Today's Commodity Updates

Gold trading range for the day is 29829-30049.Gold gains as slowing growth in Chinas factory output mildly boosted investor hopes for more monetary stimulus. Chinas factory activity slowed unexpectedly in July to its weakest in more than three years. Physical demand from India looked likely to remain sluggish ahead of the festival season which begins this month.

Silver trading range for the day is 53195-53767.Silver settled firm as speculation over whether world central banks will implement further stimulus measures supported Chinas factory activity slowed unexpectedly in July to its weakest in more than 3years, leaving room for more stimulus Bullion investors appeared to be on sidelines waiting for possible hints from Fed and other central bankers meeting.

Crude trading range for the day is 5124-5218.Crude oil gains edging higher alongside equities after weekly jobless claims unexpectedly dropped. Top oil exporter Saudi Arabia pumped 9.8 mln barrels bpd of crude oil in July, cutting output by 300,000 bpd from June OPEC may have to reduce its forecast for growth in world oil demand in 2013 by 20 percent.

Copper trading range for the day is 415.1-421.1.Copper settled flat as investors weighed speculation that China may take steps to support growth. Chinese industrial growth slows, inflation dips, boosting hopes for additional stimulus. Initial jobless claim from US fell to 361,000, better than market expectation, which prevented dropped in prices. Warehouse stock for Copper at LME was at 243600mt that is down by -2000mt.

Zinc trading range for the day is 102.23-103.13.Zinc ended with losses as after the release of Chinas CPI and PPI data. ECB Governing Council member Noyer said that ECB will interfere in equity market to prevent it from sharp decline. China’s imports data are expected to slip further, which will exert downward pressure on prices .Warehouse stock for Zinc at LME was at 977950mt that is down by -8175mt.

Nickel trading range for the day is 854.97-877.Nickel dropped after ECB lowered economic growth forecast for 2012 and 2013, and expected possible inflation. China’s July CPI fell below 2% fueling expectation Chinas central bank may further loosen its monetary policy. Investors lost patience since ECB did not take any action and optimism towards Euro debt crisis faded. Warehouse stock for Nickel at LME was at 116808mt that is up by 204mt.

Aluminium trading range for the day is 103.18-105.08.Aluminium ended lower as markets growing concerns over slowing economy caused prices to edge down. The release of Chinas July CPI and PPI on Thursday raised hopes for further easing monetary policy in China. The unexpected decline in the US weekly jobless claims limited the downside in aluminum price. Warehouse stock for Aluminium at LME was at 4863200mt that is down by -5650mt.

Nat.Gas trading range for the day is 154.53-178.93.Natural gas ended higher as U.S. government data revealed inventory levels rose less-than-expected. EIA reported natural gas in storage grew by 24 billion cubic feet to 3.241 trillion cubic feet. Total natural gas inventories are now 13.5% above the five-year average of 2.855 trillion cubic feet for this week. Natural Gas is holding with a support at 154.53 and resistance will be likely at 178.93.

Mentha oil trading range for the day is 1355-1409.Menthaoil spot is at 1520-.Spot market is up by Rs.5-.Mentha oil ended with gains on short covering amid firm spot demand after a steep fall seen in recent past. Good demand from stockist’s supported the prices in the spot. On 8th August total stock of Mentha oil at MCX warehouses at Chandausi was 1, 31, 224 kg.

Pepper trading range for the day is 43473-44263.Pepper rose on thin supplies and lower inventory but weak overseas sales kept the upside limited. Production of pepper in India in 2011-12 is expected to decline further by 5% to 43 thousand tonnes. NCDEX accredited warehouses pepper stocks gained by 76 tonnes to 2571 tonnes. Spot pepper dropped -52.35 rupees to 42595 rupees per 100 kg in Kochi market.

Soybean trading range for the day is 3765-3997.Soyabean yesterday moved 1.99% on buying support after prices dropped in last some sessions. India’s soybean acreage is expected to rise to record levels in Kharif season on higher prevailing prices. In 2011-12 season, soybean was sown under 102.9 lakh hectares area and recorded 12.28 mln ton output. At the Indore spot market in top producer MP, soybean dropped -40 Rs to 4584Re 100 kgs.

Chana trading range for the day is 4745-4921.Chana settled flat as rainfall at many places in kharif-pulses cultivating regions that would help crop growth weighed. Farmers completed sowing of kharif pulses on 7.28 mln ha, down from 8.75 mln ha a year earlier. NCDEX accredited warehouses chana stocks dropped by 1078 tonnes to 65705 tonnes. In Delhi spot market, chana fell down by -64.3 rupee to end at 4900 rupee per 100 kgs.

Turmeric trading range for the day is 5782-6122.Turmeric dropped on profit booking while improved rains and a decline in domestic demand weighed. India’s turmeric production is expected to hit historic high of 90 lakh bags compared to 69 lakh bags. NCDEX accredited warehouses turmeric stocks gained by 131 tonnes to 11195 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5480.5 rupees dropped by -77.6 rupees.

Wheat trading range for the day is 1339-1419.Wheat ended with good gains on buying support tracking firm spot demand. India’s wheat stocks at government warehouses on Aug. 1 were 47.5 million tonnes . Government stocks amounted to 49.8 mln tons, much higher than a target of 17.1 million for current quarter. In Delhi wheat prices dropped -9.05 rupee to end at 1392.75 rupees per 10 kg.

RM Seed trading range for the day is 4271-4419.Mustardseed yesterday traded with the positive node on some short covering after prices dropped in last few sessions. India’s soya meal exports rose 21 per cent to 1,68,341 tonnes in July this year. NCDEX accredited warehouses mustard seed stocks dropped by 938 tonnes to 121149 tonnes. In the Sri Ganganagar spot market in Rajasthan the price edged down by -72.5 rupee to 4200 rupees per 20 kgs.

Ref soya oil trading range for the day is 766.87-783.27.Ref Soya oil gained on buying support after prices dropped triggered by reports of rainfall in major growing belts Weak technical cues and reports of relief rain is expected to keep upside limited. Chinas soybean imports in June rose 31% to 5.62 mln tons and edible oil imports increased 21% to 3.27 mln tons. At the Indore spot market soy oil edged down by -1.55 rupee to 773.55 rupees 10 kgs.

CPO trading range for the day is 542.53-558.53.CPO settled slat firm on slight buying support as traders remained cautious ahead of slew of key industry reports. Palm oil exports suffered a double-digit decline in July as festival demand eased. Production has been rising consistently from March 2012 onwards and is expected to go as high as 1.9 mln tons in September. Crude palm oil prices in spot market dropped by 1.20 rupees and settled at 553.80 rupee