Commodity Updates

Gold trading range for the day is 29730-30002.Gold inched up but remained in tight range due to investor uncertainty about whether central banks would act to stimulate economies. Rosengren said the Fed should launch another round of QE of whatever size and duration to get economy on feet. Fitch put Germanys AAA credit rating outlook stable, which was owing to strong upward momentum of Germanys economy. Gold is trading below 50DMA, which is at 30013, now intraday gold is holding support at 29730 and resistance at 30002.

Silver trading range for the day is 52839-53905.Silver settled flat on hopes that central banks in Europe and the US will launch more stimulus measures. Also pressure mounted after German industrial orders fell more than expected in June Euro group President Jean-Claude Junker discussed a Greek exit from the euro zone again. Silver is trading below 50DMA, which is at 53781, with intraday support seen at 52839 and resistance at 53905.

Crude trading range for the day is 5081-5269.Crude oil dropped from highs despite a bullish inventory report, as traders took profits. Prices seen support from expected drops in North Sea output in September and falling U.S. crude oil inventories. EIA said U.S. crude oil inventories decreased by 3.7 million barrels in the week ending August 3Crude is holding with a support at 5081 and resistance will be likely at 5269.

Copper trading range for the day is 414.6-420.2.Copper dropped as risk sentiment soured amid further signs of worsening economic conditions in Europe. BoE cut its forecast for medium-term economic growth and a new central bank forecast put France in recession in third quarter. DBRS will downgrade credit rating of Italy and Spain, which will weighed down euro. Warehouse stock for Copper at LME was at 245600mt that is up by 550mt.

Nickel trading range for the day is 865.27-877.Nickel slipped as S&P put Greek credit rating outlook into negative and pointed out that country needed more aid. Euro still is weighed amid market risks, and shall not resume strong upward momentum in the short term. A second fall in German imports in three months sent a worrying sign on Wednesday. Warehouse stock for Nickel at LME was at 116604mt that is down by -66mt.

Aluminium trading range for the day is 102.93-105.73.Aluminium gained but Germanys industrial output fell and DBRS downgraded Spain credit rating weighed on prices . S&P put Greek credit rating outlook into negative and pointed out that the country needed more aid. Aluminium daily stocks at Shanghai exchange came down by 50 tonnes. Warehouse stock for Aluminium at LME was at 4868850mt that is down by -5800mt.

Nat.Gas trading range for the day is 157.77-167.77.Natural gas dropped on speculation that milder U.S. weather will add to a glut of the fuel in storage .With the end of summer approaching, traders focus is turning back to the natural-gas supply overhang. Today natural gas storage: EXP: 30B PREV: 28B. Actual is at 8.00PMNatural Gas is holding with a support at 157.77 and resistance will be likely at 167.77.

Mentha oil trading range for the day is 1347.3-1400.1.Menthaoil spot is at 1515-.Spot market is up by Rs.20-.Menthaoil gained on buying support tracking firm spot demand. Trend likely to remain volatile as prospects of rains in UP could affect the arrivals. The overall acreage is estimated to increase from 1.75 lakh ha to 2.1 lakh ha this year.

Pepper trading range for the day is 43407-44287.Pepper edged down as a squeeze in supplies and lower inventory was offset by sluggish exports Fresh arrivals from Indonesia and Malaysia are also weighing on sentiment. NCDEX accredited warehouses pepper stocks gained by 127 tonnes to 2495 tonnes. Spot pepper gained 9.25 rupees to 42647.35 rupees per 100 kg in Kochi market.

Soybean trading range for the day is 3717-4057.Soyabean dropped on drop in overseas prices and on good rainfall in soybean producing Madhya Pradesh state. India’s oil meal exports fell to 274,635 tonnes in July from 281,879 tonnes a year earlier. China is estimated to consume a record 49.86 million tons of soymeal in 2012-13 up 7.3% At the Indore spot market in top producer MP, soybean gained 50 Rs to 4624Re 100 kgs.

Chana trading range for the day is 4754-4984.Chana dropped as rain in some parts of the country’s kharif-growing regions weighed on prices. Domestic demand is expected to stay firm ahead of festivals and lower supply of fresh vegetables in rainy season. NCDEX accredited warehouses chana stocks dropped by 100 tonnes to 66783 tonnes. In Delhi spot market, chana jump up by 37.65 rupee to end at 4964.3 rupee per 100 kgs.

Turmeric trading range for the day is 6008-6260.Turmeric ended lower driven by a bearish trend in domestic market where demand was poor. Lower area sown in leading cultivating regions seen supporting buying on dips. NCDEX accredited warehouses turmeric stocks dropped by 40 tonnes to 11064 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5558.1 rupees dropped by -152.5 rupees.

Jeera trading range for the day is 15484-17038.Jeera dropped as rains over some parts of Gujarat state, the country’s top producer, weighed on sentiment. Export enquires were very thin as everyone was expecting a correction in prices. NCDEX accredited warehouses jeera stocks gained by 21 tonnes to 9255 tonnes. In Unjha, a key spot market in Gujarat, jeera dropped -8.5 rupees to end at 16447.5 rupees per 100 kg.

CPO trading range for the day is 542.8-562.4.Crude Palm oil dropped tracking weak overseas market amid cautious sentiment due to rising inventory levels. Prices could fall further in the coming days, as investors may liquidate riskier positions on higher stockpiles. Palm oil stockpiles in Malaysia probably rose to a five-month high in July due to falling export demand. Crude palm oil prices in spot market dropped by 8.30 rupees and settled at 555 rupees.

RM Seed trading range for the day is 4237-4489.Mustardseed settled down as selling continued due to weak crushing and export demand of mustard meal. Total exports of mustard meal was reported at 2.54 lh tns during the April- July 2012 against 4.94 lh tns. NCDEX accredited warehouses mustard seed stocks gained by 100 tonnes to 122087 tonnes. In the Sri Ganganagar spot market in Rajasthan the price edged down by -2.5 rupee to 4272.5 rupees per 20 kgs.