Gold rose as the dollar remained under pressure after minutes from the Federal Reserve’s last policy meeting showed caution over future U.S. interest rates increases. The Fed should be patient and cautious about raising short-term interest rates, but should nevertheless increase them in a sustained way, Fed Kaplan said. Chinas gold reserves stood at 57.79 million fine troy ounces at the end of March, up from 57.5 million at the end of February, the central bank said. Markets were closely watching comments from Fed officials for clues about the timing of any rate hikes.
Silver trading range for the day is 35713-36955.Silver gained as investors digested dovish indications from Feds March minutes that the U.S. central bank will remain cautious of its next interest rate hike. The U.S. economy is on a solid course and still on track to warrant further interest rate hikes, Fed Chair Janet Yellen said. The U.S. Department of Labor said Thursday that initial jobless claims fell by 9,000 to 267,000 last week, slightly below consensus forecasts of 272,000. San Francisco Fed President John Williams said that at least two interest-rate hikes this year is the right course so long as the U.S. economy continues to grow.
Crudeoil trading range for the day is 2408-2582.Crude oil fell as energy traders reacted to reports of a considerable inventory build at the Cushing Oil Hub and an unexpected increase among exports in Iraq. Oil exports from Iraqs southern ports have risen to an average of 3.494 million barrels per day (bpd) in April, an official from the state-run South Oil Company said. In Europe, North Sea oil field maintenance expected next month lent support to Brent futures, which are priced off North Sea supplies. Goldman Sachs said it was less willing to believe in a sustained OPEC production freeze or cut and instead expected OPECs production to rise by 600,000 bpd this year.
Nickel trading range for the day is 553.2-577.4.Nickel dropped as concerns over demand from major consumer China helped push the metal through key chart support, triggering further selling. Chinas foreign exchange reserves rose slightly in March to $3.21 trillion, the central bank said, the first monthly increase since November .Nickel daily stocks at Shanghai exchange came up by 1028 tonnes. Warehouse stock for Nickel at LME was at 431136mt that is down by -888mt.
Menthaoil trading range for the day is 793.2-818.6.Mentha oil spot at Sambhal closed at 963.40 per 1kg. Spot prices is down by Rs.-7.00-.Mentha oil prices dropped due to subdued demand from consuming industries at the domestic spot market. Current year production can slip more that 35% due to lower plantings on falling prices. The total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season.
Soyabean trading range for the day is 4098-4264.Soyabean prices gained on hopes for a pickup in demand for the US crop and weather concerns for new season sowing.US soybean export inspections last week totaled 204,974 tons, below the range of trade forecasts of 300,000 to 500,000 tons. NCDEX accredited warehouses soyabean stocks gained by 121 tonnes to 41821 tonnes. At the Indore spot market in top producer MP, soybean gained 17 rupee to 4149 rupee per 100 kgs.
Chana trading range for the day is 4873-5233.Chana prices rallied as demand surpasses arrivals as stockiest and traders along with government tried to procure new season crop. Market participants are expecting good spot demand in coming months, as arrivals have been steady across country. Moreover, Govt. has also started to procure directly from farmers to create buffer stock for pulses including chana. In Delhi spot market, chana gained by 108.65 rupee to end at 5151.85 rupee per 100 kgs.
Turmeric trading range for the day is 8176-8556.Turmeric on NCDEX settled flat due to fall in demand at the spot market. Turmeric prices expected to look up in the coming week because of fears of weak output caused by lower rains of 2015.NCDEX accredited warehouses turmeric stocks gained by 45 tonnes to 1954 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8752.5 rupees gained 20.95 rupees.
Aluminium trading range for the day is 98.8-101.4.Aluminium prices dropped as prices were hit by a China-driven supply overhang. The U.S. Department of Labor said Thursday that initial jobless claims fell by 9,000 to 267,000 last week, slightly below consensus forecasts of 272,000. Aluminum daily stocks at Shanghai exchange came down by 3416 tonnes. Warehouse stock for Aluminium at LME was at 2756525mt that is down by -7225mt.
Naturalgas trading range for the day is 123.5-139.7.Natural gas rallied in the line of expectation closed with the gain near to 5% despite data showing supplies in storage rose. EIA said in its weekly report that natural gas storage in the U.S. in the week ended April 1 rose by 12bcf.Updated weather forecasting models pointed to a burst of chillier-than-normal weather across most parts of the US in the coming days. Total natural gas storage stood at 2.480tcf, 40.6% higher than levels at this time a year ago.
Jeera trading range for the day is 15940-17040.Jeera prices edged higher on expectation of good export demand as good quality jeera hitting the spot market. Trade sources expect increased demand on fears of crop damage because of the recent unseasonal rains. NCDEX accredited warehouses jeera stocks gained by 78 tonnes to 1810 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 152.1 rupees to end at 16233.35 rupee per 100 kg.
Zinc trading range for the day is 114.1-120.9.Zinc ended with losses as LME zinc was the biggest loser this week, caught in the slipstream of copper as investors booked profits on metals. The U.S. economy is on a solid course and still on track to warrant further interest rate hikes, Federal Reserve Chair Janet Yellen said Zinc daily stocks at Shanghai exchange came up by 3196 tonnes. Warehouse stock for Zinc at LME was at 432150mt that is down by -1475mt.
Copper trading range for the day is 298.9-320.9.Copper dropped to a one-month low dropped nearly 3% as simmering demand concerns undermined prices and came under further selling pressure. Copper earlier found support as minutes of a Fed meeting showing caution among policymakers on raising U.S. interest rates. China may be about to shock the global copper market by unleashing some of its stockpiles, which are near record highs, onto the global market. Warehouse stock for Copper at LME was at 145000mt that is up by 3925mt.