Today's Commodity Updates

Gold trading range for the day is 29598-30082.Gold ended lower as investors were uncertain about whether central banks would act to stimulate sputtering economies. Building expectations that ECB will buy debt from distressed countries like Spain and Greece sparked a risk. S&P revised Greece’s outlook to negative, saying debt-ridden euro zone country could need more help.

Silver trading range for the day is 53139-53611.Silver ended with slight gains as investors were uncertain about whether central banks would act to stimulate sputtering economies. Building expectations that ECB will buy debt from distressed countries like Spain and Greece sparked a risk. Overall the metal traded in a tight range of less than $1 an ounce, swinging between slight gains and losses. Silver is trading below 50DMA, which is at 53779, with intraday support seen at 53139 and resistance at 53611.

Crude trading range for the day is 5046-5246.Crude oil jumped on falling North Sea output, support for more bond buying by Fed and Middle East tensions. EIA raised its forecast for global oil use by 190,000 barrels a day from last month’s estimate. Today crude oil inventories: EXP: -0.6M PREV: -6.5M. Actual is at 8.00PMCrude is holding with a support at 5046 and resistance will be likely at 5246.

Copper trading range for the day is 412.8-422.Copper gains as dollar fell and expectations grew that Europe will take necessary steps to resolve its debt crisis. Prospects of further bond purchases by the U.S. Federal Reserve added to Tuesdays optimistic tone. Chinas copper stocks could start to come down in the early autumn, when demand usually has a seasonal increase. Warehouse stock for Copper at LME was at 245050mt that is down by -900mt.

Zinc trading range for the day is 101.97-103.37.Zinc gained as market expected ECB will take actions to resolve European debt crisis and boost economy. Boston Federal Reserve President said US Fed should expand pushing for mortgage loan and government bonds until economic conditions improve. Zinc daily stocks at Shanghai exchange came down by 226 tonnes. Warehouse stock for Zinc at LME was at 988625mt that is down by -1250mt.

Nickel trading range for the day is 868.27-883.Nickel slipped as market focus was still on whether or not Spain will ask for help. Adjustment of Greek credit rating outlook into negative exerted downward pressure on euro and market. A string of economic data from China later this week should give some more hints on the state of economy. Warehouse stock for Nickel at LME was at 116670mt that is up by 678mt.

Aluminium trading range for the day is 102.67-104.77.Aluminium gains as market expectations were running high that ECB may deliver easing policies soon. Investors are staying cautious ahead of Chinas economic data for July to be released late this week. Aluminium daily stocks at Shanghai exchange came down by 625 tonnes. Warehouse stock for Aluminium at LME was at 4874650mt that is down by -5775mt.

Nat.Gas trading range for the day is 158.13-167.33.Natural gas ended higher on heavy demand speculation and bottom fishing buying. Gas demand perked up this year after prices in the spring slid to 10-year lows below $2 per mmBtu. In its Short-term Energy Outlook EIA trimmed its estimate for domestic natural gas production growth in 2012Natural Gas is holding with a support at 158.13 and resistance will be likely at 167.33.

Mentha oil trading range for the day is 1331.8-1401.Menthaoil spot is at 1495-.Spot market is down by Rs.17-.Menthaoil ended lower due to weak spot demand amid increasing arrivals. Trading activities remained low as adverse reports of ban on Pan masala pressurized market sentiments. On 6th August total stock of Mentha oil at MCX warehouses at Chandausi was 1, 39, 133 kg

Pepper trading range for the day is 43285-44725.Pepper gained on expectations that deficient rains could hit yields and due to squeeze in daily supplies. India imported 1,848 tonnes till March 2012 and has become the third country to import such large quantity. NCDEX accredited warehouses pepper stocks gained by 40 tonnes to 2368 tonnes. Spot pepper gained 1.25 rupees to 42638.1 rupees per 100 kg in Kochi market.

Jeera trading range for the day is 15831-17405.Jeera ended lower due to weak spot demand as farmers increased supplies in the domestic market. Lower production in Turkey and Syria could support Indian rates. NCDEX accredited warehouses jeera stocks dropped by 919 tonnes to 9234 tonnes. In Unjha, a key spot market in Gujarat, jeera dropped -44 rupees to end at 16456 rupees per 100 kg.

Soybean trading range for the day is 3874-4096.Soyabean gained tracking gains in overseas markets and on concerns over output of local summer-sown oilseeds. India’s oil meal exports fell to 274,635 tonnes in July from 281,879 tonnes a year earlier. NCDEX accredited warehouses soya bean stocks dropped by 1021 tonnes to 3045 tonnes. At the Indore spot market in top producer MP, soybean gained 54 Rs to 4574Re 100 kgs.

Chana trading range for the day is 4805-4981.Chana ended higher on concerns over deficient rains and pulses output. Daily arrivals have been reduced to 30000-35000 bags against 50000-55000 bags that were reported earlier. NCDEX accredited warehouses chana stocks dropped by 1390 tonnes to 66883 tonnes. In Delhi spot market, chana fell down by -23.35 rupee to end at 4926.65 rupee per 100 kgs.