climate and declining world stockpiles boost demand.
Nickel trading range for the day is 619.7-637.9.Nickel prices ended with losses as pressure continues as mounting geopolitical tensions curbed appetite for risk.Inventories of nickel ore at Chinas major ports were about 7.80 million tonnes by the end of March, and those ores were only 2.9-month sufficient for production.Nickel market returns to be subject to market fundamentals after the commodity market digested the news in early April that China will build new Xiongan New Area in Hebei.
Zinc trading range for the day is 164.1-171.5.Zinc prices recovered on short covering after prices dropped earlier amid steadily increasing output from China.The global zinc market moved into a surplus of 19,800 tonnes in February from a deficit of 22,300 tonnes in January.ILZSG showed Chinese mine supply surged by nearly a fifth last year, helping to balance the big mine closures elsewhere, leaving total global mine production virtually flat.
Copper trading range for the day is 362.7-369.9.Copper prices rebounded helped by a weaker dollar and upbeat trade data from China, spurring hopes for higher demand.Chinas imports of copper rose 26.5 percent from month ago to 430,000 tonnes in March, data from the General Administration of Customs showed.Chinas 2017 export outlook brightened considerably after it reported forecast-beating trade growth in March.
Crudeoil trading range for the day is 3392-3456.Crude oil pared gains but ended with around 2% gains on weekly basis after IEA said the market was nearing balance. Gains were capped by fresh data showing U.S. production continued to climb, potentially undermining the OPEC-led supply reductions.It can be argued confidently that the market is already very close to balance, the agency said in its monthly report.
Silver trading range for the day is 42129-42915.Silver prices gained as investors continued to back the precious metal amid geopolitical concerns while mostly upbeat economic data failed to weigh on sentiment.In an interview in the Wall Street Journal Trump said the U.S. dollar is getting too strong and would eventually hurt the economy.Data showed that the number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that the labor market remains firm.
Gold trading range for the day is 29222-29526.Gold gained as concerns over North Korea and the Middle East sent investors scurrying for the safety of bullion and the dollar wilted.Fears of a new weapons test by North Korea as a U.S. carrier group sailed towards the region, as well as worries about French presidential election, also kept investors on edge.SPDR gold trust holdings gained by 0.77% i.e. 6.51 tonnes to 848.92 tonnes from 842.41 tonnes.