Jeera trading range for the day is 17135-17965. Jeera prices ended with gains on short covering and the arrivals have slowed down in the physical market. Sources estimate Indias jeera crop output will be around 2.5 lakh tonnes, lower than the 3.75 to 5 lakh-tonne estimated. NCDEX accredited warehouses jeera stocks fall by 12 tonnes to 1704 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -26.9 Rupees to end at 18150 Rupees per 100 kg.
Turmeric trading range for the day is 5192-5448.Turmeric prices ended with gains on short covering as turmeric arrivals have been lower as farmers are bringing less stock in the market. Turmeric arrivals across the country during May 1-15 stood at 58,309 ton as against 114,737 ton a year ago, data showed. NCDEX accredited warehouses turmeric stocks gained by 40 tonnes to 6757 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5435.7 Rupees gained 25 Rupees.
Soyabean trading range for the day is 2646-2730.Soyabean prices ended with losses due to higher production at a domestic and international level. The MSP of soybean has been fixed at Rs 2,775 per quintal with a bonus of Rs 100 per quintal. The worries over soybean crushing margins in China, the top importer of the oilseed, just kept on building. At the Indore spot market in top producer MP, soybean dropped -22 Rupees to 2859 Rupees per 100 kgs.
Menthaoil trading range for the day is 902-951.Mentha oil spot at Sambhal closed at 1062.20 per 1kg. Spot prices was down by Rs.-5.00-.Mentha oil gains on tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh. Farmers are keeping most of the stocks in their hands.In recent years the production and consumption of synthetic mentha has increased which is impacting the demand.
Aluminium trading range for the day is 122.1-127.5.Aluminium dropped tracking LME prices dropped by 1.3 percent after the update that China increases production in the third quarter. Euro zone economic sentiment suffered an unexpected decline in May, EU data showed.A global aluminium producer has offered Japanese buyers a premium of $123 a tonne for July-September primary metal shipments.
Nickel trading range for the day is 577.9-595.1.Nickel gains tracking firmness in LME prices where nickel finished 0.4 percent higher at $9,115 as the dollar weakened following weaker-than-expected U.S. data. Factory activity in China is expected to have grown at its slowest pace in eight months, as previous stimulus fades and policymakers focus on tackling rising debt. Euro zone growth may be improving but inflation remains subdued and still requires substantial stimulus, ECB President Mario Draghi said.
Zinc trading range for the day is 167.4-171.4.Zinc prices dropped as the market waited for top metals consumer China to return from a public holiday. However downside seen limited as, the Chinese government is moving to curb zinc production, as part of a drive to reduce pollution across the country.Last week, combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 8,000 to 129,100 tonnes, down for over three months in a row.
Copper trading range for the day is 362.3-370.3.Copper settled flat with markets waiting for trading to resume in top metals consumer China after a public holiday. Prices were supported by a drop in on-warrant stocks available to the market in LME warehouses, falling to 153,500 tonnes after 7,625 tonnes of cancellations. The global copper market was in surplus for the first two months of the year, according to a new report from the International Copper Study Group. Natural gas trading range for the day is 200.4-210.8.
Natural gas fall as prices continues to trade with weakness where the weather along with east coast of the United States was cooler than normal. The current forecast by the Nation Oceanic Atmospheric Administration is for cooler than normal weather which is likely to reduce cooling demand Looking ahead to this weeks weekly storage report on Thursday, inventories are expected to show a build of about 65bcf.
Crude oil trading range for the day is 3138-3278.Crude oil fell as persistent concerns of oversupply outweighed signs of a strong start to the American summer driving season. The non-OPEC producers that have signed up to the production cut deal reached a compliance rate of 66 % in April, up from 51 percent in March. OPEC to extend a pledge to cut production by around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018 will significantly tighten the market.
Silver trading range for the day is 39681-40771.Silver dropped as hawkish comments concerning U.S. interest rates from a top Fed official weighed on prices. Two of Feds 12 regional banks supported raising the discount rate ahead of the central banks May meeting, according to minutes of the discount rate discussions. Euro zone finance ministers failed to agree with the International Monetary Fund last week on Greek debt relief as well as failing to release new loans to Athens.
Gold trading range for the day is 28539-29087.Gold prices eased after hitting a one month high as economic data from the US showed increased signs that the Fed can hike rate. Risk surrounding the closeness of Britains upcoming elections, the prospect of early elections in Italy and worries over Greek debt were supporting gold.British Prime Minister Theresa Mays lead over the opposition Labour Party dropped to 6 percentage points in a poll, with the election due next week.