Gold trading range for the day is 28782-29000.Gold traded in range in thin holiday trade, with a softer dollar and a retreat in stock markets helping the metal cling on to the previous sessions gains.Global gold demand declined by 18pc during the first quarter of 2017 to 1,034 tonnes, mainly due to less inflows into ETFs and slower central bank demand.The gold demand in India will remain in the range of 650-750 tonnes in 2017 even if the GST rates are fixed at a lower rate, according to WGC.
Silver trading range for the day is 40001-40535.Silver remained supported as the latest ballistic missile test by North Korea supported safe-haven demand.North Korea fired what appeared to be a short-range ballistic missile that landed in the sea off its east coast, South Koreas military said.The market is also awaiting next months Federal Open Market Committee meeting for any clues on the U.S. Federal Reserves stance on interest rate increases.
Crudeoil trading range for the day is 3170-3314.Crude oil gained on short covering recovering from last weeks losses with the market remaining cautious as increases in U.S. drilling activity.U.S. drillers have added rigs for 19 straight weeks, bringing the total 722, the highest number since April 2015 and the longest run of additions on record.Oil ministers from OPEC and non-OPEC agreed to extend supply cuts of 1.8 million barrels per day until the end of the first quarter of 2018.
Naturalgas trading range for the day is 200.7-217.5.Natural Gas prices dropped as cooler than normal weather spread across US, reducing cooling demand.Prices traded with weakness with trading volumes likely to remain light as U.S. markets remained closed for Memorial Day.The latest U.S. weather model called for mild temperatures over the next two weeks, which should dampen natural gas demand during that time.
Copper trading range for the day is 362-373.6.Copper settled flat as pressure seen due to expectations of weaker demand in top consumer China over the coming months.Strikes at Peruvian mines resolved in two weeks, with limited supply disruptions as company used temporary workers to maintain production.Freeport resumed exports in late April from its Grasberg mine in Indonesia, after being suspended by the government since mid-January.
Zinc trading range for the day is 169-171.Zinc prices traded in range with holidays in the U.S., U.K. and China slowing trading activity around the world.Market players are looking ahead to this weeks U.S. employment report on Friday for further signs of Feds likely rate hike trajectory through the end of the year.The National Bureau of Statistics (NBS) data show Chinas zinc production fell 5.6% year-on-year to 474,000 tonnes in April.
Nickel trading range for the day is 575.6-590.6.Nickel traded in range but overall sentiments remain weak after trade data last week showed that the Philippines is ramping up ore exports to China.Goldman Sachs says lowers its 3612-month nickel price forecasts by 28 percent18 percent18 percentChinese customs data shows the gyrations in the nickel market, with imports down 11% Q1 from the same period last year to 3.03mts.
Aluminium trading range for the day is 125.6-126.2.Aluminium settled flat as LME markets were closed, also in absence of cues from the US markets on account of Memorial Day holiday prices moved in the rangeWhile sentiments remain firm as global aluminium producer has offered Japanese buyers a premium of $123 per tonne for July-September primary metal shipments.Spot premiums have softened in Japan and the United States, although some Japanese buyers face lower inventories due to solid local demand.
Menthaoil trading range for the day is 891.8-959.6.Mentha oil spot at Sambhal closed at 1071.40 per 1kg. Spot prices was up by Rs.8.20-.Mentha oil prices ended with losses as demand is minimal from local stockists as well as from mentha consuming industries.As per sources, during last six month around 14500 MT of mint products were exported.As on now stock positions of Mentha in MCX accredited warehouses were around 4315, while in process was 108 drums.
Soyabean trading range for the day is 2661-2765.Soyabean prices ended with losses due to higher supplies and lower demand in the domestic spot market. Arrivals in the local mandis also rose as farmers are offloading to prepare for next sowing.NCDEX accredited warehouses soyabean stocks dropped by 3866 tonnes to 107049 tonnes.At the Indore spot market in top producer MP, soybean dropped -47 Rupees to 2882 Rupees per 100 kgs.
Jeera trading range for the day is 17000-18160.Jeera prices dropped due to weak support from domestic traders as well as from exporters.Jeera exports are expected to touch 120,000 ton in the just ended financial year 2016-17. NCDEX accredited warehouses jeera stocks dropped by 60 tonnes to 1716 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 63.65 Rupees to end at 18200 Rupees per 100 kg.
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