Commodity Updates for 19/07/2012

Gold trading range for the day is 29048-29348.Gold fell on renewed fears over Euros debt crisis and as speculation receded that more stimulus were imminent. Price seen pressured after comments from German Chancellor raised concerns about future of euro zone New U.S. homes rose in June to its fastest pace in over three years also tamed speculation of QE3. Gold is trading below 50DMA, which is at 29676, now intraday gold is holding support at 29048 and resistance at 29348.

Silver trading range for the day is 52336-53104.Silver fell for a second session on renewed fears over Europe’s debt crisis Fed Chairman again did not hint at new stimulus measures despite recent signs of US economic slowdown. Hints fresh easing could be on the cards have sparked a number of gold rallies this year Silver is trading below 50DMA, which is at 54701, with intraday support seen at 52336 and resistance at 53104.

Crude trading range for the day is 4858-5034.Crude jumped as violence in Syria revived geopolitical fears and as US Fed Reserve downplayed risks of double dip recession. EIA said in its weekly report that U.S. crude oil inventories declined by 809,000 million barrels Brent prices have been well-supported in recent sessions amid growing concerns over tightening supplies from Norway Crude is holding with a support at 4858 and resistance will be likely at 5034.

Copper trading range for the day is 421.9-428.1.Copper rose buoyed by strong U.S. housing figures and comments from Bernanke that eased worries about possible double-dip recession. Hopes for additional stimulus measures from China continued to support copper prices. Investors also remained cautious at the start of the second half of the year due to concerns that China Warehouse stock for Copper at LME was at 253575mt that is up by 675mt.

Zinc trading range for the day is 102.95-104.05.Zinc gains as hopes for additional stimulus measures from China continued to support prices. Bernanke did not mention QE3 implementation, but investors were barely affected. There are expectations that China will cut its banks reserve requirement ratio to boost lending and support growth Warehouse stock for Zinc at LME was at 1014575mt that is up by 17850mt.

Nickel trading range for the day is 886.6-901.Nickel settled 0.08% up despite of the update that the global nickel market was in surplus by 26,000mtsGerman government bond yields overnight were negative, showing strong risk aversion sentiment of investors. Bernanke did not mention QE3 implementation, but was pessimistic toward economic outlook. Warehouse stock for Nickel at LME was at 109326mt that is up by 2328mt.

Mentha oil trading range for the day is 1332.2-1390.4.Menthaoil spot is at 1490-.Spot market is up by Rs.38-.Mentha oil gained on the back of rising demand in the domestic markets along with limited arrivals Prospects of rains in UP could affect the arrivals which could support the market sentiments to some extent 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 42722-43762.Pepper ended higher on dwindling stocks and thin supplies in the domestic market But an increase in supplies from Indonesia into the global market could weigh on sentiment. NCDEX accredited warehouses pepper stocks gained by 26 tonnes to 1672 tonnes. Spot pepper dropped -132.95 rupees to 41955.25 rupees per 100 kg in Kochi market.

Soybean trading range for the day is 4498-4738.Soyabean ended lower due to profit booking but downside was limited on lower production concerns Total oilseeds pegged at 30.01 million tn, in which Soybean output is pegged at 12.28 mn tn in 2011-12.NCDEX accredited warehouses soybean stocks gained by 119 tonnes to 4918 tonnes. At the Indore spot market in top producer MP, soybean gained 30 Rs to 4619Re 100 kgs.

Chana trading range for the day is 4665-4827.Chana ended higher as adverse reports on monsoon kept supporting the market sentiments. The total daily arrivals of chana hovering at the levels of around 51000 bags in the entire major mandies NCDEX accredited warehouses chana stocks gained by 26 tonnes to 83564 tonnes. In Delhi spot market, chana jump up by 48.65 rupee to end at 4813.35 rupee per 100 kgs.

Turmeric trading range for the day is 5158-5410.Turmeric dropped on late profit booking after prices gained on expectations of decline in area under cultivation. The arrivals in the spot market are reported to be of fine quality, supporting to the prices. NCDEX accredited warehouses turmeric stocks gained by 6 tonnes to 9837 tonnes. In Nizamabad, a major spot market in AP, the price ended at 4738.1 rupees gained by 41.15 rupees.

Jeera trading range for the day is 15411-16031.Jeera gained on short covering due to limited arrivals in the spot markets amid rising export demand. Local demand is strong and likely to stay firm in the coming months due to upcoming festivals. NCDEX accredited warehouses jeera stocks gained by 255 tonnes to 9304 tonnes. In Unjha, a key spot market in Gujarat, jeera gained 108.2 rupees to end at 15595.7 rupees per 100 kg.