Gold trading range for the day is 28965-29795.Gold rally after the Federal Reserve cut the number of interest rate rises it forecasts for this year, sending the dollar sharply lower.Wednesdays statement suggested the Fed remained cautious on the potential risks posed by an uncertain global economy.SPDR gold trust holdings gained by 1.50% i.e. 11.89 tonnes to 807.09 tonnes from 795.20 tonnes. Jewelers strike in India has extended into its third week, stores have been shut since Mar. 2 to protest an excise levy.
Silver trading range for the day is 36854-38934.Silver gained after the Federal Reserve kept interest rates unchanged and indicated just two more rate hikes this year instead of the four expected.The Fed scaled back forecasts for how high interest rates will rise this year, citing the potential impact from weaker global growth.Fed officials also cut their expectations for economic growth and inflation.Market players pushed back expectations for the next U.S. rate hike to September, instead of June, in wake of the Feds surprisingly dovish outlook.
Copper trading range for the day is 332.3-344.1.Copper rallied more than 1% as LME Copper closed to its highest in more than four months boosted by signs from the US Fed will not raise rate.Stocks of copper in LME approved warehouses stood at 160,925 tonnes, down about 30 percent since late November.Copper stocks in ShFE warehouses have nearly doubled since the middle of December to reach 350,138 tonnes.Warehouse stock for Copper at LME was at 160925mt that is down by -6100mt.
Zinc trading range for the day is 117.8-124.6.Zinc rallied more than 3% for the first time this week amid signs of tightening supply.Support seen after the update that world refined zinc production fell to 1.12mmt in January, from 1.14 million in December- ILZSG LME Zinc has rallied 9.6% this year amid speculation that the market will be in deficit after producers including Glencore Plc curbed output.Warehouse stock for Zinc at LME was at 449000mt that is down by -3525mt.
Nickel trading range for the day is 571.9-601.1.Nickel prices rallied on the hope that output cuts move the chronically oversupplied market into deficitBut market also expects that prices are unlikely to recover sharply unless more loss-making mines close.The global market for refined nickel fell to a 8,100-tonne deficit in January from a small surplus in December-INSG showedWarehouse stock for Nickel at LME was at 434838mt that is down by -864mt.
Aluminium trading range for the day is 99.4-103.4.Aluminium dropped while other metals recovered as still global economy remained weak while the domestic economy experienced slowing growth.The aluminium sector continued to suffer from oversupply and the entire industry went into the red as aluminium remained low.Declines in Chinas foreign trade will ease after March, though trade conditions are expected to be more severe this year than in 2015.Warehouse stock for Aluminium at LME was at 2862125mt that is down by -5800mt.
Crudeoil trading range for the day is 2541-2723.Crude oil prices rallied amid growing hopes major oil producers will work together to cap output.Oil also gained support from a smaller-than-expected rise in U.S. inventories, but crude stocks still hit a record, the U.S. EIA said.Qatari oil minister Saleh Al-Sada said producers from within and outside OPEC will meet in Doha on April 17 to discuss plans for a freeze in output.The initiative was supported by around 20 OPEC and non-OPEC producers, accounting for about 73% of global oil production, according to Venezuelas Oil Minister.
Naturalgas trading range for the day is 120.2-131.4.Natural gas closed up by 1% but upside was capped after data showed natural gas supplies in storage fell less than expected last week.EIA said in its weekly report that natural gas storage in the US in the week ended March 11 declined by just 1bcf.Market experts worry there may be too much gas left in storage at the end of March when utilities traditionally start injecting the fuel back into storage.Despite recent gains, natural gas futures are down nearly 17% so far this year as weak winter heating demand, near-record production and record-high storage.
Menthaoil trading range for the day is 861.4-882.2.Mentha oil spot at Sambhal closed at 1027.10 per 1kg. Spot prices is down by Rs.-3.80-.Mentha oil prices gained tracking improved demand from consuming industries at the domestic spot market.Further, tight stock positions on account of restricted supplies from major producing belts of Chandausi in Uttar Pradesh, also supported prices.At Sambhal market sources reported arrivals at 100 Drums(1-drum=180kg), steady as against previous days arrival.
Soyabean trading range for the day is 3733-3789.Soyabean prices gained on supply concerns after USDA trimmed 2015-16 US soybean production forecast for March and on improved demand in global market.The USDA cut US, production estimates to 106.9 million tons in March compared to 107 million tons in the previous month and 106.9 million tons a year ago.Soybean imports by China were 4.51 million in February compared to 5.66 million tons in January, as per customs agency.At the Indore spot market in top producer MP, soybean gained 10 rupee to 3798 rupee per 100 kgs.
Chana trading range for the day is 4321-4453.Chana gains driven by pick-up in demand at the spot market amid forecast of unseasonal rains in North and Central India.Food minister told that this year for filling the gap between demand and supply centre has to import around 6.5 million tons of pulses.At Ganj Basoda market in Ganjbasoda total arrivals are at 5000 quintals, up by 2500 quintals as compared to previous day.In Delhi spot market, chana gained by 12.5 rupee to end at 4712.5 rupee per 100 kgs.
Turmeric trading range for the day is 8650-9238.Turmeric prices ended with losses on profit booking after prices gained amid expectation of better demand from upcountry buyers.New season crop has hit the markets but majority of arrivals are of medium quality turmeric.At Sangli market arrivals were reported at 18500 quintals, up by 500 quintals from previous days arrivals.In Nizamabad, a major spot market in AP, the price ended at 8926.9 rupees remains unchanged at0 rupees.
Jeera trading range for the day is 14180-15010.Jeera prices ended with gains on rising demand from stockists and traders at the spot market.Investors are still expecting some export enquiries on reports of good quality jeera production this year but the demand is still lower.NCDEX accredited warehouses jeera stocks gained by 36 tonnes to 266 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -1.8 rupees to end at 14880 rupee per 100 kg.