Commodity Updates

Gold trading range for the day is 29730-30002.Gold inched up but remained in tight range due to investor uncertainty about whether central banks would act to stimulate economies. Rosengren said the Fed should launch another round of QE of whatever size and duration to get economy on feet. Fitch put Germanys AAA credit rating outlook stable, which was owing to strong upward momentum of Germanys economy. Gold is trading below 50DMA, which is at 30013, now intraday gold is holding support at 29730 and resistance at 30002.

Silver trading range for the day is 52839-53905.Silver settled flat on hopes that central banks in Europe and the US will launch more stimulus measures. Also pressure mounted after German industrial orders fell more than expected in June Euro group President Jean-Claude Junker discussed a Greek exit from the euro zone again. Silver is trading below 50DMA, which is at 53781, with intraday support seen at 52839 and resistance at 53905.

Crude trading range for the day is 5081-5269.Crude oil dropped from highs despite a bullish inventory report, as traders took profits. Prices seen support from expected drops in North Sea output in September and falling U.S. crude oil inventories. EIA said U.S. crude oil inventories decreased by 3.7 million barrels in the week ending August 3Crude is holding with a support at 5081 and resistance will be likely at 5269.

Today's Commodity Updates

Gold trading range for the day is 29598-30082.Gold ended lower as investors were uncertain about whether central banks would act to stimulate sputtering economies. Building expectations that ECB will buy debt from distressed countries like Spain and Greece sparked a risk. S&P revised Greece’s outlook to negative, saying debt-ridden euro zone country could need more help.

Silver trading range for the day is 53139-53611.Silver ended with slight gains as investors were uncertain about whether central banks would act to stimulate sputtering economies. Building expectations that ECB will buy debt from distressed countries like Spain and Greece sparked a risk. Overall the metal traded in a tight range of less than $1 an ounce, swinging between slight gains and losses. Silver is trading below 50DMA, which is at 53779, with intraday support seen at 53139 and resistance at 53611.

Crude trading range for the day is 5046-5246.Crude oil jumped on falling North Sea output, support for more bond buying by Fed and Middle East tensions. EIA raised its forecast for global oil use by 190,000 barrels a day from last month’s estimate. Today crude oil inventories: EXP: -0.6M PREV: -6.5M. Actual is at 8.00PMCrude is holding with a support at 5046 and resistance will be likely at 5246.

CASTORSEED MARGIN UPDATE

 Additional Margin of 5% (in cash) on both the Long side and Short side will be imposed on all running contracts and yet to be launched contracts in Castor Seed with effect from beginning of day Wednesday, August 08, 2012.

Today's Commodity Updates

Gold trading range for the day is 29796-30070.Gold ended with gains on gains in U.S. equities and crude oil. Muted moves in U.S. dollar give gold little direction after last week’s swings. Inflows into Gold ETF also picked up after a soft July, with data from the largest showing its holdings up 3tns so far this month. Gold is trading below 50DMA, which is at 30020, now intraday gold is holding support at 29796 and resistance at 30070.

Silver trading range for the day is 53019-53607.Silver settled flat as ongoing sentiment that central banks around the world will likely stimulate their economies The sentiment in Europe’s government debt market improved, with two year Spanish yields falling Holdings at i-shares silver trust rose by 163.42 tonnes to 9742.43 tonnes. Silver is trading below 50DMA, which is at 53833, with intraday support seen at 53019 and resistance at 53607.

Crude trading range for the day is 5016-5130.Crude oil ended with gains as investors became commodity bullish on strong equity market performance Tropical Storm Ernesto gained strength in the Caribbean Sea east of Nicaragua and will probably become a hurricane today. None of tropical storm developments in Atlantic Ocean are currently forecast to threaten oil supplies. Crude is holding with a support at 5016 and resistance will be likely at 5130.

Copper trading range for the day is 410.7-416.7.Copper gains after encouraging comments from top

MARKET WILL REMAIN VOLATILE AS ECB DRAGHI S SPEECH IS GOING ON.

MARKET WILL REMAIN VOLATILE AS ECB DRAGHI S SPEECH IS GOING ON.

EGOM meet today for Agriculture conditions

AGRO COMMODITY MARKET LOOKS VOLATILE AHEAD OF EGOM MEET TODAY AT 5.00PM. TO DISCUSS THE DROUGHT CONDITION, WHICH INDIA COULD FACED IN 30 YEARS. CAN SEE STEPS SUCH AS IMPOSING STOCK HOLDING LIMITS AND BAN ON FUTURES TRADING OF SOME COMMODITIES

Commodity markets may remain volatile

COMMODITY MARKET IS EXPECTED TO REMAIN VOLATILE AHEAD OF FED MEET ON WEDNESDAY AND EUROPEAN CENTRAL BANK MEET ON THURSDAY.

Commodity Morning Updates for Today

Gold trading range for the day is 30094-30220.Gold gained marginally on expectations that the Fed & ECB will move to stimulate their respective economies. Indian Gold imports fall 35% in July on near-record prices. European Commissions index of economic sentiment across Eurozone dropped to 87.9 in July. Gold is trading above 50DMA, which is at 30041, now intraday gold is holding support at 30094 and resistance at 30220.

Silver trading range for the day is 52842-54392.Silver yesterday ended higher as investor taken the position ahead of FED & ECB meet. Spot silver breaks above $28oz to 17-session high ahead of FOMC meeting. Investors have interpreted signs of slowing US economic growth as increasing likelihood that Fed will implement more stimulus Silver is trading below 50DMA, which is at 54187, with intraday support seen at 52842 and resistance at 54392.

Crude trading range for the day is 4935-5051.Crude trader caution ahead of stimulus measures coming from central bank meetings in the US & Europe. Oil prices continue to be supported by worries about supply from sanctions-hit Iran. Meanwhile sentiments that US crude stockpiles may have grown this week also pushed oil down. Crude is holding with a support at 4935 and resistance will be likely at 5051.

Copper trading range for the day is 417.1-424.5.Copper dropped as investors weighed the likelihood of further stimulus measures from ECB and U.S.IMFs pessimistic comments over the European debt crisis will continue to weigh markets down. Japans June exports of copper cathode to China, nearly doubled from the same month a year ago. Warehouse stock for Copper at LME was at 249075mt that is down by -1225mt.

DATAS FOR THE DAY :-

11:30am EUR  German Retail Sales m/m   0.6% -0.3%
12:15pm EUR  French Consumer Spending m/m   0.2% 0.4%
1:25pm EUR  German Unemployment Change   9K 7K
1:30pm EUR  Italian Monthly Unemployment Rate   10.2% 10.1%
 
2:30pm EUR  CPI Flash Estimate y/y   2.4% 2.4%
2:30pm EUR  Unemployment Rate   11.2% 11.1%
2:30pm EUR  Italian Prelim CPI m/m   0.3% 0.2%
6:00pm USD  Core PCE Price Index m/m   0.2% 0.1%
6:00pm USD  Employment Cost Index q/q   0.5% 0.4%
6:00pm USD  Personal Spending m/m   0.1% 0.0%
6:00pm USD  Personal Income m/m   0.5% 0.2%
6:30pm USD  S&P/CS Composite-20 HPI y/y   -1.5% -1.9%
7:15pm USD  Chicago PMI   52.6 52.9
7:30pm USD  CB Consumer Confidence   61.5 62.0

Commodity Updates for 30/07/2012

Gold trading range for the day is 29765-29815. Gold settled flat as investors took profits after data showed that economic growth has weakened Gold trimmed its gains after data showed U.S. GDP slowed in the second quarter from the first quarter Physical gold traders in India stayed on the sidelines after prices stayed in vicinity of their highest level in four weeks. Gold is trading above 50DMA, which is at 29716, now intraday gold is holding support at 29765 and resistance at 29815.

Silver trading range for the day is 53167-53321. Silver were supported from weaker dollar and general improvement in risk tolerance that came with Draghi’s comments. European Central Bank President Mario Draghi promised to do everything to prevent the euro zone from breaking up The ECB policy meeting on Thursday will also attract wide attention after Draghi’s comments last week. Silver is trading below 50DMA, which is at 54227, with intraday support seen at 53167 and resistance at 53321.

Crude trading range for the day is 4987-5013. Crude settled flat on Saturday after gaining Friday as data showing a slower U.S. growth rate in the second quarter Oil received an upward bump after German Chancellor Merkel signaled strong support for euro Japans imports of Iranian crude in June rose 60.5 percent from 106,162 bpd in May Crude is holding with a support at 4987 and resistance will be likely at 5013.

Today's Commodity Updates 27/07/2012

Gold trading range for the day is 29658-29942.Gold ended down due to rupee firmness but prices were supported by hopes of more monetary easing after Draghi’s comments. Central banks in Russia, Kazakhstan make large gold purchases in June. Investors are now eyeing US GDP figure for Q2 which is likely to show US grew at its slowest pace in year. Gold is trading above 50DMA, which is at 29703, now intraday gold is holding support at 29658 and resistance at 29942.

Silver trading range for the day is 52880-53758.Silver dropped but downside was limited after Draghi pledged to do whatever was necessary to protect euro zone from collapse. Sharper appetite for risk and 1% loss in dollar versus euro as result of Draghi comments also supported. Bullions demand from the investment and physical sectors continued to remain weak. Silver is trading below 50DMA, which is at 54326, with intraday support seen at 52880 and resistance at 53758.

Crude trading range for the day is 4909-5077.Crude rose after ECB President said ECB was ready to do whatever was necessary to avoid Eurozone collapse. A drop in U.S. jobless-benefit claims for last week also supported prices. Oil remain about 20% below their 2012 highs, pressured by slowing global growth that has affected demand. Crude is holding with a support at 4909 and resistance will be likely at 5077.

European Central Bank President Mario Draghi said

European stocks climbed after European Central Bank President Mario Draghi said policymakers will do whatever it takes to preserve the euro. U.S. index futures and Asian shares rose.

Today's Commodity Updates

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.

COMMODITY UPDATES FOR 23/07/2012

Gold trading range for the day is 29258-29480.Gold edged up as market sentiment improved after Russia revealed it had boosted its bullion reserves in June Gold fell earlier as euro tumbled after Spain’s Valencia region said it would seek central government help to repay its debts SPDR gold trust holding dropped by 2.41 tonnes to 1254.64 tonnes. Gold is trading below 50DMA, which is at 29671, now intraday gold is holding support at 29258 and resistance at 29304.

Silver trading range for the day is 52467-53250.Silver recovers as safe-haven appeal of precious metal re-emerged amid growing fears that Spain will need a full bailout . Ongoing hopes of further stimulus from global central banks to boost world growth underpinned prices. Euro zone finance ministers approved the terms of a loan of as much as EUR100 billion to recapitalize Spanish banks. Silver is trading below 50DMA, which is at 54534, with intraday support seen at 52767 and resistance at 52901.

Crude trading range for the day is 5015-5165.Crude fell from a multiday rally on profit-taking, a stronger dollar and revived concerns about the euro zone. U.S. demand for crude oil, gasoline and distillates fell in June from a year earlier, API said. Adding to the bearish sentiment was news that China will load full contracted volumes of Iranian oil in July. Crude is holding with a support at 5074 and resistance will be likely at 5108.

Copper trading range for the day is 418-425.70.Copper slid weighed down by fresh worries about Spain’s debt crisis and a stronger dollar. Metals tracked lower after Beijing issued reminder to local governments to keep clamping down on property speculation. The global market for refined copper was in a 384,000- tonne deficit from January to April 2012 – ICSG Warehouse stock for Copper at LME was at 253225mt that is up by 675mt.

Zinc trading range for the day is 101.30-102.95.Zinc settles up but overall market was caution as China again became one of factors affecting movements in financial market.US dollar was favored as safe-haven amid increasing investor worries over Chinese demand Zinc weekly stocks at Shanghai exchange came down by 1677 tonnes. Warehouse stock for Zinc at LME was at 1015075mt that is up by 2700mt.

Nickel trading range for the day is 869-892.Nickel settled up but trend remain weak as economic uncertainty in Europe has increased resulting in shorter visibility for demand. Normal seasonality and the declining nickel price have had an adverse effect on distributors buying behavior. Mainly impacted by normal seasonality, prices for stainless steel in third quarter are expected to be slightly lower. Warehouse stock for Nickel at LME was at 110658mt that is down by -516mt.

Aluminum trading range for the day is 103.50-104.80.Aluminium is trading in the range as European secondary aluminum prices remained flat last week. Chinas confirmation of strict property curb will erode metals demand. Aluminum weekly stocks at Shanghai exchange came up by 8372 tonnes. Warehouse stock for Aluminum at LME was at 4832425mt that is up by 29875mt.

Nat.Gas trading range for the day is 168.73-171.93.Natural gas ended higher as ongoing hot temperatures are expected to support demand for gas-powered electricity. Gas remained supported after updated forecasts showed that above-normal temperatures were expected to remain. Spot prices have rallied nearly 25% in the past three weeks, as extreme heat conditions boosted demand. Natural Gas is holding with a support at 168.73 and resistance will be likely at 171.93.

Mentha oil trading range for the day is 1242-1371.Menthaoil spot is at 1455-.Spot market is up by Rs.45-.Mentha oil rose on rising demand from pharmaceutical units. Reports of ban on Pan masala pressurized the market sentiments. The total arrivals of Mentha oil stood at 600-650 drums.

Pepper trading range for the day is 42945-43785.Pepper dropped on profit-taking triggered by weak exports, though slack spot supplies restricted downside. Latest reports keep production estimates in Vietnam at 1.35-1.40 lh tonnes vs 1.0-1.10 lh tonnes. In April, pepper exports fell 47 percent to 1,200 tonnes from a year ago. Spot pepper gained 85.7 rupees to 42114.25 rupees per 100 kg in Kochi market.

Soybean trading range for the day is 4828-5182.Soyabean hit a record high tailing an overseas rally and on poor rains in growing areas. This year soybean production (in India) is likely to be slightly lower than last year. NCDEX accredited warehouses soya bean stocks dropped by 31 tonnes to 4082 tonnes. At the Indore spot market in top producer MP, soybean gained 121 Rs to 4941Re 100 kgs.

Jeera trading range for the day is 15759-16693.Jeera dropped due to profit booking after prices gained on strong demand from overseas buyers. Declining spot supplies at the end of the peak arrival season aided sentiment. NCDEX accredited warehouses jeera stocks dropped by 1488 tonnes to 7558 tonnes. In Unjha, a key spot market in Gujarat, jeera gained 15.4 rupees to end at 15947.9 rupees per 100 kg.

CPO trading range for the day is 565.9-588.3.Crude palm oil ended higher supported by rising demand in spot markets. Gains limited following improved weather forecasts in drought-hit areas of the U.S. Midwest, easing worries over limited supplies. Malaysia’s July 1-15 palm oil shipments fell 21% from a month earlier to 563,603 tons. Crude palm oil prices in spot market gained by 2.10 rupees and settled at 570.10 rupees.

Wheat trading range for the day is 1419-1491.Wheat ended with gains on the back of firm export demand along with strong physical demand. Limited arrivals in the domestic markets also supported the firm trend. NCDEX accredited warehouses wheat stocks gained by 99 tonnes to 4690 tonnes. In Delhi wheat prices gained 13.3 rupee to end at 1341.65 rupees per 10 kg.

Chana trading range for the day is 4787-4943.Chana rose bolstered by strong demand from domestic traders and millers due to the upcoming festival season Chana production is expected to fall to 7.58 mln tonnes as compared to 8.22 mln tonnes last year. NCDEX accredited warehouses chana stocks dropped by 625 tonnes to 80748 tonnes. In Delhi spot market, chana fell down by -59.4 rupee to end at 4950 rupee per 100 kgs.

Ref soya oil trading range for the day is 800.88-818.68.Ref soya oil ended higher tracking gains in spot demand amid firm overseas market. India has lifted a six-year freeze on the base import price of refined palmolein. India’s soymeal exports rose to 180,987 tonnes in June, from 117,600 tonnes the same period a year ago. At the Indore spot market soy oil edged up by 0.85 rupee to 792.75 rupees 10 kgs.Gold trading range for the day is 29258-29480.Gold edged up as market sentiment improved after Russia revealed it had boosted its bullion reserves in June Gold fell earlier as euro tumbled after Spain’s Valencia region said it would seek central government help to repay its debts SPDR gold trust holding dropped by 2.41 tonnes to 1254.64 tonnes. Gold is trading below 50DMA, which is at 29671, now intraday gold is holding support at 29258 and resistance at 29304.

Silver trading range for the day is 52467-53250.Silver recovers as safe-haven appeal of precious metal re-emerged amid growing fears that Spain will need a full bailout . Ongoing hopes of further stimulus from global central banks to boost world growth underpinned prices. Euro zone finance ministers approved the terms of a loan of as much as EUR100 billion to recapitalize Spanish banks. Silver is trading below 50DMA, which is at 54534, with intraday support seen at 52767 and resistance at 52901.

Crude trading range for the day is 5015-5165.Crude fell from a multiday rally on profit-taking, a stronger dollar and revived concerns about the euro zone. U.S. demand for crude oil, gasoline and distillates fell in June from a year earlier, API said. Adding to the bearish sentiment was news that China will load full contracted volumes of Iranian oil in July. Crude is holding with a support at 5074 and resistance will be likely at 5108.

Copper trading range for the day is 418-425.70.Copper slid weighed down by fresh worries about Spain’s debt crisis and a stronger dollar. Metals tracked lower after Beijing issued reminder to local governments to keep clamping down on property speculation. The global market for refined copper was in a 384,000- tonne deficit from January to April 2012 – ICSG Warehouse stock for Copper at LME was at 253225mt that is up by 675mt.

Zinc trading range for the day is 101.30-102.95.Zinc settles up but overall market was caution as China again became one of factors affecting movements in financial market.US dollar was favored as safe-haven amid increasing investor worries over Chinese demand Zinc weekly stocks at Shanghai exchange came down by 1677 tonnes. Warehouse stock for Zinc at LME was at 1015075mt that is up by 2700mt.

Nickel trading range for the day is 869-892.Nickel settled up but trend remain weak as economic uncertainty in Europe has increased resulting in shorter visibility for demand. Normal seasonality and the declining nickel price have had an adverse effect on distributors buying behavior. Mainly impacted by normal seasonality, prices for stainless steel in third quarter are expected to be slightly lower. Warehouse stock for Nickel at LME was at 110658mt that is down by -516mt.

Aluminum trading range for the day is 103.50-104.80.Aluminium is trading in the range as European secondary aluminum prices remained flat last week. Chinas confirmation of strict property curb will erode metals demand. Aluminum weekly stocks at Shanghai exchange came up by 8372 tonnes. Warehouse stock for Aluminum at LME was at 4832425mt that is up by 29875mt.

Nat.Gas trading range for the day is 168.73-171.93.Natural gas ended higher as ongoing hot temperatures are expected to support demand for gas-powered electricity. Gas remained supported after updated forecasts showed that above-normal temperatures were expected to remain. Spot prices have rallied nearly 25% in the past three weeks, as extreme heat conditions boosted demand. Natural Gas is holding with a support at 168.73 and resistance will be likely at 171.93.

Mentha oil trading range for the day is 1242-1371.Menthaoil spot is at 1455-.Spot market is up by Rs.45-.Mentha oil rose on rising demand from pharmaceutical units. Reports of ban on Pan masala pressurized the market sentiments. The total arrivals of Mentha oil stood at 600-650 drums.

Pepper trading range for the day is 42945-43785.Pepper dropped on profit-taking triggered by weak exports, though slack spot supplies restricted downside. Latest reports keep production estimates in Vietnam at 1.35-1.40 lh tonnes vs 1.0-1.10 lh tonnes. In April, pepper exports fell 47 percent to 1,200 tonnes from a year ago. Spot pepper gained 85.7 rupees to 42114.25 rupees per 100 kg in Kochi market.

Soybean trading range for the day is 4828-5182.Soyabean hit a record high tailing an overseas rally and on poor rains in growing areas. This year soybean production (in India) is likely to be slightly lower than last year. NCDEX accredited warehouses soya bean stocks dropped by 31 tonnes to 4082 tonnes. At the Indore spot market in top producer MP, soybean gained 121 Rs to 4941Re 100 kgs.

Jeera trading range for the day is 15759-16693.Jeera dropped due to profit booking after prices gained on strong demand from overseas buyers. Declining spot supplies at the end of the peak arrival season aided sentiment. NCDEX accredited warehouses jeera stocks dropped by 1488 tonnes to 7558 tonnes. In Unjha, a key spot market in Gujarat, jeera gained 15.4 rupees to end at 15947.9 rupees per 100 kg.

CPO trading range for the day is 565.9-588.3.Crude palm oil ended higher supported by rising demand in spot markets. Gains limited following improved weather forecasts in drought-hit areas of the U.S. Midwest, easing worries over limited supplies. Malaysia’s July 1-15 palm oil shipments fell 21% from a month earlier to 563,603 tons. Crude palm oil prices in spot market gained by 2.10 rupees and settled at 570.10 rupees.

Wheat trading range for the day is 1419-1491.Wheat ended with gains on the back of firm export demand along with strong physical demand. Limited arrivals in the domestic markets also supported the firm trend. NCDEX accredited warehouses wheat stocks gained by 99 tonnes to 4690 tonnes. In Delhi wheat prices gained 13.3 rupee to end at 1341.65 rupees per 10 kg.

Chana trading range for the day is 4787-4943.Chana rose bolstered by strong demand from domestic traders and millers due to the upcoming festival season Chana production is expected to fall to 7.58 mln tonnes as compared to 8.22 mln tonnes last year. NCDEX accredited warehouses chana stocks dropped by 625 tonnes to 80748 tonnes. In Delhi spot market, chana fell down by -59.4 rupee to end at 4950 rupee per 100 kgs.

Ref soya oil trading range for the day is 800.88-818.68.Ref soya oil ended higher tracking gains in spot demand amid firm overseas market. India has lifted a six-year freeze on the base import price of refined palmolein. India’s soymeal exports rose to 180,987 tonnes in June, from 117,600 tonnes the same period a year ago. At the Indore spot market soy oil edged up by 0.85 rupee to 792.75 rupees 10 kgs.

TODAYS DATA TO BE WATCHED :

TODAYS DATA TO BE WATCHED : Time Country Data Exp Prev---1:30pm EUR Current Account 5.3B 4.6B, 6:00pm USD Unemployment Claims 367K 350K, 7:30pm USD Existing Home Sales 4.64M 4.55M, 7:30pm USD Philly Fed Manufacturing Index -7.9 -16.6, 7:30pm USD CB Leading Index mm -0.1% 0.3%, 8:00pm USD Natural Gas Storage 34B 33B

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.

TODAY NATURAL GAS STORAGE: EXP: 34B PREV: 33B. ACTUAL IS AT 8.00PM

TODAY NATURAL GAS STORAGE: EXP: 34B PREV: 33B. ACTUAL IS AT 8.00PM

Shine in Gold and Its Future for India

Any Indian considers this investment of highest regard. Its not only now but has been here for time immemorial, especially in the form of jewellery. Speaking of returns it has outperformed equities for the past few years. This is because it is considered to an international currency ands almost same value can be expected around the world.

Safe haven as many consider it is mainly because of this international currency nature. India has been the biggest consumer of gold with China just outnumbering it in the previous quarter. This soon will change consumption descended mainly because of strike by Bullion association after the tax implications announced in budget 2012. Gold is considered to have generally a negative correlation with equities of -1. i.e as equities accelerate the prices of gold should plummet accordingly.

This is valid only if change is too rapid in a short span of time. Albeit gold brings smiles to the faces of Bahus (daughter – in laws) of the house, its recent spikes is a cause of worry for the Indian government as it has inflated the imported bills. To worsen the scenario the rupee depreciation adds strong support to the prices of gold. All this is mainly because India imports most of its gold. So it can be inferred that as far as rupee depreciates one can expect strength in gold, at least till the time un-certainities prevail around the globe.

Recent breaking of 30,000 is seen as bullishness but one should be cautious of announcements of Fed reserve as any decision which supports the dollar will add to negatives to the fundamentals of gold as they trade as chalk and cheese the world over. Domestically it should be noted that about a little less than 2/3rds of gold buying is done in rural areas and any convivial news from monsoon will always spurt the prices. A fact to be noted that gold prices tend to have a negative bias after Diwali season. So any buy after the festivities is considered to be a smart buy.

LME STOCK : COPPER -925, ALUMINIUM -11800, NICKEL +522, LEAD -300, ZINC -2575

LME STOCK : COPPER  -925, ALUMINIUM -11800,  NICKEL +522, LEAD -300, ZINC -2575

CHINA: PBoC is unlikely to aggressively cut interest rates to maintain stabilization in housing prices (Bloomberg)

CHINA: PBoC is unlikely to aggressively cut interest rates to maintain stabilization in housing prices (Bloomberg)