Today's Commodity Updates

Gold trading range for the day is 29500-30034.Gold rallied boosted by speculation the Fed will introduce fresh stimulus measures. Bullion gains on speculation ECB will create new money to fund rescue operations for troubled euro zone countries. SPDR gold trust holdings dropped by 2.11 tonnes to 1252.53 tonnes.  Gold is trading above 50DMA, which is at 29691, now intraday gold is holding support at 29500 and resistance at 30034.

Silver trading range for the day is 52620-53936.Silver gained on speculations ECB will award ESM a banking license and Fed will provide more easing in near future. Bullion traders are looking ahead to Fed’s next policy meeting on July 31 and August 1 for clues on central banks attitude. Ewald Nowotny said that there were some arguments in favor of giving the euro zones bailout fund. Silver is trading below 50DMA, which is at 54370, with intraday support seen at 52620 and resistance at 53936.

Crude trading range for the day is 4837-5063.Crude sanked reversing early gains, as the US revealed a surprise jump to its crude stockpiles. Prices were also downbeat amid persistent concerns over the Eurozone debt crisis. Crude oil inventories rose 2.7mbls last week on sharply higher imports, defying forecasts for modest drawdown. Crude is holding with a support at 4837 and resistance will be likely at 5063.

Copper trading range for the day is 415.7-424.5.Copper gains as rally in euro and hopes for more Federal Reserve stimulus more than offset deepening gloom over euro zone. Downbeat data bolstered expectations that Fed will soon take further steps to stimulate the ailing U.S. economy. Copper drew strength from a jump in the euro on comments from ECB policymaker Ewald Nowotny. Warehouse stock for Copper at LME was at 251425mt that is down by -25mt.

Zinc trading range for the day is 100.73-102.33.Zinc prices seen pressure as the US dollar index surged and hit a record high. Newton’s statement boosted market confidence, base metals prices rose slightly. Comments from both Ewald Nowotny and Fed officials sent the euro rebounding from a two-year low. Warehouse stock for Zinc at LME was at 1008850mt that is up by 1550mt.

Nickel trading range for the day is 871.1-904.Nickel ended with gains As euro zone will likely offer banking license to the ESM supported prices. Base metals prices stopped falling and rose as the market was boosted by European central banks statement. Moody’s downgraded ratings of 17 banks in Germany and their outlook from steady to negative. Warehouse stock for Nickel at LME was at 111762mt that is up by 1182mt.

Aluminium trading range for the day is 103.17-105.17.Aluminium dropped slightly after data showed unexpected 8.4% drop in new home sales in US. EU approval of Spain’s recapitalizing plan for its banks has helped ease worries toward European debt. ECB official expressed support for European Stability Mechanism to get a banking license. Warehouse stock for Aluminium at LME was at 4840675mt that is down by -4725mt.

Nat.Gas trading range for the day is 165.9-182.3.Natural gas sharply lower to closed with -4.43% down as investors sold positions to lock in gains. Speculation that utility providers in US were switching from coal to cheaper natural gas helped boost prices. Today natural gas storage: EXP: 26B PREV: 28B. Actual is at 8.00PMNatural Gas is holding with a support at 165.9 and resistance will be likely at 182.3.

Mentha oil trading range for the day is 1311.7-1382.5.Menthaoil spot is at 1470-.Spot market is up by Rs.15-.Mentha oil rose driven by rising spot demand from pharmaceutical industries against less arrivals. Restricted arrivals from Chandausi in Uttar Pradesh also influenced the Mentha oil prices. On 24th July total stock of Mentha oil at MCX warehouses at Chandausi was 1, 15, 414 kg

Chana trading range for the day is 4563-4903.Chana fell tracking dull cues from the spot market where demand from retailers and millers dropped at higher prices. Demand from retailers have come down in the last 2-3 days. NCDEX accredited warehouses chana stocks dropped by 1151 tonnes to 77932 tonnes. In Delhi spot market, chana fell down by -40 rupee to end at 4910 rupee per 100 kgs.

Jeera trading range for the day is 15900-17160.Jeera rose as fresh export enquiries and improved domestic buying aided sentiment. Limited stocks and less exportable surplus with Syria and Turkey after lower production are boosting overseas sales. NCDEX accredited warehouses jeera stocks gained by 670 tonnes to 8345 tonnes. In Unjha, a key spot market in Gujarat, jeera gained 387.15 rupees to end at 16305 rupees per 100 kg.

Ref soya oil trading range for the day is 780.2-809.8.Ref soya oil ended with good gains tracking gains in spot market amid firm soybean prices. Indian farmers have cultivated soybean on 8.62 million hectares as on July 20, compared with 9.03 million hectares. Fourth advance estimates released last week had forecast production of 30 million tonnes of oilseed. At the Indore spot market soya oil edged up by 0.65 rupee to 786.6 rupees 10 kgs

CPO trading range for the day is 562.3-580.1.Crude palm oil rebounded on bargain hunting after prices in previous session with gains were modest. Malaysia’s palm oil exports during July 1-25 decreased by 14% to 1.03 million MT tons. The market is also looking out for El Nino, which could return to Southeast Asia in late 2012Crude palm oil prices in spot market gained by 2.70 rupees and settled at 568.60 rupees.

Wheat trading range for the day is 1344-1458.Wheat prices rose following recent rally in global prices, which boosted the chances of higher exports India has kicked off wheat exports from government stocks with an offer of 240,000 tonnes. Wheat procurement has crossed 38 million tonnes in the current marketing year so far In Delhi wheat prices dropped -12 rupee to end at 1335 rupees per 10 kg.

RM Seed trading range for the day is 4318-4582.Mustard seed ended with good gains on good demand for rapeseed meal. Concerns over soybean crop in US and deficit and delayed monsoon in India sparked the oilseeds prices. NCDEX accredited warehouses mustard seed stocks gained by 184 tonnes to 129668 tonnes. In the Sri Ganganagar spot market in Rajasthan the price edged up by 174.25 rupee to 4375 rupees per 20 kgs.

Pepper trading range for the day is 43197-44857.Pepper ended higher on thin daily supplies, aided by expectations that scanty rains in Karnataka could hit output. Farmers in Vietnam are willing to hold their produce expecting higher prices also supported prices. NCDEX accredited warehouses pepper stocks gained by 82 tonnes to 1832 tonnes. Spot pepper gained 326.3 rupees to 42463.15 rupees per 100 kg in Kochi market.

Soybean trading range for the day is 4591-4953.Soyabean ended higher as good demand for soymeal supported the prices. The central state of Madhya Pradesh is likely to get good rainfall in next three days. Rapid crop development was evident in most of the major growing regions during the week. At the Indore spot market in top producer MP, soybean dropped -39 Rs to 4731Re 100 kgs.

Turmeric trading range for the day is 6348-6600.Turmeric ended higher on the heels of waning sowing progress along with strong stockiest demand. Traders mentioned that fragile sowing progress in major producing states prompted strong gains. NCDEX accredited warehouses turmeric stocks gained by 20 tonnes to 10278 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5857.15 rupees gained by 290.75 rupees.