Silver trading range for the day is 39930-42224.Silver prices fell as market players continued to dump the metal in wake of Donald Trumps victory in the U.S. presidential election.Fed Chair Janet Yellen is due to testify on the economic outlook before the U.S. Congress Joint Economic Committee on Thursday.Holdings at ishares silver trust dropped by 0.13 i.e. 14.75 tonnes to 11080.73 tonnes from 11095.48 tonnes.
Gold trading range for the day is 29112-29946.Gold prices gained on short covering after prices remained pressured by stronger U.S. dollar and expectations Fed will raise interest rates in DecemberFeds Fischer said that U.S. economic growth prospects appear strong enough for the Fed to proceed with a gradual increase in interest rates.SPDR gold trust holdings dropped by 0.60% i.e. 5.63 tonnes to 928.93 tonnes from 934.56 tonnes.
Aluminium trading range for the day is 115.8-120.2.Aluminium gained after Chinas infrastructure spend came in ahead of expectations in the worlds top metals consumer.The SHFE raised margin requirements for aluminum after trading terms for iron ore, coal and other commodities were tightened by Chinese bourses.Investors are also considering what a Trump presidency means for Federal Reserve policy and the trajectory of rates.
Naturalgas trading range for the day is 177.5-195.3.Natural gas gained as market players looked ahead to cold weather forecast which should boost demand for the heating fuel.There are currently no signs that December will start off any different as highlighted by Genscape Weather.Weather forecasts are showing mild temperatures, often extremely above normal, covering most of the country through Thanksgiving.
Jeera trading range for the day is 16010-17450.Jeera prices dropped driven by easing domestic and exports demand in the spot market.The jeera sowing in Gujarat and Rajasthan have picked up and anticipation of good harvest next season encouraging the stockists to sell their crop.NCDEX accredited warehouses jeera stocks dropped by 48 tonnes to 1058 tonnes.In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 18218.75 rupee per 100 kg.
Turmeric trading range for the day is 6708-7444.Turmeric prices dropped on expectations of increasing production in coming harvesting season and lowering export demand in recent months.Currently the supplies are for medium and poor quality during the rest of the season till new crop arrived.NCDEX accredited warehouses turmeric stocks dropped by 94 tonnes to 2724 tonnes.In Nizamabad, a major spot market in AP, the price ended at 7537.5 rupees dropped -9.85 rupees.
Soyabean trading range for the day is 2970-3126.Soybean prices ended with losses on expectation of higher supply from United States and Brazil.The USDA hiked 2016-17 United States soybean production forecast for November and also raised its forecast for ending stockpiles.NCDEX accredited warehouses soyabean stocks gained by 3451 tonnes to 48648 tonnes.At the Indore spot market in top producer MP, soybean gained 82 rupee to 3015 rupee per 100 kgs.
Menthaoil trading range for the day is 903.5-957.9.Mentha oil spot at Sambhal closed at 1082.50 per 1kg. Spot prices is up by Rs.3.00-.Mentha oil prices gained due to rising demand and falling arrivals the physical markets.Amid fear of lower output this year and rising demand, stockists have started hoarding of mentha oil to manipulate prices.Exports of mint products stood at 21,150 tonne in FY 2016 as against 25,750 tonne (valued at Rs 2,689.25 crore) in FY 2015.
Nickel trading range for the day is 744.2-784.4.Nickel prices gained as robust Chinese demand broadly supported a prices rebound.Chinas real estate investment growth quickened in October to its highest since April 2014.Nickel ore inventories at seven major Chinese ports kept falling this past week.
Zinc trading range for the day is 167.7-182.1.Zinc prices gained amid continued market optimism that a Trump presidency would boost infrastructure spending in the U.S.Expectations for metals demand have shifted in recent months due to consistently improving economic indicators out of China.Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 4,600 to 236,000 tonnes this past week.
Copper trading range for the day is 371.4-386.8.Copper gained helped by data showing strong fixed asset investment in China.Support also seen buoyed by Donald Trumps surprise U.S. election victory and improved demand prospects in China.Trump has said he plans to fix inner cities, rebuild highways and infrastructure, and put up barriers against cheap imports.
Crudeoil trading range for the day is 2849-2971.Crude oil dropped after OPEC said October output reached another record, casting doubt on whether its plan to limit production is achievable.OPEC said that its output rose to 33.64 million barrels per day (bpd) last month, up 240,000 bpd from September.OPEC plans to cut or freeze output, but investors are skeptical that such a deal will be reached during the cartels Nov. 30 meeting