Gold trading range for the day is 28563-29053.Gold prices dropped following the release of upbeat U.S. economic data and as investors continued to digest the Federal Reserves hawkish message.The Fed raised interest rates for the second time this year at the conclusion of its policy meeting, putting it in a range between 1.0%-1.25%.The central bank maintained its outlook of three rate hikes total for this year, as it expects that a tightening labor market will lift inflation to the 2% target.The Fed also provided greater details on how it plans to reduce its massive $4.5 trillion balance sheet.
Silver trading range for the day is 38214-39404.Silver dropped weighed down by a stronger dollar supported by data showing a strong U.S. jobs market. The U.S. Department of Labor said initial jobless claims in the week ending June 10 decreased by 8,000 to 237,000 from the previous weeks total of 245,000.The central bank maintained its outlook of one more rate hike for this year, as it expects that a tightening labor market will lift inflation to the 2% target.Meanwhile, market players continued to monitor political turmoil in the U.S. after the Washington Post reported that President Donald Trump is being investigated.
Crudeoil trading range for the day is 2840-2912.Crudeoil prices still continued to sustained below $45 mark although the pace of the collapse slowed, as traders continued to assess yesterdays Fed announcement.The International Energy Agency says it expects oil supplies next year to outpace demand despite consumption hitting 100mbpd for the first time.OPEC and its allies have promised to restrict output until at least the end of the first quarter of next year to try to drain surplus supply.OPECs pledge was to cut some 1.2 million bpd, while other producers including Russia agreed to bring the total reduction to almost 1.8 million bpd.
Copper trading range for the day is 363.1-369.3.Copper recovered from the days low on short covering as trader book there short after prices fell after the Federal Reserve lifted U.S. interest ratesChinas central bank left interest rates for open market operations unchanged, shrugging off an overnight increase in the U.S. Federal Reserves key policy rate.Copper inventories in London Metal Exchange warehouses fell another 4,125 tonnes, data showed, taking them to their lowest in more than six weeks.Warehouse stock for Copper at LME was at 268500mt that is down by -4125mt.
Zinc trading range for the day is 158.1-164.3.Zinc prices gained as support seen after capacity cuts in China drove up steel prices by 3 percent.The global zinc market deepened its deficit to 92,400 tonnes in April from a revised deficit of 72,700 tonnes in March, ILZSG data showed.Euro zone industrial output grew in April and employment rose in the first quarter of the year to reach a record high, in fresh signs of healthy growth of the blocs economy.Warehouse stock for Zinc at LME was at 316175mt that is down by -1800mt.
Nickel trading range for the day is 566.6-579.2.Nickel gained on short covering while prices touched the lowest in a year this week pressured by a fall in Chinese steel prices and ahead of expected weaker Chinese data. Below-forecast U.S. inflation and retail sales data, coming hot on the heels of reports showing Chinese growth may lose momentum, had already reinforced concerns.Nickel gained after capacity cuts in China drove up steel prices by 3 percent.Warehouse stock for Nickel at LME was at 376986mt that is up by 534mt.
Aluminium trading range for the day is 120-121.2.Aluminium gained tracking other metals despit Russian aluminium giant Rusal said it plans to boost its production by 19 percent Russian aluminium giant Rusal said it plans to boost its production by 19 percent from 2016 levels to 4.4 million tonnes by 2021, amid rising global demand.Chinas aluminium production rose 4.2 % yoy in May to hit its second-highest level on record, while non-ferrous metal output rose 2.4% to 4.58mts data from the NBS showed Warehouse stock for Aluminium at LME was at 1436125mt that is down by -1900mt.
Naturalgas trading range for the day is 186-203.8.Natural gas prices gained on smaller-than-expected climb in U.S. supplies.Data from the U.S.Energy Information Administration showedthat domestic supplies of natural gas rose by 78 billion cubic feet for the week.That compared with a gain of 106 billion cubic feet in the preceding week, an increase of 69 billion a year earlier.Total natural gas in storage currently stands at 2.709 trillion cubic feet, according to the U.S. EIA, 10.6% lower than levels at this time a year ago. Menthaoil trading range for the day is 917-943.4.Mentha oil spot at Sambhal closed at 1036.80 per 1kg. Spot prices was down by Rs.-2.60-.Mentha oil prices ended with gains taking strong cues from spots market.As per sources, climatic condition is good for the mentha crop due to which it is expected.As on now stock positions of mentha in MCX accredited warehouses were around 3749 drums which is same against the previous day.
Soyabean trading range for the day is 2749-2867.Soyabean prices dropped on profit booking after prices gained on anticipation that farmers may shift out of soybean this season.As per the government weekly sowing data, area under soybean crop across the country for the 2017-18 kharif was at 26,900 ha till last week.NCDEX accredited warehouses soyabean stocks dropped by 2451 tonnes to 85556 tonnes.At the Indore spot market in top producer MP, soybean remains unchanged at 0 Rupees to 2929 Rupees per 100 kgs.
Turmeric trading range for the day is 5556-5908.Turmeric prices dropped on profit booking after rising as the physical demand is rising and market arrivals are diminishing. As per data, about 6,378 tonnes arrived last week compared to 11,942 tonnes during previous week.NCDEX accredited warehouses turmeric stocks dropped by 45 tonnes to 6608 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5557.15 Rupees dropped -17.85 Rupees.
Jeera trading range for the day is 18170-19330.Jeera prices ended with gains as there is expectation of good physical and exports demand.Lower stocks in the production centers due to declined production and low carryover stocks also supported prices.NCDEX accredited warehouses jeera stocks dropped by 12 tonnes to 1247 tonnes.In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 Rupees to end at 18491.65 Rupees per 100 kg.
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