Gold trading range for the day is 28367-28739.Gold prices rebounded as an oil price slump pushed down stock markets and a weaker U.S. dollar made bullion cheaper.Investors evaluated the impact of hawkish Federal Reserve policy on the economy even as inflation measures are deteriorating. U.S. home resales unexpectedly rose in May to the third highest monthly level in a decade.Russias central bank posted an increase in gold reserves in May, the fifth consecutive month of gains.
Silver trading range for the day is 37590-38420.Silver prices ended with losses as investors worried about future Federal Reserve rate hikes.Market expectations for another Fed rate hike later this year have improved in wake of hawkish comments made by influential New York Fed Chief William Dudley.The Fed also provided greater detail about how it plans to reduce its massive $4.5 trillion balance sheet.Futures traders are pricing in around a 20% chance of a hike at the Feds September meeting.
Crudeoil trading range for the day is 2646-2914.Crude oil dropped as investors discounted evidence of strong compliance by OPEC and non-OPEC producers with a deal to cut global output.Crude inventories fell 2.5 million barrels, surpassing expectations for a decrease of 2.1 million barrels, as imports rose marginally by 56,000 bpd, the U.S. EIA said.Data from the American Petroleum Institute showed U.S. crude stockpiles last week had dropped more than forecast.OPEC and non-OPEC oil producers compliance with the output deal reached 106 percent in May, a source familiar with the matter said.
Copper trading range for the day is 359.1-377.7.Copper gained in response to a retreat in the U.S. dollar from its recent peaks and evidence of tightening supply.The global world refined copper market showed a 5,000 tonnes deficit in March, compared with a 102,000 tonnes surplus in February, industry data showed.National Bureau of Statistics (NBS) data showed Chinas copper cathode output increased 6.8% on a yearly basis to 727,000 tonnes in May.Warehouse stock for Copper at LME was at 259300mt that is down by -2775mt.
Zinc trading range for the day is 162.5-175.1.Zinc prices gained on longstanding concerns over potential supply constraints.Spot premiums shrank in Shanghai, Tianjin and Guangdong markets narrowing 20-50 yuan per tonne and 100 yuan per, respectively, in Shanghai and Guangdong.Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 7,800 to 120,000 tonnes last week.Warehouse stock for Zinc at LME was at 304975mt that is down by -1600mt.
Nickel trading range for the day is 567.3-585.9.Nickel gains as support seen after news that about a dozen Indonesian nickel smelters had stopped operations because of a plunge in prices.Goldman Sachs says lowers its 3612-month nickel price forecasts by 28 percent18 percent18 percentAccording to Russia Customs data, the country exported 48,000 tonnes of nickel, down from 69,200 tonnes a year ago.Warehouse stock for Nickel at LME was at 377094mt that is down by -378mt.
Aluminium trading range for the day is 119.1-122.3.Aluminium dropped as pressure seen as many aluminum smelters in China are starting to bring idled capacity back into operation.With supply already in surplus and softening consumption, these production resumptions will weigh on prices.Data showed that overall aluminium output rose slightly last month both in top producer China and in the rest of the world.Warehouse stock for Aluminium at LME was at 1440875mt that is up by 21550mt.
Naturalgas trading range for the day is 183.4-192.Naturalgas prices tried to recovered from the days low as weather forecasting models turned warmer, which should boost demand in the weeks aheadNatural gas prices have closely tracked weather forecasts as traders try to gauge the impact of shifting outlooks on summer heating demand.Weather conditions remained very hot across much of the South and Southwest which continued to fuel demand for natural gas.Traders are eyeing on storage data with expecting a significantly lower build on the week of close to 55bcf following an increase of 78 Bcf last week.
Menthaoil trading range for the day is 908.3-939.7.Mentha oil spot at Sambhal closed at 1029.90 per 1kg. Spot prices was down by Rs.-3.70-.Mentha oil gained on rising demand at the domestic spot market. However, some gains were capped as arrivals of the new crop have started in the key markets of Sambhal and Chandausi.The expectation of good production of mentha during the year has boosted the demand for natural mentha.
Soyabean trading range for the day is 2784-2842.Soyabean prices ended with losses due to higher arrivals and bumper crop with the farmers. Soybean sowing may delay in anticipation of inadequate rains in JuneNCDEX accredited warehouses soyabean stocks dropped by 2199 tonnes to 75264 tonnes.At the Indore spot market in top producer MP, soybean dropped -7 Rupees to 2944 Rupees per 100 kgs.
Turmeric trading range for the day is 5862-6114.Turmeric prices gained amid rising physical demand coupled with diminishing supplies. However upside seen limited as there were good rains in last few days in southern peninsulaNCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 6608 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5800 Rupees gained 125 Rupees.
Jeera trading range for the day is 18205-18865.Jeera prices ended with losses on reports of weak physical demand at the spot market. Though, some losses were capped as the jeera arrival is lower this year compared to last year.NCDEX accredited warehouses jeera stocks gained by 9 tonnes to 1217 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -33.8 Rupees to end at 18576.9 Rupees per 100 kg.
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