Jeera trading range for the day is 16865-17705.Jeera prices ended with gains on reduced stock for domestic consumption coupled with strong export outlook for 2016-17.China has imported around 12000 tons of Indian Cumin Seeds and is expected to import more 13000 tons of Indian cumin seeds for current year. NCDEX accredited warehouses jeera stocks gained by 60 tonnes to 3496 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 88.1 rupees to end at 17266.65 rupee per 100 kg.
Naturalgas trading range for the day is 172.4-178.4. Naturalgas traded in the range as traders are waiting for weekly inventory that is expected to show a heavy stockpiles which may continue to limit rallies. Stockpiles typically build this time of year when production is strong and there is no demand for gas-fired heat. Updates from MDA Weather Services keep showing unseasonably warm temperatures stretching deeper into June. Stockpiles likely grew last week to 3 trillion cubic feet, 26% above levels from a year ago and 30% above the five-year average for the same week.
Zinc trading range for the day is 132.8-139.8.Zinc prices rallied on the back of worries about potential shortages. Official industrial production in China, rose 6 percent from a year earlier in May, matching estimates. Business activity in the manufacturing sector in New York surprisingly rebounded from contraction in June, a survey showed. Warehouse stock for Zinc at LME was at 383200mt that is down by -875mt.
Copper trading range for the day is 300.6-319.6.Copper rose on evidence that Chinese growth is stabilizing and as concern over a buildup in metal stockpiles eased. The Fed kept interest rates unchanged and said slower economic growth would crimp the pace of monetary policy tightening in future years. Money managers cut their bullish copper bets to a four-month low in London last week, when stockpiles surged the most in a decade. Warehouse stock for Copper at LME was at 202150mt that is down by -1125mt.
Crudeoil trading range for the day is 3164-3306.Crude oil prices fell following a lower than expected draw on U.S. stockpiles and amid worries Britain might leave the European Union.U.S. Crude stocks fell last week, the government said, but the decline was much smaller than anticipated, while gasoline stocks decreased sharply. Crude inventories fell by 933,000 barrels in the last week, the U.S. EIA reported, less than half the 2.3 million barrel decrease expected. At 531.5 million barrels, U.S. crude oil inventories are at historically high levels for this time of year.
Silver trading range for the day is 41203-41771.Silver remained in range as market awaited the U.S. Feds policy statement amid concerns about a potential British exit from the European Union. The Federal Open Market as expected, left the target range of its benchmark Federal Funds Rate unchanged at a level between 0.25 and 0.50%. The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace a referendum on June 23 by Britain to leave the 28-member EU, dubbed Brexit, could tip Europe back into a recession, putting more pressure on the global economy.
Gold trading range for the day is 30208-30638.Gold prices were little changed as investors looked ahead to the conclusion of the Fed meeting and the U.K. vote on whether to leave the European Union The Fed kept said it kept interest rates unchanged as expected but signaled it still plans two rate increases this year. SPDR gold trust holdings gained by 0.23% i.e. 2.08 tonnes to 900.75 tonnes from 897.67 tonnes. US wholesale prices got a boost from more expensive energy and a sharp rebound in volatile trade margins, but without those effects, inflation pressure seemed quite tame.