Today's Commodity Updates

Gold trading range for the day is 29937-30257.Gold settled flat as ongoing speculation that central banks around the world would soon announce fresh stimulus measures. There are expectations that China will cut its banks RRR following the release of downbeat data last week. Gold traders are also looking ahead to the Fed’s next policy meeting on September 12 and 13.

Silver trading range for the day is 53060-53852.Silver ended lower getting pressure from base metals and crude prices. Market participants will be watching US data on retail sales, inflation and housing during the week Japans GDP growth for 2Q dropped to 1.4%, missing market expectations of 2.7% also weighed on prices.

Crude trading range for the day is 5076-5250.Crude ended with gains on concerns about North Sea supply and Middle East tensions. Sluggish economic indicators fueled sentiment that central banks around world will take steps to spur recovery U.S. crude oil stockpiles were forecast to have declined last week for a third straight week, on lower imports.

Copper trading range for the day is 408.8-417.Copper dropped as persistent concerns about faltering health of the global economy weighed on prices. A deeper slowdown in China would impair a global expansion that is already faltering because of euro zones crisis. There are expectations that China will cut its banks RRR following the release of downbeat data last week. Warehouse stock for Copper at LME was at 239175mt that is down by -2075mt.

Zinc trading range for the day is 100.18-102.58.Zinc dropped as the lingering European debt issues remain a major market concern. The release of US July annual rate core PPI likely to boost market confidence Zinc daily stocks at Shanghai exchange came down by 599 tonnes. Warehouse stock for Zinc at LME was at 970400mt that is down by -3300mt.

Nickel trading range for the day is 847.5-867.Nickel settled 0.65% up but still market weighed on overnight due a series of weak trade data released earlier. As EBC previously cut its economic forecast, it is expected GDP will be weak, which may weigh down prices. Yields of Italy’s 10-year treasury bond rose to 5.9% Spain’s 10-year treasury bond rose to 6.88%Warehouse stock for Nickel at LME was at 116004mt that is down by -672mt.

Nat.Gas trading range for the day is 149.23-157.63.Natural gas gained but overall sentiments remain lower as forecasts showing cooler temperatures A bout of extreme heat across much of the U.S. over the past two months helped boost natural gas prices. Market monitoring tropical storm activity in the Gulf of Mexico, amid concerns over a disruption to supplies. Natural Gas is holding with a support at 149.23 and resistance will be likely at 157.63.

Mentha oil trading range for the day is 1295.2-1381.8.Menthaoil spot is at 1515-.Spot market is up by Rs.25-.Mentha oil ended with gains on buying support amid a pickup in domestic and export demand. Farmers are not interested to bring Mentha oil in the market on lower prices. On 11th August total stock of Mentha oil at MCX warehouses at Chandausi was 1, 31, 224 kg.

Pepper trading range for the day is 43375-44825.Pepper ended up as concerns over pepper output due to lower rains and thin supplies supported buying Scanty rains in Kerala and Karnataka states, the leading pepper producers, are seen lowering yields. NCDEX accredited warehouses pepper stocks gained by 30 tonnes to 2671 tonnes. Spot pepper gained 195.6 rupees to 43128.95 rupees per 100 kg in Kochi market.

Soybean trading range for the day is 3854-4010.Soyabean ended lower hammered by weak demand in the spot market a fall in the world market. Indian farmers have cultivated soybean on 10.54 million hectares compared with 10.01 million hectares. NCDEX accredited warehouses soybean stocks gained by 59 tonnes to 2894 tonnes. At the Indore spot market in top producer MP, soybean dropped -64 Rs to 4533Re 100 kgs.

Turmeric trading range for the day is 5515-6047.Turmeric ended with gains due to bargain-buying supported by lower area under sowing. Farmers slashed area under turmeric sowing this season after prices fell sharply since last year. NCDEX accredited warehouses turmeric stocks dropped by 60 tonnes to 11283 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5476.2 rupees dropped by -81.9 rupees.

Jeera trading range for the day is 15418-16138.Jeera gained on some late buying support but prices weighed down on a slowdown in overseas demand. Fresh demand likely to pick up from the last week of August. NCDEX accredited warehouses jeera stocks gained by 229 tonnes to 9763 tonnes. In Unjha, a key spot market in Gujarat, jeera dropped -303.05 rupees to end at 16144.45 rupees per 100 kg.