Today's Commodity Updates

Gold trading range for the day is 30002-30060.Gold rose after soft Chinese data and downward revisions to Euro growth forecasts fueled that central banks will intervene. Bullion broke ranks with declining equities after latest Chinese data showed July exports rose just 1%SPDR gold trust holdings gained by 3.21 tonnes to 1258.15 tonnes.

Silver trading range for the day is 53453-53543.Silver settled flat and support can be seen on sentiment that central banks will stimulate their economies . Fed officials have said they cannot rule out rolling out a third round of asset purchases from banks. China reported last week that its trade surplus narrowed unexpectedly in July, dropping to $25.1bn.

Crude trading range for the day is 5092-5174.Crude oil ended with gains on Saturday after prices dropped pressured by demand worries on downbeat Chinese economic data. IEA upped its forecast for global oil demand for this year, forecasting demand to grow by 900,000bpdCuts to European growth estimates for next year sent oil falling as well.

Copper trading range for the day is 414.3-415.7.Copper prices slipped after soft Chinese trade data signaled a slowing global economy, stoking fears about demand. Market already nervous given headwinds from struggling euro-zone, focused on deteriorating economic outlook. Copper imports into China held up better than expected in July, rising 5.9 percent from June. Warehouse stock for Copper at LME was at 241250mt that is down by -2350mt.

Zinc trading range for the day is 101.67-102.07.Zinc ended with flat node due to Chinas worse-than-expected import and export data. Weak trade data from China stoked market concern over metal demand. Zinc weekly stocks at Shanghai exchange came down by 1371 tonnes. Warehouse stock for Zinc at LME was at 973700mt that is down by -4250mt.

Nickel trading range for the day is 845.43-859. Nickel dropped as upward trend of US dollar weighs on base metal prices. Chinas new loans in July were RMB 540.1 billion, also lower than expectation of RMB 665 billion. The ECB cut economic growth forecast for 2013 recently, and Chinas CPI hit a 30-month low in July. Warehouse stock for Nickel at LME was at 116676mt that is down by -132mt.

Aluminium trading range for the day is 102.75-103.25.Aluminium settled flat as Chinas trade surplus fell from $317mt to $251mt in July. Chinas July trade data was worse than expected, and falling import and export data weighing down prices. Aluminium weekly stocks at Shanghai exchange came up by 2399 tonnes. Warehouse stock for Aluminium at LME was at 4860950mt that is down by -2250mt.

Nat.Gas trading range for the day is 151.5-154.7.Natural gas dropped on profit taking after gaining Friday as U.S. data revealed inventory rose less-than-expected Stockpiles rose to 60% above five-year average earlier this year after mild winter cut demand. Total natural gas inventories are now 13.5% above the five-year average of 2.855 TCF for week. Natural Gas is holding with a support at 151.5 and resistance will be likely at 154.7.

Mentha oil trading range for the day is 1270.3-1390.3.Menthaoil spot is at 1490-.Spot market is down by Rs.25-.Mentha oil ended lower due to profit booking amid weak spot demand. Trend likely to remain volatile as prospects of rains in UP could affect the arrivals which could support the market. The total arrivals of Mentha oil slipped to 600 drums from 700 drums.

Pepper trading range for the day is 43553-44223.Pepper ended with slight gains due to concerns over output due to deficient rains in Karnataka and firm spot demand The fundamentals are very strong as demand is too good for pepper against the weak availability of the spice. NCDEX accredited warehouses pepper stocks gained by 70 tonnes to 2641 tonnes. Spot pepper gained 150.05 rupees to 42933.35 rupees per 100 kg in Kochi market.

Jeera trading range for the day is 15398-16512.Jeera fell due to weak overseas demand at higher prices but thin domestic supplies kept the downside limited. Rains at this stage would be beneficial for the sowing activities due to start over next few months. NCDEX accredited warehouses jeera stocks gained by 141 tonnes to 9534 tonnes. In Unjha, a key spot market in Gujarat, jeera dropped -153.2 rupees to end at 16294.3 rupees per 100 kg.

Soybean trading range for the day is 3887-4123.Soyabean ended lower due to profit booking amid rainfall in the oilseed growing areas of India. The total July soybean imports in China spurted by 10% from the same month in last year. NCDEX accredited warehouses soybean stocks dropped by 210 tonnes to 2835 tonnes. At the Indore spot market in top producer MP, soybean dropped -27 Rs to 4597Re 100 kgs.

Chana trading range for the day is 4815-4923.Chana settled flat on profit booking tracking weak spot demand after gaining on thin domestic supplies. Receding daily arrivals in major mandies supported prices in domestic market. NCDEX accredited warehouses chana stocks dropped by 1697 tonnes to 64008 tonnes. In Delhi spot market, chana jump up by 3.05 rupee to end at 4913.9 rupee per 100 kgs.