Commodity Updates for 30/07/2012

Gold trading range for the day is 29765-29815. Gold settled flat as investors took profits after data showed that economic growth has weakened Gold trimmed its gains after data showed U.S. GDP slowed in the second quarter from the first quarter Physical gold traders in India stayed on the sidelines after prices stayed in vicinity of their highest level in four weeks. Gold is trading above 50DMA, which is at 29716, now intraday gold is holding support at 29765 and resistance at 29815.

Silver trading range for the day is 53167-53321. Silver were supported from weaker dollar and general improvement in risk tolerance that came with Draghi’s comments. European Central Bank President Mario Draghi promised to do everything to prevent the euro zone from breaking up The ECB policy meeting on Thursday will also attract wide attention after Draghi’s comments last week. Silver is trading below 50DMA, which is at 54227, with intraday support seen at 53167 and resistance at 53321.

Crude trading range for the day is 4987-5013. Crude settled flat on Saturday after gaining Friday as data showing a slower U.S. growth rate in the second quarter Oil received an upward bump after German Chancellor Merkel signaled strong support for euro Japans imports of Iranian crude in June rose 60.5 percent from 106,162 bpd in May Crude is holding with a support at 4987 and resistance will be likely at 5013.

Copper trading range for the day is 419.9-421.5. Copper gained buoyed by growing expectations of further stimulus action from both U.S. Federal Reserve and ECB Japan June copper exports to China double in June Investors worry that demand from top consumer China has been slow to pick up so far this year Warehouse stock for Copper at LME was at 250300mt that is up by 400mt.

Zinc trading range for the day is 102.12-102.42. Zinc ended slightly down but weakness is limited as the US dollar index weakened. German Chancellor and French President stated they will protect euro zone as possible as they can Zinc weekly stocks at Shanghai exchange came down by 8077 tonnes Warehouse stock for Zinc at LME was at 1005200mt that is down by -1275mt.

Nickel trading range for the day is 881.2-883. Nickel supported on speculations European central bank and euro governments will take action to curb Euro debt crisis. Germany and France pledged to protect the euro, raising expectations for more stimulus policies from the ECB. This year the estimated surplus of Nickel is expected to range in region of 60000 tonnes.

Pepper trading range for the day is 43547-44357. Pepper ended up due to scanty rains in leading pepper cultivating regions, raising concerns over the output Deficit rainfall could hit the yield of the crop and the total output can also come down NCDEX accredited warehouses pepper stocks gained by 60 tonnes to 1970 tonnes. Spot pepper gained 231.85 rupees to 42526.3 rupees per 100 kg in Kochi market.

Mentha oil trading range for the day is 1301.8-1346.6. Menthol spot is at 1455/-.Spot market is down by Rs.3/-. Mentha oil ended lower as higher stocks from higher arrivals pressured on the market sentiments. Not much of stocks are left with the farmers and the new crop arrivals are yet to pick up in full force. Daily arrivals have been averaging around 600 drums in major mandies during last one week

Soybean trading range for the day is 4433-4775. Soybean ended with weak trend tracking weakness in spot demand amid profit booking. The prices also weighed in soybean as there is no demand and new supplies will come in October. NCDEX accredited warehouses soya bean stocks gained by 1 tonnes to 4294 tonnes. At the Indore spot market in top producer MP, soybean gained 5 Rs to 4677Re 100 kgs.

Chana trading range for the day is 4378-4720. Chana fell tracking dull cues from the spot market where demand was poor from retailers and millers Selling pressure is seen in chana futures because of fears of government intervention. NCDEX accredited warehouses chana stocks dropped by 589 tonnes to 75546 tonnes. In Delhi spot market, chana jump up by 25.9 rupee to end at 4731.25 rupee per 100 kgs.

Turmeric trading range for the day is 5483-6331. Turmeric fell on extended profit-booking by traders and bearish spot cues. Overseas turmeric sales have been good on demand from the United Arab Emirates and Japan. NCDEX accredited warehouses turmeric stocks gained by 208 tonnes to 10506 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5588.1 rupees dropped by -210.2 rupees.

Nat.Gas trading range for the day is 166.57-170.17. Natural gained as continued hot, summer weather supported prices after EIA showed supplies rose in of expectations. Total storage inventories now stand about 15.8% above the five-year average for this week. The gas-directed rig count posted its ninth drop in last 10 weeks, sliding by 13 this week to 505 Natural Gas is holding with a support at 166.57 and resistance will be likely at 170.17.

Aluminium trading range for the day is 103.42-103.62. Aluminium gains as rebound in euro and the far-better-than-expected GDP in 2Q in the US supported the prices USGS report has said that US primary Aluminium production was 179000 tonnes in the month of May 2012 Germany and France pledged to protect the euro, raising expectations for more stimulus policies from the ECB. Warehouse stock for Aluminium at LME was at 4840625mt that is up by 5575mt.

Ref soya oil trading range for the day is 774.63-794.93. Ref soya oil ended lower as lower demand amid weak spot demand weighed on prices. India imported 124,125 tonnes of refined palm oil in June, down nearly 25 percent from May. Total vegetable oil imports in June were 783,315 tonnes, down 12.7 percent from 896,921 tonnes At the Indore spot market soya oil edged down by -0.55 rupee to 779.65 rupees 10 kgs.

CPO trading range for the day is 561.93-571.93. Crude Palm Oil ended with losses tracking weakness in spot market demand. Favorable weather for soybeans could lead to a higher supply of soya oil and draw demand away from palm oil. Malaysia’s palm oil exports fell 14.3 percent and 18.6 percent over the July 1-25 period Crude palm oil prices in spot market dropped by 0.60 rupees and settled at 564.40 rupees.

Wheat trading range for the day is 1387-1439. Wheat ended with weakness on profit booking tracking weakness in spot market demand. Flour mills are procuring stocks from the Food Corporation of India too to meet the current demand. The country produced a record 93.90 million tonnes of wheat in 2011-12 crop year In Delhi wheat prices gained 7.1 rupee to end at 1352.1 rupees per 10 kg.

RM Seed trading range for the day is 4229-4517. Mustard seed ended with losses on profit booking after prices gained due to fragile sowing progress Demand for rape meal and delayed monsoon are seen as factors behind the recent price push NCDEX accredited warehouses mustard seed stocks gained by 294 tonnes to 130041 tonnes. In the Sri Ganganagar spot market in Rajasthan the price edged up by 11.55 rupee to 4361.55 rupees per 20 kgs.