Today's Commodity Updates

Gold trading range for the day is 29796-30070.Gold ended with gains on gains in U.S. equities and crude oil. Muted moves in U.S. dollar give gold little direction after last week’s swings. Inflows into Gold ETF also picked up after a soft July, with data from the largest showing its holdings up 3tns so far this month. Gold is trading below 50DMA, which is at 30020, now intraday gold is holding support at 29796 and resistance at 30070.

Silver trading range for the day is 53019-53607.Silver settled flat as ongoing sentiment that central banks around the world will likely stimulate their economies The sentiment in Europe’s government debt market improved, with two year Spanish yields falling Holdings at i-shares silver trust rose by 163.42 tonnes to 9742.43 tonnes. Silver is trading below 50DMA, which is at 53833, with intraday support seen at 53019 and resistance at 53607.

Crude trading range for the day is 5016-5130.Crude oil ended with gains as investors became commodity bullish on strong equity market performance Tropical Storm Ernesto gained strength in the Caribbean Sea east of Nicaragua and will probably become a hurricane today. None of tropical storm developments in Atlantic Ocean are currently forecast to threaten oil supplies. Crude is holding with a support at 5016 and resistance will be likely at 5130.

Copper trading range for the day is 410.7-416.7.Copper gains after encouraging comments from top

consumer China boosted expectations of recovery in demand. EU,ECB and IMF delegation said Greece has made progress in bailout plan and debt reductions supported prices. Market attention is now shifted to the results of Chinas major economic data to be released in late week. Warehouse stock for Copper at LME was at 245950mt that is up by 1225mt.

Zinc trading range for the day is 101.83-102.83.Zinc downside limited as market optimism over the ECBs plan to resolve the sovereign debt issues limited fall. LME zinc market will try to climb above USD 1,850mt, but any rising momentum will be limited. Zinc daily stocks at Shanghai exchange came down by 628 tonnes. Warehouse stock for Zinc at LME was at 989875mt that is down by -2425mt.

Nickel trading range for the day is 865.83-884.Nickel gains on US non-farm payrolls continued to boost market overnight with an absence of other important reports. Market confidence was boosted by hopes of further action by ECB to help cut borrowing costs in Italy and Spain. Traders this week looking ahead to Chinese industrial production, inflation data. Warehouse stock for Nickel at LME was at 115992mt that is up by 678mt.

Aluminium trading range for the day is 101.73-104.23.Aluminium gains as big drop of bond yields of Spain and Italy helped cut borrowing costs in two countries. The US dollar index hovering at the low end will support aluminum prices. Aluminium daily stocks at Shanghai exchange came down by 1475 tonnes. Warehouse stock for Aluminium at LME was at 4880425mt that is up by 15975mt.

Nat.Gas trading range for the day is 154.33-164.33.Natural gas ended down as forecasts for cooler temperatures dampened the outlook for gas-powered electricity consumption. Temperatures across much of the U.S. are seen to be pulling back from higher-than-average levels. Total natural gas inventories are now 14.5% above the five-year average of 2.810 TCF for this week. Natural Gas is holding with a support at 154.33 and resistance will be likely at 164.33.

Mentha oil trading range for the day is 1359.4-1432.Menthaoil spot is at 1512-.Spot market is down by Rs.30-.Mentha oil ended with lower due to profit booking tracking weak spot demand. Exporters as well as domestic pharmaceutical demand are being prevailed in the market. The total arrivals of Mentha oil stood steady at 600 drums.

Pepper trading range for the day is 43302-44542.Pepper dropped due to profit booking after prices rose due to squeeze in daily supplies and lower stocks Scanty rain in Kerala and Karnataka, the leading pepper producing states, could hit yields. Pepper output in Vietnam is estimated to be 1.35 lakh tonne as compared to 1.10 lakh tonne. Spot pepper dropped -234.55 rupees to 42636.85 rupees per 100 kg in Kochi market.

Soybean trading range for the day is 3868-4054.Soyabean ended lower tracking weak overseas leads and weak spot demand. Soybean acreage is expected to touch 58 lakh ha and 31 lakh ha in MP and in Maharashtra. Soybean acreage in the country is expected to rise by 2 lakh hectares to 10.5 million hectares. At the Indore spot market in top producer MP, soybean gained 47 Rs to 4520Re 100 kgs.

Chana trading range for the day is 4782-4962.Chana fell after a good spell of rain in Madhya Pradesh and Karnataka and on a drop in the spot demand. Farmers completed sowing of kharif pulses on 7.28 million ha by Aug. 3, down from 8.75 million ha NCDEX accredited warehouses chana stocks dropped by 577 tonnes to 68273 tonnes. In Delhi spot market, chana fell down by -50 rupee to end at 4950 rupee per 100 kgs.

Turmeric trading range for the day is 6163-6831.Turmeric rose as the market fretted over the lower area sown in leading cultivating regions. Farmers slashed the area under turmeric this season after prices fell sharply since last year. NCDEX accredited warehouses turmeric stocks dropped by 10 tonnes to 11024 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5775.8 rupees gained by 477.3 rupees.

Jeera trading range for the day is 16365-17501.Jeera dropped as farmers increased supplies in the domestic market fearing a further drop in prices. Farmers in the domestic market have held back supplies on hopes of a further rise in prices. NCDEX accredited warehouses jeera stocks gained by 33 tonnes to 10153 tonnes. In Unjha, a key spot market in Gujarat, jeera dropped -80 rupees to end at 16500 rupees per 100 kg.

Ref soya oil trading range for the day is 781.47-795.87.Refined soya oil pared the gains lead by weak spot demand tracking the bearish global markets. Oil meal exports in India rose by 22% in June 2012 to 3,05,525 tonnes. Country imports about 9 million tons of edible oil annually as its production is unable to meet local demand At the Indore spot market soy oil edged down by -4.25 rupee to 777.4 rupees 10 kgs.

CPO trading range for the day is 561.1-569.1.Crude Palm oil yesterday traded with the negative node and settled -0.37% down tracking weak Malaysian palm oil exports fell in July from a month ago, reflecting slowing demand from China. Planters are tipping end-July stockpiles to have reached 1.85 million-1.90 million tons. Crude palm oil prices in spot market gained by 0.30 rupees and settled at 565.10 rupees.

Wheat trading range for the day is 1412-1452.Wheat declined by due to slackened demand at prevailing higher levels. The government has started releasing wheat from its own warehouses to quell the price rise. NCDEX accredited warehouses wheat stocks gained by 246 tonnes to 5342 tonnes. In Delhi wheat prices gained 1.55 rupee to end at 1397.1 rupees per 10 kg.

RM Seed trading range for the day is 4346-4556.Mustard Seed ended with weak trend tracking weak spot demand. Prices likely to remain weak for some time before arrivals drop and demand picks up ahead of the festival season. NCDEX accredited warehouses mustard seed stocks dropped by 7517 tonnes to 122126 tonnes. In the Sri Ganganagar spot market in Rajasthan the price edged down by -42.5 rupee to 4312.5 rupees per 20 kgs.