Silver trading range for the day is 36090-37230.Silver gained after data showed the number of people who filed for unemployment assistance in the U.S. last week rose more than expected. Federals Dudley said he agrees with Yellens views that the U.S. central bank should proceed cautiously, particularly given risks from slow growth abroad. Holdings at ishares silver trust gained by 0.66% i.e. 68.08 tonnes to 10344.35 tonnes from 10276.27 tonnes. All eyes are now on U.S. non-farm payrolls data due later in the session that will be watched for clues about the labor market and the economy.
Crudeoil trading range for the day is 2469-2643.Crude oil ended with gains helped by a falling US dollar, while market players continued to focus on a global supply glut. U.S. Crude oil production fell by 56,000 barrels per day to 9.179 million bpd in January, according to monthly data from the U.S. EIA. That was the fourth straight month U.S. domestic oil production had fallen and the lowest output level since October 2014, according to EIA data. Producers are meeting on April 17 in Qatar to discuss the plan to stabilize output at January’s levels.
Zinc trading range for the day is 116.6-122.2.Zinc prices recovered to end with gains as positive sentiment created by a lower dollar was reinforced by strong manufacturing data from US. Data showed activity in Chinas manufacturing sector unexpectedly expanded in March, fuelling hopes that downward pressure on the economy is easing. Zinc daily stocks at Shanghai exchange came down by 179 tonnes. Warehouse stock for Zinc at LME was at 435550mt that is down by -250mt.
Nickel trading range for the day is 553.7-575.3.Nickel prices ended with gains as slight falls in inventories of nickel resulted in some support from investors. Philippine nickel ore producers, agreed earlier this month to slash output and exports in 2016 by as much as 20 percent in response to weak prices. Nickel daily stocks at Shanghai exchange came down by 6 tonnes. Warehouse stock for Nickel at LME was at 431652mt that is down by -1020mt.
Menthaoil trading range for the day is 799.7-863.9. Mentha oil spot at Sambhal closed at 986.80 per 1kg. Spot prices is down by Rs.9.60/-. Mentha oil prices ended with gains amid rising demand from consuming industries at the domestic spot market. Besides, restricted arrivals from major growing regions of Chandausi in Uttar Pradesh too fuelled the uptrend. As per market survey the total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season.
Chana trading range for the day is 4524-4700. Chana prices ended with losses on profit booking after gaining on anticipation of lower arrivals from new season crop Government has started to procure directly from farmers to create buffer stock for pulses including chana. Market participants were expecting good spot demand in coming months as arrivals have dipped in spot market across country. In Delhi spot market, chana gained by 64.45 rupee to end at 4714.45 rupee per 100 kgs.
Aluminium trading range for the day is 98.4-102.4.Aluminium gains as support comes from a tighter LME Aluminium market due to falling stocks and a rise in cancelled warrants. Stocks of Aluminium in LME approved warehouses have fallen nearly 15 percent since September last year to around 2.8 million tonnes. Aluminum daily stocks at Shanghai exchange came down by 1018 tonnes. Warehouse stock for Aluminium at LME was at 2792000mt that is down by -6875mt.
Naturalgas trading range for the day is 125.7-136.5.Natural gas turned lower retreating from seven-week highs after data showed natural gas supplies in storage fell more than expected last week. EIA said in its weekly report that natural gas storage in the U.S. in the week ended March 25 fell by 25bcf against 22bcf.
Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on late-winter heating demand. A warmer-than-normal winter due to the El Nio weather pattern has limited the amount of heating days and reduced demand for the fuel.
Jeera trading range for the day is 15525-16005.Jeera prices ended with gains on expectation of increasing demand from the stockists at the spot market. As per the final rabi sowing report, Gujarat has planted more cumin compared to last year sowing progress. NCDEX accredited warehouses jeera stocks gained by 463 tonnes to 1139 tonnes. In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 15320 rupee per 100 kg.
Turmeric trading range for the day is 7960-8588.Turmeric prices ended with losses due to fall in demand at the spot market. New season crop has hit the markets but majority of arrivals are of medium quality. NCDEX accredited warehouses turmeric stocks gained by 319 tonnes to 1465 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8785.3 rupees remains unchanged at0 rupees.
Soyabean trading range for the day is 4008-4114.Soyabean prices ended with gains on expectation of higher demand for crushing. Further, lower arrivals in the spot market and improvement in global oilseed prices too helped soyabean prices uptrend. NCDEX accredited warehouses soyabean stocks gained by 523 tonnes to 41655 tonnes. At the Indore spot market in top producer MP, soybean gained 30 rupee to 4020 rupee per 100 kgs.
Copper trading range for the day is 316.6-325.2.Copper prices dropped as a cut to the outlook for Chinas credit rating added to concerns on global demand. Standard & Poor’s said increasing economic and financial risks prompted it to reduce the outlook for Chinas credit rating to negative from stable. The markets next focus is on Fridays non-farm payrolls, widely used to gauge the health of the U.S. economy. Warehouse stock for Copper at LME was at 144750mt that is down by -700mt.
09:52 Gold trading range for the day is 28494-29008.Gold gains as the dollar and stock markets retreated, locking in the metals quarterly gain amid reduced expectations for U.S. interest rate hikes. Federal Reserve Chair Janet Yellen said the U.S. central bank should proceed only cautiously in raising interest rates. Indias gold demand in the March quarter is set to drop by about two-thirds from a year ago to its lowest in seven years. Investors were is now awaiting fresh direction from U.S. non-farm payrolls data on Friday, a closely watched barometer of the health of the U.S. economy.