Zinc Prices Remained Under Pressure Due To Recovering Consumption

Zinc trading range for the day is 221.4-230.

Zinc prices remained under pressure due to recovering consumption and anticipated supply growth.

China March refined zinc imports at 51,111 tonnes

Zinc inventories in warehouses monitored by the Shfe fell 10 percent from a week earlier to a near three-month low at 79,399 tonnes.

Warehouse stock for Zinc at LME was at 81325mt that is up by 1300mt.

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Natural Gas Rose As A Winter Storm Threatened Parts Of The Country

Natural gas trading range for the day is 175.9-186.3.

Natural gas rose as a winter storm threatened parts of the country, boosting the near-term outlook for heating demand.

U.S. dry natural gas production will rise to an all-time high of 91.00 billion cubic feet per day in 2019 from a record high of 83.39 bcfd in 2018

There is another winter storm coming in and there is going to be some heating demand.

Utilities likely added a much bigger than normal 113 billion cubic feet of gas to inventories during the week ended April 26.

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Silver On MCX Settled Up 0.16% At 37518 As Growth Worries Lingered

Silver on MCX settled up 0.16% at 37518 as growth worries lingered and after the release of a slew of U.S. economic data. 

The U.S. Department of Labor reported that initial jobless claims rose by 37,000 to a seasonally adjusted 230,000 for the week ended April21. 

The Commerce Department said core durable goods orders rose 0.4% last month, beating forecasts for a 0.2% rise. 

Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 1.3% last month, well above expectations for a 0.1% increase. 

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Gold On MCX Settled Up 0.09% At 31939 As The Dollar Fell

Gold on MCX settled up 0.09% at 31939 as the dollar fell after data suggested an acceleration of U.S. growth was driven by temporary factors that are likely to reverse in the coming quarters.

Even strong data out of U.S. was unlikely to change the U.S. Federal Reserve’s monetary strategy.

Major central banks are done tightening policy as the global growth outlook has softened across developed and emerging economies, with scant prospects for a surge in inflation.

The view is supported by a recent slashing of its growth outlook by the Bank of Canada and a disclosure from the Bank of Japan that it will keep interest rates super-low for at least one more year.

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Soyabean Settled Flat On Higher Domestic Output And Weak Demand

Soyabean trading range for the day is 3694-3760.

Soyabean settled flat on higher domestic output and weak demand from millers due to forecast of near normal monsoon forecast by IMD.

Soybean arrivals for the Oct-Mar period are pegged at 77 lt, up by 23.2% on year by SOPA.

In the US, soybean inventories have swelled as the U.S.-China trade has hurt shipments of American soy to Chinese buyers.

At the Indore spot market in top producer MP, soybean remains unchanged at 0 Rupees to 3855 Rupees per 100 kgs.

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Crude Oil Gains Supported By Tightening Sanctions Against Iran Announced

Crude oil trading range for the day is 4588-4694.

Crude oil gains supported by tightening sanctions against Iran announced this week but upside seen limited by a surge in U.S. supply and concerns of an economic slowdown.

U.S. attempts to drive Iranian oil exports down to zero come against the backdrop of a global market that is sufficiently well supplied to avoid price disruptions

Saudi Arabia's energy minister Khalid al-Falih told that China has "not yet" asked for more crude oil after the U.S. decided to end sanction waivers on Iranian oil imports.

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Silver Prices Recovered From Lows With Investors Making Cautious Moves

Silver trading range for the day is 37060-37846.

Silver prices recovered from lows with investors making cautious moves, weighing earnings reports and economic data from across the globe.

German business morale deteriorated in April, bucking expectations for a small improvement, as trade tensions weighed on the German economy.

The US will send a high-level trade delegation to Beijing next week for talks that will begin on April 30.

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Gold Gained As Weak Economic Data Rekindled Global Growth Fears

Gold trading range for the day is 31559-32201.

Gold gained as weak economic data rekindled global growth fears.

Data showed German business morale deteriorated in April as trade tensions hurt the industrial engine of Europe's largest economy.

South Korean economy also unexpectedly contracted in the first quarter, fuelling concerns that the global economy is still not out of the woods.

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Mentha Oil Trading Range For The Day Is 1348.3-1373.5

Mentha oil trading range for the day is 1348.3-1373.5.

Mentha oil spot at Sambhal closed at 1603.30 per 1kg. Spot prices was remain unchangeby Rs.0.00/-.

Mentha oil dropped amid improvement and expectation of higher production in key areas of UP.

Production is expected to increase by 30-40 percent during the year 2019-20.

Prices also seen pressure amid expectations of higher acreage under mint in 2019 due to lucrative prices throughout last year.

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Nickel Prices Dropped With New Data Showing A Global Nickel Deficit

Nickel trading range for the day is 850-886.2.

Nickel prices dropped with new data showing a global nickel deficit had narrowed at the end of February.

The global nickel market deficit narrowed to 2,000 tonnes in February from a revised deficit of 3,700 tonnes in January.

Sentiment was also weighed down by worries that China will ease up on stimulative policies after some signs of stabilisation in its economy.

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Silver Dropped As The US Dollar Found Little Support From Data

Silver trading range for the day is 36462-37712.

Silver dropped as the US dollar found little support from data that showed US home sales fell more than expected in March amid supply constraints.

Data showed US existing home sales in the country plunged by 4.9% to an annual rate of 5.21 million in March

US homebuilding dropped for a second straight month to a near two-year low in March, pulled down by persistent weakness in the single-family unit segment.

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Gold Edged Lower As Strong Equities Provided A Risk-Conducive Backdrop

Gold trading range for the day is 31361-31741.

Gold edged lower as strong equities provided a risk-conducive backdrop for investors, countering support from Washington's move to end waivers on Iranian oil sanctions.

Strong equities have dented gold's appeal, with the metal now more than 5 percent below its 2019 peak touched in February.

Better-than-expected economic readings from both the United States and China have also assuaged investor concerns of a sharp global economic slowdown.

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Jeera Prices Gained Due To The Increase In The Export Demand

Jeera trading range for the day is 16550-17150.

Jeera prices gained due to the increase in the export demand, with the possibility of lower production in major producing countries.

During the second half of March, 23,800 tons of jeera arrived in physical market across the country compared to 18,500 tons last year

India's cumin seed output is set to touch 416,000 million tons for 2019, about 9% higher than the previous year.

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Zinc Prices Gained Supported By Environmental Inspections In China's Key

Zinc trading range for the day is 224.3-228.9.

Zinc prices gained supported by environmental inspections in China's key smelting region of Shandong

Dulan Mingsen Mining in Qinghai province will recover its production of zinc concentrate in the middle of May, after it suspended in July 2017.

Social inventories of refined zinc across Shanghai, Guangdong and Tianjin decreased by 16,600 mt in the week ended April 19.

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Silver Prices Gained As Support Seen As The US Dollar Index Dipped

Silver trading range for the day is 37155-37721.

Silver prices gained as support seen as the US dollar index dipped after the release of disappointing US homebuilding data.

Fed member Brainard: Data on labor market has been reassuring in past few months

Fed's Williams expects growth to be 2% and would like inflation to also hit 2%

U.S. retail sales increased the most in 1-1/2 years in March, the latest indication that economic growth picked up in the first quarter after a false start, data showed.

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Gold Remained Supported Amid Concerns Over An Economic Slowdown

Gold trading range for the day is 31412-31872.

Gold remained supported amid concerns over an economic slowdown, as major central banks retained a dovish policy stance.

Fed minutes show patience with majority seeing risks warranting keeping rates on hold through 2019

Fed Minutes stress Fed policy flexibility while watching the domestic economy

In India, dealers were charging a premium of up to $2.5 an ounce, over official domestic prices, the highest in nearly five months.

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Ref.Soya Oil Gained On Short Covering After Prices Dropped Due To Higher Stocks

Ref.Soya oil trading range for the day is 714-726.

Ref.Soya oil gained on short covering after prices dropped due to higher stocks at port, expectation of higher imports due to low tariff value.

India’s vegetable oil imports rose 26% on year to 1.45 mln tn in March, according to data from the Solvent Extractors' Association of India.

According to report, soy oil import jumped by 64.7% to 2.20 lt in February compared to 1.34 lt last year same month.

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Copper Prices Ended With Losses As The Dollar Rose And Manufacturing Activity

Copper trading range for the day is 449.6-461.8.

Copper prices ended with losses as the dollar rose and manufacturing activity in Germany shrank.

China's economy grew at a 6.4 percent pace in the first quarter from a year earlier, defying expectations for a further slowdown.

Data also showed that the US trade deficit fell to an eight-month low in February as exports to China surged and outperformed a rebound in overall imports.

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Silver Prices Traded In Range As Upbeat Chinese Economic Data Pointed

Silver trading range for the day is 36905-37621.

Silver prices traded in range as upbeat Chinese economic data pointed to an improved growth outlook and put pressure on the safe-haven metal.

U.S. Federal Reserve April Beige Book shows that the labor market has remained tight with moderate wage growth in the economy

Most Fed districts reported strengthening home sales for March and early April, however some districts noticed low demand for high priced homes.

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Gold Traded In Range After Data Showing Euro Zone Businesses

Gold trading range for the day is 31332-31722.

Gold traded in range after data showing euro zone businesses were under pressure reignited concerns about global growth, but a stronger dollar capped its gains.

Euro zone businesses started this quarter on the back foot, with growth unexpectedly slowing again, surveys showed.

Washington and Beijing have set a tentative timeline for the next round of talks and are aiming to conclude negotiations by early June.

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Natural Gas Dropped On Forecasts For The Weather To Warm

Natural gas trading range for the day is 172.3-181.3.

Natural gas dropped on forecasts for the weather to warm and heating demand to decline over the next two weeks, allowing utilities to shrink the massive storage deficit.

The market has become much less volatile over the past couple of months, as was the case this time last year when the weather moderated for spring.

Projected demand in the Lower 48 U.S. states would slide to an average of 77.5 bcfd next week from a forecast 81.4 bcfd.

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Crude Oil Gained Propelled By Steady Economic Growth In China

Crude oil trading range for the day is 4400-4494.

Crude oil gained propelled by steady economic growth in China and a fall in U.S. crude stocks which defied expectations and signalled firm demand.

Russia raised concern the OPEC-led supply-cutting pact may not be renewed. Russia and the producer group may decide to boost output to fight for market share.

OPEC and other producers including Russia, an alliance known as OPEC+, have been cutting output since Jan. 1.

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Silver Prices Ended With Losses Amid More Positive Developments

Silver trading range for the day is 36905-37621.

Silver prices ended with losses amid more positive developments in the Sino-U.S. trade talks.

Fed Chair Jerome Powell says that interest rates are in the right place

Fed member Kashkari says that there is still slack in labor market and inflation is below target. Sees no need to tap the brakes.

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Gold Slipped As Economic Data From China Tempered Concerns

Gold trading range for the day is 31332-31722.

Gold slipped as economic data from China tempered concerns about global growth, boosting risk appetite.

Fed's Rosengren adds that the economy is doing well, but inflation remains short of the 2% goal

Better economic conditions motivate investors to pivot towards equities that are interest-bearing assets and shun the non-yielding bullion.

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Jeera Gained As Supplies Are Reducing Gradually In The Physical Market

Jeera trading range for the day is 16355-16695.

Jeera gained as supplies are reducing gradually in the physical market as new season is coming to an end.

However, expectations of higher output in key growing regions limited the upside.

India's cumin seed output is set to touch 416,000 million tons for 2019, about 9% higher than the previous year.

In Unjha, a key spot market in Gujarat, jeera edged up by 21.9 Rupees to end at 16621.9 Rupees per 100 kg.

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Zinc Trading Range For The Day Is 226.5-231.9

Zinc trading range for the day is 226.5-231.9.

Zinc dropped on profit booking after prices gained amid greater-than-expected financing data from China improved market sentiment.

Stocks of refined zinc across Shanghai-bonded warehouses rebounded this week, and stood at 90,700 mt as of Friday April 12, up 3,500 mt.

Deficits have driven LME stocks to record lows and pushed zinc, used to galvanize steel, to a nine-month high of $2,958 on April 1.

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Silver Recovered On Short Covering After Prices Dropped As Pressure Seen

Silver trading range for the day is 36720-37616.

Silver recovered on short covering after prices dropped as pressure seen after progress in the U.S.-China trade talks helped propel world stock markets.

Strong Chinese exports as well as bank loan data also helped ease investor worries over slowing global growth.

U.S. Treasury Secretary Steven Mnuchin said a U.S.-China trade agreement would go "way beyond" previous efforts to open China's markets to U.S. companies.

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Gold Settled Flat As Progress In U.S.-China Trade Talks Lifted Risk Sentiment

Gold trading range for the day is 31609-31997.

Gold settled flat as progress in U.S.-China trade talks lifted risk sentiment, taking the sheen off safe-haven bullion even as the dollar weakened.

U.S. Treasury Secretary Steven Mnuchin said he hoped U.S.-China trade talks were approaching a final lap.

Dealers were charging a premium of up to $2.50 an ounce over official domestic prices, the highest in nearly five months.

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Copper Prices Rose As A Weaker Dollar And Robust New Loans Data

Copper trading range for the day is 440.2-457.4.

Copper prices rose as a weaker dollar and robust new loans data from China reinforced expectations of healthy demand during the seasonally strong second quarter.

Chinese banks extended 1.69 trillion yuan in net new yuan loans in March, compared with expectations of 1.2 trillion yuan.

China imported 391,000 tonnes of unwrought copper last month, up 25.7 percent from 311,000 tonnes in February and 26.5 percent higher than March 2018.

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Turmeric Prices Dropped On The Back Of Fresh Season Arrivals

Turmeric trading range for the day is 6522-6742.

Turmeric prices dropped on the back of fresh season arrivals and good production prospects.

Pressure also seen as some good quality produce is also arriving for sale in Erode market.

Worries over El Nino conditions have eased and there are indications of another year of robust monsoon rain.

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Silver Prices Gained Buoyed By Weakness In The U.S. Dollar

Silver trading range for the day is 36763-37695.

Silver prices gained buoyed by weakness in the U.S. dollar after prices dropped on Thursday data showed weekly U.S. jobless claims fell.

The minutes from its FOMC meeting showed the U.S. Federal Reserve has still not completely ruled out raising interest rates this year.

Fed Chair Jerome Powell is said to say that the European economic slowdown is more than they have expected.

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Gold Gained Receiving Support From Increased Buying By Central Banks

Gold trading range for the day is 31707-32057.

Gold gained receiving support from increased buying by central banks and a dovish view from the European Central Bank as well as minutes from the U.S. Fed.

Data showed weekly U.S. jobless claims fell to the lowest in nearly half a century and producer prices increased the most in five months in March.

Physical gold demand in India was robust in the week as retail buyers and jewellers took advantage of a dip in domestic prices to stock up for the wedding season.

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Soyabean Trading Range For The Day Is 3732-3808

Soyabean trading range for the day is 3732-3808.

Soyabean dropped as traders are cautious and waiting for the 2019 monsoon forecast, which may be announced early next week.

Higher availability of soybean with planters and traders due to bumper 2018-19 output also weighed.

The USDA in its monthly report trimmed its forecast of U.S. 2018/19 soybean stocks to 895 million bushels, down from 900 million in March.

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Crude Oil Dropped After U.S. Crude Stockpiles Surged To Their Highest Levels

Crude oil trading range for the day is 4324-4496.

Crude oil dropped after U.S. crude stockpiles surged to their highest levels in almost 17 months amid record production.

U.S. crude inventories rose 7 million barrels to 456.6 million barrels in the last week, their highest since November 2017.

U.S. crude oil production remained at a record 12.2 mbpd, making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia.

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Silver Dropped After Data Showed Jobless Claims In The U.S.

Silver trading range for the day is 36339-38021.

Silver dropped after data showed jobless claims in the U.S. to have fallen to their lowest level in five decades triggered the sell-off.

Euro zone economies would remain vulnerable from the European Central Bank's decision to stick to its ultra-easy monetary policy.

The U.S. and China have agreed on a mechanism to police any trade agreement they reach, U.S. Treasury Secretary Steven Mnuchin told.

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Gold Dropped As Robust Economic Data From The United States Boosted The Dollar

Gold trading range for the day is 31407-32403.

Gold dropped as robust economic data from the United States boosted the dollar, taking the sheen off the safe-haven metal.

The U.S. Federal Reserve minutes from its March meeting cemented dovish policy stance citing risks of global economic slowdown.

The European bond market also fell after the ECB maintained its dovish policy stance and flagged downside risks to the eurozone economy.

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Crude Palm Oil Prices On Profit Booking After Prices Rallied On Expectations

CPO trading range for the day is 526.1-547.7.

Crude palm oil prices on profit booking after prices rallied on expectations of dwindling stockpiles and improved exports.

India's palm oil imports in 2018/19 is expected to jump about 10% on year to a record high due to sharp fall in the prices.

Malaysia's palm oil stockpiles at the end of March fell 4.6 percent from the previous month to 2.92 million tonnes, MPOB said.

Crude palm oil prices in spot market dropped by 6.60 rupees and settled at 533.50 rupees.

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Nickel Trading Range For The Day Is 904.9-923.9

Nickel trading range for the day is 904.9-923.9.

Nickel dropped as the IMF lowered its global growth outlook and as tensions over tariffs between the United States and Europe escalated.

China’s exports are expected to have rebounded in March after a sharp drop in February, while imports likely shrank for a fourth straight month but at a more modest pace.

China’s Commerce Ministry said recently that both exports and imports had rebounded in the first half of March.

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Silver Prices Recovered From Lows As Investors Fretted About The Global Economy

Silver trading range for the day is 37508-38082.

Silver prices recovered from lows as investors fretted about the global economy and trade tensions.

The IMF cut its global growth forecasts for 2019 to 3.3%, the slowest expansion since 2016 and from its earlier projection of 3.5% in January.

Brexit uncertainty, the Trump administration's threat of imposition of tariffs on a range of EU goods and skepticism about U.S.-China trade agreement, all dented investor sentiment.

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Gold Prices Gained As Equities Slipped On Concerns Over Global Growth

Gold trading range for the day is 32013-32427.

Gold prices gained as equities slipped on concerns over global growth and trade tensions between the United States and Europe.

Adding to investor concerns, the International Monetary Fund slashed its global economic growth forecasts for 2019 and warned growth could slow further.

US-Europe trade tension troubled the markets. The European Union said it is preparing retaliatory tariffs against the US subsidies to Boeing.

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Soyabean Prices Ended With Losses Triggered By Subdued Demand

Soyabean trading range for the day is 3734-3860.

Soyabean prices ended with losses triggered by subdued demand at the domestic spot market and higher output projection.

India's 2018-19 soybean output is projected 24.7% higher at 13.69 million tons as per second advance estimates released by agriculture ministry.

As per the Second Advance Estimates for 2018-19 crops, Soybean production is estimated higher by 20 per cent at 136.89 lakh tonnes.

At the Indore spot market in top producer MP, soybean dropped -18 Rupees to 3913 Rupees per 100 kgs.

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Aluminium Prices Gained As Support Seen Due To Lower China’s Inventories

Aluminium trading range for the day is 146-148.4.

Aluminium prices gained as support seen due to lower China’s inventories of primary aluminium.

Traders were also looking ahead to the minutes of the Federal Reserve's March meeting and news on Brexit and U.S.-China trade negotiations.

The Labor Department's jobs data showed a notable increase in jobs in the month of March, but average hourly wages dropped in the month.

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Crude Oil Dropped After The IMF Cut Its Global Economic Growth Forecasts

Crude oil trading range for the day is 4374-4544.

Crude oil dropped after the IMF cut its global economic growth forecasts and as Russia signalled it may retreat from its production-cutting deal with OPEC.

Russian Energy Minister Alexander Novak said there would be no need to extend the global oil output deal between OPEC and its allies.

OPEC member Libya pumps around 1.1 million barrels per day, just over 1 percent of global oil output.

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Silver Dropped On Profit Booking After The International Monetary Fund

Silver trading range for the day is 37590-38274.

Silver dropped on profit booking after the International Monetary Fund cut its global growth forecast.

Data showed the country’s factory goods orders were largely in line with expectations and did little to ease worries about a slowdown in the economy.

German imports and exports fell more than expected in February, official data showed.

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Gold Prices Traded In Range As The Dollar Eased On Weak U.S. Economic Data

Gold trading range for the day is 32046-32352.

Gold prices traded in range as the dollar eased on weak U.S. economic data.

The US dollar declined as recent strong economic data eased concerns about the global economy, prompting investors to reduce safe-haven positions.

China, raised its gold reserves by 0.6 percent to 60.62 million ounces by end-March, central bank data showed.

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Copper Prices Rose As Investors Hoped For More Stimulus Measures

Copper trading range for the day is 441.2-458.2.

Copper prices rose as investors hoped for more stimulus measures in top metals consumer China and a key copper conference was set to begin in Chile.

Citing data released on the People’s Bank of China’s website, the central bank raised reserves to 60.62 million ounces in March from 60.26 million a month earlier.

Global copper producers are converging in Chile this week as tightening supply buoys prices, even as the industry grapples with declining ore quality.

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Natural Gas Trading Range For The Day Is 184.1-192.7

Natural gas trading range for the day is 184.1-192.7.

Natural gas edged up with cooler weather forecast to boost heating demand next week and liquefied natural gas exports expected to rise.

For this week, however, demand is projected to remain low as warm weather cuts heating use.

With cooler weather expected next week, projected demand in the Lower 48 U.S. states would rise to an average of 84.0 billion cubic feet per day.

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Silver Prices Gained After Reports At The Weekend Confirming

Silver trading range for the day is 37510-38372.

Silver prices gained after reports at the weekend confirming that China's central bank continues to add to its holdings.

Fed's Bullard: Inverted yield curve has been reliable signal in the past

Fed's Bullard: Fed policy normalization probably gone far as possible, hopefully we ended normalization at the right moment.

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Gold Prices Rose As The Dollar Edged Lower, While Investors Awaited

Gold trading range for the day is 31737-32511.

Gold prices rose as the dollar edged lower, while investors awaited minutes of the U.S. Federal Reserve’s March meeting later this week.

Though employment growth accelerated from a 17-month low in March, data showed slowdown in wage growth and job cuts in the manufacturing sector.

The markets are now awaiting the minutes of the FOMC’s March policy meeting, due on Wednesday, for cues on Fed’s future monetary policy stance.

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Zinc Trading Range For The Day Is 224.5-229.5

Zinc trading range for the day is 224.5-229.5.

Zinc prices gained on concerns about short-term shortages despite of uncertainty about any U.S.-China trade deal.

The premium of LME cash zinc over the three-month contract rose to $71 a tonne, near the peak of $76.75 touched a week ago.

U.S. employment growth accelerated from a 17-month low in March as milder weather boosted hiring in sectors like construction.

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