Gold trading range for the day is 27915-28287.Gold should recover today as yesterday Fed minutes showed a growing split among policymakers on the inflation outlook and the dollar pared gains.North Korea said it had conducted a test of a newly developed intercontinental ballistic missile that can carry a large and heavy nuclear warhead.WGC expects Indias demand for gold to be 650750 tons in 2017 and rise to 850950 tons by 2020.
Silver trading range for the day is 36848-38084.Silver pushed lower by a strengthening dollar and rising U.S. bond yields while investors looked ahead to Federal Reserve minutes.Fed minutes showed a growing split among policymakers on the inflation outlook and the dollar pared gains, lifting the precious metal. A missile launch by North Korea caused only a brief rally for bullion prices, seen as a safe haven in times of uncertainty.
Crudeoil trading range for the day is 2843-3115.Crude oil prices dropped after Russia ruled out any proposals to deepen the OPEC-led production cuts.Russia wants to continue with the current deal and any further supply curbs would send the wrong message to the market, according to government officials.Oil exports by the OPEC rose for a second month in June, despite its pledge to hold back production between January this year and March 2018 in order to prop up prices.
Naturalgas trading range for the day is 175.8-200.4.Natural gas prices dropped below 185 level extending losses amid bearish weather forecasts that should limit demand for the fuel.Prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand.Qatar said it plans to increase natural gas production by 30% over the next several years, as it faces pressure from its neighbors in a diplomatic crisis.
Copper trading range for the day is 377.9-388.5.Copper dropped on a surge in warehouse stocks but the threat of strike action at two Chilean mines curbed losses.However, downside seen limited supported by strike threats at a South American copper producer.Chilean mining company Antofagasta Minerals was facing potential strikes from workers at its Zaldivar mine and by supervisors at Centinela as contract talks continue.
Zinc trading range for the day is 176.3-183.9.Zinc prices dropped amid worries over tepid demand growth from top consumer China in the second half dragged on prices.Chinas services sector grew at a slower pace in June as new orders slumped, signalling renewed pressure on businesses.Chinas central bank said the shadow banking sector lacks sufficient regulation and the bank would give more prominence to financia Read more
Nickel trading range for the day is 583.4-602.8.Nickel dropped as pressure seen after Indonesia allows another new company to export nickel ore.Pressure also seen on prices on plentiful supply from Indonesia and the Philippines.Indonesia allows PT Ceria Nugraha Indotama will be permitted to export 2.30 million tonnes of nickel ore in principle through to July 2018.
Aluminium trading range for the day is 124-125.4.Aluminium prices remained firm tracking firmness in LME prices settling at $1,929 after news on output cuts in Xinjiang supported the prices.Chinas aluminum production and capacity in operation both rose in June.Aluminum output nationwide increased 20.2% year-on-year to 3.09 million tonnes in June, and rose 21.7% year-on-year to 18.3 million tonnes in H1.
Menthaoil trading range for the day is 879-934.6.Mentha oil spot at Sambhal closed at 1016.50 per 1kg. Spot prices was up by Rs.13.60-.Mentha oil settled up due to uptick in demand in the domestic spot market.The local demand for mentha from the traders and domestic consuming industries has slightly improvedMentha output this year is likely to rise by 10-12% as weather remained largely conducive throughout the season.
Soyabean trading range for the day is 2960-3080.Soyabean prices ended with losses on profit booking after prices gained on expectation of good physical buying due to good rally in edible oils.As per data, arrivals of soybean during last week were down 37% to 39,588 tonnes as compared to 62,976 tonnes in the previous week.NCDEX accredited warehouses soyabean stocks dropped by 79 tonnes to 51179 tonnes.At the Indore spot market in top producer MP, soybean gained 22 Rupees to 2939 Rupees per 100 kgs.
Turmeric trading range for the day is 6368-6496.Turmeric prices dropped due to fresh selling by the market participants due to supportive rains in turmeric growing areas.At Erode market arrivals were reported at 1500 quintals, down by 1500 quintals from previous trading day.NCDEX accredited warehouses turmeric stocks dropped by 10 tonnes to 6580 tonnes.In Nizamabad, a major spot market in AP, the price ended at 6341.65 Rupees gained 16.65 Rupees.
Jeera trading range for the day is 18140-18550.Jeera prices gains as the jeera arrival in June is lower this year compared to May as well as June last year.As per the data release by government jeera exports in April 2017 was 14,599 tonnes, were down 9 % from March.NCDEX accredited warehouses jeera stocks gained by 9 tonnes to 1322 tonnes.In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 Rupees to end at 18704.55 Rupees per 100 kg.
The Gold denoted strong bullish trend on this Friday as well as it also broke its significant psychological resistance, height of the 36000 after a very long time. For the upcoming trading conference, we will carry on to suggest bullish trend, if the rate manages above the 36350. Free Commodity Tips
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