Commodity Morning Updates for Today

Gold trading range for the day is 30094-30220.Gold gained marginally on expectations that the Fed & ECB will move to stimulate their respective economies. Indian Gold imports fall 35% in July on near-record prices. European Commissions index of economic sentiment across Eurozone dropped to 87.9 in July. Gold is trading above 50DMA, which is at 30041, now intraday gold is holding support at 30094 and resistance at 30220.

Silver trading range for the day is 52842-54392.Silver yesterday ended higher as investor taken the position ahead of FED & ECB meet. Spot silver breaks above $28oz to 17-session high ahead of FOMC meeting. Investors have interpreted signs of slowing US economic growth as increasing likelihood that Fed will implement more stimulus Silver is trading below 50DMA, which is at 54187, with intraday support seen at 52842 and resistance at 54392.

Crude trading range for the day is 4935-5051.Crude trader caution ahead of stimulus measures coming from central bank meetings in the US & Europe. Oil prices continue to be supported by worries about supply from sanctions-hit Iran. Meanwhile sentiments that US crude stockpiles may have grown this week also pushed oil down. Crude is holding with a support at 4935 and resistance will be likely at 5051.

Copper trading range for the day is 417.1-424.5.Copper dropped as investors weighed the likelihood of further stimulus measures from ECB and U.S.IMFs pessimistic comments over the European debt crisis will continue to weigh markets down. Japans June exports of copper cathode to China, nearly doubled from the same month a year ago. Warehouse stock for Copper at LME was at 249075mt that is down by -1225mt.

Zinc trading range for the day is 102.13-104.13.Zinc gains as remarks by European leader raised market expectations over new stimulus measures supported. Japans June zinc exports doubled to 9,356 tonnes from a year earlier as smelters resumed work. Taiwan was the biggest buyer of refined zinc from Japan last month, purchasing 2,328 tonnes. Warehouse stock for Zinc at LME was at 1002450mt that is down by -2750mt.

Nickel trading range for the day is 881.73-916.Nickel gained influenced by the European leaders statements to save the euro on weekend. Indonesia nickel mining, exports mostly halted by new rules. Japans imports of nickel ore from Indonesia grew more than four times from year earlier to 136,600 tons in June. Warehouse stock for Nickel at LME was at 113676mt that is up by 978mt.

Pepper trading range for the day is 43900-45260.Pepper prices zoomed on the back of strong demand and weak arrivals. Better crop expectations from Indonesia and Sri Lanka and stock levels in Vietnam prevented from rising. NCDEX accredited warehouses pepper stocks gained by 38 tonnes to 2008 tonnes. Spot pepper gained 407 rupees to 42933.3 rupees per 100 kg in Kochi market.

Mentha oil trading range for the day is 1293.5-1359.7.Menthaoil spot is at 1465-.Spot market is up by Rs.10-.Mentha oil prices ended with gains on buying support tracking gains in spot demand but upside was limited. Arrivals across the major spot market are hovering in the range of 300-500 drums in entire UP. On 28th July total stock of Mentha oil at MCX-monitored warehouses at Chandausi was 1, 15, 414 kg

Soybean trading range for the day is 3832-4212.Soybean ended lower after doubling of special margins, and talks of ban on futures of some farm commodities. Indian ministers will meet early next week to discuss banning futures of some farm commodities to curb price rise. Indian farmers have cultivated soybean on 10.15 million hectares, compared with 9.43 million hectares. At the Indore spot market in top producer MP, soybean dropped -85 Rs to 4592Re 100 kgs.

Chana trading range for the day is 4512-4860.Chana ended higher on bargain-buying with concerns over output due to less rains. Spot demand for chana is expected to pick-up again and continue to stay firm until September-October. NCDEX accredited warehouses chana stocks dropped by 803 tonnes to 74743 tonnes. In Delhi spot market, chana fell down by -18.75 rupee to end at 4712.5 rupee per 100 kgs.

Turmeric trading range for the day is 5517-6333.Turmeric settled flat on profit booking though firm spot demand prevailed in markets limited downtrend. Erode is expected to produce 55 lakh bags of Turmeric a rise of 29% as compared to previous year. NCDEX accredited warehouses turmeric stocks dropped by 41 tonnes to 10465 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5220.45 rupees dropped by -367.65 rupees.

Jeera trading range for the day is 15263-16403.Jeera fell on profit-booking followed by bearish spot cues due to increased supplies in the spot market. Increased supplies into the market at a time when demand has slowed down is creating pressure. NCDEX accredited warehouses jeera stocks gained by 138 tonnes to 9006 tonnes. In Unjha, a key spot market in Gujarat, jeera dropped -244 rupees to end at 15996 rupees per 100 kg.

Nat.Gas trading range for the day is 165.5-184.3.Natural gas exploding to a 7-month high as forecasts for higher-than-average temperatures boosted outlook. A bout of hot weather across much of the US helped ease the oversupply of natural gas .Stockpiles rose to 60% above the 5year average earlier this year after mild winter weather dampened demand. Natural Gas is holding with a support at 165.5 and resistance will be likely at 184.3.

Aluminium trading range for the day is 104.37-105.77.Aluminium drops as investors stayed cautious ahead of soon-to-be-released important economic data form China and US Market expectations on implementation of further stimulus policies by Fed and ECB this week meeting also rose. Aluminium daily stocks at Shanghai exchange came up by 976 tonnes. Warehouse stock for Aluminium at LME was at 4840150mt that is down by -475mt.

Ref soya oil trading range for the day is 771.87-801.67.Refined Soya Oil ended down on profit taking and tracking the improvement in the oilseeds sowing. Appreciating local currency and weak sowing is expected to keep a cap on prices at higher levels. Fresh rains are seen in many parts of Madhya Pradesh giving relief to the farmers. At the Indore spot market soya oil edged down by -1.7 rupee to 777.95 rupees 10 kgs.

CPO trading range for the day is 558.47-574.27.Crude palm oil edged up tracking gains in spot market demand amid firm overseas prices. Tighter soy crop supply leading to less soybean oil could shift vegetable oil demand to cheaper palm oil. Malaysia will increase shipping quotas for tax free crude palm oil by up to 2 million tonnes this year. Crude palm oil prices in spot market dropped by 0.20 rupees and settled at 564.60 rupees.

Wheat trading range for the day is 1424-1492.Wheat ended with gains on the back of rising domestic demand amid firm spot demand. Government stocks were at 49.8 million tonnes, much higher than a target of 17.1 million for current quarter. India has been facing storage problems due to record harvests in recent years. In Delhi wheat prices gained 37.9 rupee to end at 1390 rupees per 10 kg.

RM Seed trading range for the day is 4242-4538.Mustardseed ended lower on continued profit booking tracking weakness in spot market demand The total sowing acreage of kharif oilseeds was reported at 17.7 million tonnes, down 12.58 lakh hectares. NCDEX accredited warehouses mustard seed stocks dropped by 1169 tonnes to 128872 tonnes. In the Sri Ganganagar spot market in Rajasthan the price edged down by -150.8 rupee to 4210.75 rupees per 20 kgs.