Jeera trading range for the day is 17260-18020.Jeera prices ended with gains on short covering after prices dropped on lower demand from the physical market players. New crop arrivals are increasing steadily across major spot markets and they are much higher compared to last year. NCDEX accredited warehouses jeera stocks dropped by 390 tonnes to 1314 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -73.1 Rupees to end at 18076.9 Rupees per 100 kg.
Turmeric trading range for the day is 5310-5438.Turmeric prices ended with losses due to weak demand from exporters and the higher stocks. The Andhra Pradesh Markfed has procured 59.8% of the targeted turmeric in the southern state from farmers. Andhra Pradesh government projected 2016-17 turmeric crops at 155,000 ton up from 121,000 ton in the last year. In Nizamabad, a major spot market in AP, the price ended at 5437.5 Rupees gained 1.8 Rupees.
Soyabean trading range for the day is 2727-2787.Soyabean prices dropped due to lower demand, ample supplies, and good progress of new season crop. All India soybean arrivals stood at 160,000 bags (90 kilogram per bag) compared to 120,000 bags from previous day. Soybean mandi in Indore will remain shut Thursday on increasing disputes between farmers and traders.At the Indore spot market in top producer MP, soybean gained 6 Rupees to 2865 Rupees per 100 kgs.
Menthaoil trading range for the day is 915-953.6.Mentha oil spot at Sambhal closed at 1058.10 per 1kg. Spot prices was downward by Rs.-4.10-.Mentha oil gains on tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh. As on now stock positions of Mentha in MCX accredited warehouses were around 3709 drums which is 36 drums less in comparison to last day. In recent years the production and consumption of synthetic mentha has improved which is impacting the demand.
Aluminium trading range for the day is 122.3-125.5.Aluminium prices settled flat as worries about a slowdown over coming months weighed. Chinas manufacturing sector expanded at a solid pace in May thanks to robust construction and infrastructure investment. A global aluminium producer has offered Japanese buyers a premium of $123 per tonne for July-September primary metal shipments.
Nickel trading range for the day is 565.4-594.2.Nickel dropped on worries about oversupply and fears of tepid demand from steel mills in top metals consumer China. Pressure seen as high inventories at LME warehouses are also a negative for nickel prices, stocks at more than 378,000 tonnes. The relaxation of Indonesias ban on exporting unprocessed nickel ore has added to concerns over rising supply.
Zinc trading range for the day is 163.1-172.1.Zinc prices dropped as pressure seen after Chinas zinc concentrate output will add 200,000 tonnes in 2017.The official PMI stood at 51.2 in May, compared with the last months 51.2 and above the 50-point mark that separates growth from contraction on a monthly basis. South Korea bought 3,000 tonnes of zinc for August arrival via tender that closed on Tuesday, state-run Public Procurement Service said.
Copper trading range for the day is 363.3-372.3.Copper gained as support seen after data showed Chinas manufacturing sector expanded at a solid pace in May. Prices also seen supported amid a drop in on-warrant stocks available to the market in LME-registered warehouses, falling to 153,500 tonnes after 7,625 tonnes of cancellations. Investors are keenly awaiting Fridays U.S. non-farm payrolls report, which could set the dollars tone in the short term.
Natural gas trading range for the day is 193.9-207.1.Natural gas dropped as investors reacted to reports of cooler-than-average temperatures over the next 10 days throughout key demand areas.The price drop below 200 level combined with the extreme oversold condition impacting the market, suggests a period of stabilization. While adding further to the downside pressure is the news that the market is saturated with hedge fund buyers.
Crude oil trading range for the day is 3032-3244.Crude oil dropped as rising Libyan production fueled concerns that OPEC-led output cuts are being undermined by several countries that are excluded from the deal. Data from the American Petroleum Institute (API) showed crude inventories were down by 8.7 million barrels at 513.2 million in the week to May 26.Libyas oil production is expected to rise to 800,000 bpd, state-run National Oil Corporation said, which is likely to boost the countrys exports.
Silver trading range for the day is 39729-40459.Silver prices dropped as the dollar regained momentum ahead of Fridays U.S. non-farm payrolls report Silver gains were capped on expectations the U.S. Federal Reserve will hike interest rates weighed on prices.US economic data were generally favorable to start the week, with consumer spending matching income growth for the month of April.
Gold trading range for the day is 28776-29278.Gold prices recovered as dollar dipped and simmering geopolitical tensions lent support, while upside will be capped on rate hike expectation. Traders see an 86.6 % chance of a 25-basis-point rate hike at the Feds June 13-14 policy meeting Investors are keenly awaiting Fridays U.S. non-farm payrolls report, which could set the dollars tone in the short term.