Gold trading range for the day is 28036-28228.Gold eased as weaker-than-expected private sector payrolls data fed into a more cautious view on the pace of U.S. interest rate hikes and Treasury yields firmed.Feds minutes showed a lack of consensus among policymakers over the outlook for inflation and how it could impact on the future pace of interest rate increases.Several officials also wanted to announce a start to the process of reducing the Feds large portfolio of Treasury bonds and mortgage-backed securities by the end of August.
Silver trading range for the day is 37181-37733.Silver prices traded in the range as investors digested the latest minutes from the Federal Reserve while awaiting fresh U.S. economic reports.U.S. private employers added 158,000 jobs in June, well below economists expectations, a report by a payrolls processor ADP showed.Feds minutes failed to provide a clear outlook for further rate hikes investors are not convinced that the Fed will hold off on tightening its monetary policy.
Crudeoil trading range for the day is 2879-3053.Crude oil gained buoyed by data showing that supplies of U.S. crude fell by more than expected.U.S. crude inventories fell by 6.3 million barrels in the week to June 30, to 502.9 million barrels, according to the U.S. Energy Information Administration.Data from the API showed U.S. crude inventories fell more sharply than expected, down 5.8 million barrels, against expectations for a draw of 2.3 million barrels.
Naturalgas trading range for the day is 183.4-189.4.Natural gas recovered on short covering, but stayed near the lowest level in around four months 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.Cooler than normal weather is forecast to cover most of the east coast of the United States over the next 8-14 days according to the NOAA.
Copper trading range for the day is 379.6-385.2.Copper prices steadied underpinned by a strike threat in Chile and a weaker dollar.Chiles Antofagasta Minerals said that it was facing potential strikes from workers at two mines.Feds policymakers were increasingly split on the outlook for inflation and how it might affect the future pace of interest rate rises.
Zinc trading range for the day is 176.8-183.6.Zinc gains tracking rise in LME prices by 0.20% as some galvanizers in North China were restricted by strip steel supply shortages.An ore shortage will see the global refined zinc deficit gradually widen over the next few years, with producers to curb output.South Korea is seeking to buy a total of 2,000 tonnes of zinc for October arrival via tenders, state-run Public Procurement Service said
Nickel trading range for the day is 584.8-596.2.Nickel dropped as prices came under pressure after the new environment minister lifted a restriction on issuing environmental permits to projects.The news from the Philippines has eased worries about shortages of the metal used to make stainless steel, where production is slowing. Clues to the strength of base metals demand in China, will come from industrial production, investment, loans and property market data over coming days.
Aluminium trading range for the day is 123.6-126.6.Aluminium prices climbed as worries about supply from top producer China escalated on market talk that local smelters would be forced to shut capacity.There are ongoing investigations into Chinese aluminium production capacity, which hasnt been approved by central government.Chinas aluminium production last year accounted for 55 percent of the global total, estimated at nearly 59 million tonnes, according to International Aluminium Institute.
Menthaoil trading range for the day is 903-951.Mentha oil spot at Sambhal closed at 1049.10 per 1kg. Spot prices was up by Rs.32.60-.Mentha oil ended with gains amid an increase in demand in the domestic spot market.The daily arrival of mentha in the major spot markets of Uttar Pradesh has decreased due to the ongoing monsoon.This year due to favourable climatic conditions and monsoon there is expectation of 15% hike in production of mentha.
Soyabean trading range for the day is 2938-3078.Soyabean prices ended with gains on expectation of good physical buying due to good rally in edible oils.Farmers in the country planted soybean across 1.52 mln ha, down 19.2% on year.NCDEX accredited warehouses soyabean stocks dropped by 198 tonnes to 50981 tonnes.At the Indore spot market in top producer MP, soybean dropped -8 Rupees to 2931 Rupees per 100 kgs.
Turmeric trading range for the day is 6298-6886.Turmeric gained due to higher export demand and poor arrivals.Turmeric sowing may be lower this year in Tamil Nadu due to lack of rains in the main producing areas.NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 6590 tonnes.In Nizamabad, a major spot market in AP, the price ended at 6457.15 Rupees gained 115.5 Rupees.
Jeera trading range for the day is 17925-18945.Jeera prices ended with gains supported by increased buying by retailers and stockists at the spot market.The jeera arrival in June is lower this year compared to May as well as June last year.NCDEX accredited warehouses jeera stocks gained by 20 tonnes to 1342 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 50 Rupees to end at 18704.55 Rupees per 100 kg.
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ReplyDeleteThe rupee opened on a weak note and fell 12 paise to 71.15 against the US dollar in early trade on Friday amid rising crude oil prices and strengthening of the US dollar vis-a-vis other currencies overseas.
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