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.
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