Soyabean Dropped On Profit Booking Amid Slack Demand Of Soymeal

Soyabean trading range for the day is 3660-3742. 

Soyabean dropped on profit booking amid slack demand of soymeal for export and domestic market.

SEA revised March 2018 exports figures to 2.15 lt which is highest single month exports in last 26 months.

Market participants are cautious and are keenly watching the progress of monsoon to get fresh directions.

At the Indore spot market in top producer MP, soybean remains unchanged at 0 Rupees to 3878 Rupees per 100 kgs.

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Aluminium Trading Range For The Day Is 143.6-146.6

Aluminium trading range for the day is 143.6-146.6.

Aluminum prices ended with losses as the market remained focused on greater alumina supplies.

However, continued weekly decline by some 70,000 mt in social inventories of primary aluminium indicated firm downstream demand.

Chinese newspapers warned that Beijing was ready to use rare earth metals to strike back at the US in their prolonged dispute.

Warehouse stock for Aluminium at LME was at 1164975mt that is down by -12275mt.

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Silver On MCX Settled Up 0.37% At 36420 As Investors’ Risk Appetite Showed

Silver on MCX settled up 0.37% at 36420 as investors’ risk appetite showed signs of recovery from the recent rout caused by Sino-U.S. trade tensions.

Gains in the precious metal were supported by safe haven demand on news that China is prepared to use rare earths to strike back at the U.S., an escalation of the trade dispute that threatens to derail the global economy.

But risk appetite made a tepid recovery with traders shifting investments back to global stocks at the cost of the precious metal.

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Gold On MCX Settled Up 0.24% At 31809 With Expectations

Gold on MCX settled up 0.24% at 31809 with expectations of cuts in U.S. interest rates boosted by inflation data for the first quarter.

Prices turned positive data showed U.S. first-quarter gross domestic product increased at a 3.1% annualized rate, slightly down from the 3.2% pace estimated last month.

The dollar index earlier climbed to a one-week peak and hovered within striking distance of a two-year high of 98.371 hit a week ago, as Sino-U.S. trade tensions prompted investors to seek refuge in the greenback and government bonds.

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Natural Gas Trading Range For The Day Is 179.6-189

Natural gas trading range for the day is 179.6-189.

Natural gas settled up 2.71% at 185.60 as a day/day drop in the latest production numbers helped prices to rally

Although forecasts were mixed on the outlook for June heat. Mostly warm conditions continue.

The natural gas rig count was at 186 last week fallen ~88.4% from its record level of 1,606 in 2008.

Prices are under short covering as market has witnessed drop in open interest by -8.85%.

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Nickel Prices Dropped As Markets Remain Jittery While US-China Trade

Nickel trading range for the day is 832.7-851.7.

Nickel prices dropped as markets remain jittery while US-China trade war rhetoric escalates

China’s factory activity is expected to have shrunk in May

China’s planning experts at The National Development and Reform Commission have moved a step closer to weaponising Rare Earths in the trade war with the US.

Warehouse stock for Nickel at LME was at 163104mt that is down by -2460mt.

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Gold On MCX Settled Down -0.23% At 31540 Drifted Lower On Tuesday

Gold on MCX settled down -0.23% at 31540 drifted lower on Tuesday, as the U.S. dollar gained against most of its major rivals amid lingering concerns about U.S.- China trade dispute.

However, prospects of a reduction in U.S. interest rate, weakness in global stocks and concerns about Italy's budget deficit limited the yellow metal's decline.

The dollar index was up more than 0.3% at 97.96. While trade worries continued to weigh on stocks as hopes of a U.S.-China trade agreement suffered a setback after U.S. President Donald Trump said on Monday that he was "not ready to make a deal with China" and it is likely that U.S. tariffs on goods from China "could go up very, very substantially, very easily".

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Zinc Trading Range For The Day Is 206.2-214

Zinc trading range for the day is 206.2-214.

Zinc prices dropped on profit booking after seen supported as investors worried about low inventory levels for the metal used to galvanise steel.

Shanghai Futures Exchange zinc stocks dived by 18.1% from the previous week to 56,320 tonnes, according to data.

LME zinc inventories dipped for five straight sessions last week and stood at 102,600 tonnes.

Warehouse stock for Zinc at LME was at 101925mt that is down by -675mt.

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Copper Dropped Driven By Trade And Political Worries As Well As A Strong Rise

Copper trading range for the day is 413.5-420.9.

Copper dropped driven by trade and political worries as well as a strong rise in American consumer confidence

Fears grew that a worsening confrontation between the United States and China will damage economic growth and metals demand.

ICSG said this month the roughly 24 million tonne a year market would see shortfalls of 189,000 tonnes this year and 250,000 tonnes in 2020.

Warehouse stock for Copper at LME was at 185575mt that is down by -250mt.

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Silver Prices Edged Down Despite Intensifying Trade Tension

Silver trading range for the day is 35403-36759.

Silver prices edged down despite intensifying trade tension between the U.S. and China.

U.S. President Donald Trump said in a news conference with Japanese President Shinzo Abe that he was “not ready to make a deal with China”

Traders also paid close attention to Brexit developments after U.K. Prime Minister Theresa May announced her decision to resign.

Growth worries also returned to the fore after data showed declining profits for China's industrial firms in April on slowing demand.

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Gold Prices Inched Lower As The Dollar Rebounded From Multi-Week Lows Amid

Gold trading range for the day is 31365-31781.

Gold prices inched lower as the dollar rebounded from multi-week lows amid simmering Sino-U.S. trade tensions and as bullion failed to surpass a strong technical resistance.

The greenback nudged up as investors waited on more catalysts after the European Union parliamentary elections showed a polarisation of the 28-member block.

A string of weak data from the US late last week stirred up concerns that its protracted trade war with China has started taking a toll on the country's economy.

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Jeera Dropped On Account Of Fresh Arrivals Of Crop From Key Growing

Jeera trading range for the day is 17300-17840.

Jeera dropped on account of fresh arrivals of crop from key growing areas.

However, pickup in export demand at the physical market capped downward momentum.

Around 28,400 tonnes of Jeera arrived in physical market during 1-20 May 2019 compared to 15,900 tonnes last year same period.

In Unjha, a key spot market in Gujarat, jeera edged down by -68.55 Rupees to end at 17554.55 Rupees per 100 kg.

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Turmeric Trading Range For The Day Is 6730-7126

Turmeric trading range for the day is 6730-7126.

Turmeric prices dropped on account of improved production in growing areas.

Government procurement in some states coupled with improving demand for exports limiting the downside.

The new turmeric supply in Andhra Pradesh Duggirala market has already started.

In Nizamabad, a major spot market in AP, the price ended at 6745 Rupees dropped -19.3 Rupees.

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Silver Gained As Fears Over The Escalating U.S. - China Trade Spat Underpinned

Silver trading range for the day is 36280-36694.

Silver gained as fears over the escalating U.S. - China trade spat underpinned safe haven demand for the precious metal.

Market sentiment was hit after disappointing U.S. economic data late last week fueled fears that the escalating trade and tech war between the U.S. and China is hitting growth.

Growth worries also returned to the fore after data showed declining profits for China's industrial firms in April on slowing demand and manufacturing activity.

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Gold Prices Rose As Fears Of A Protracted U.S.-China Trade War

Gold trading range for the day is 31481-31761.

Gold prices rose as fears of a protracted U.S.-China trade war hurt risk sentiment, while poor economic data from US bolstered bets of a U.S. Federal Reserve rate cut.

A string of weak data from the United States stirred up concerns that its protracted tradewar with China has started taking a toll on the country’s economy.

Hedge funds and money managers sharply reduced their net long positions in COMEX gold in the week to May 21, the U.S. CFTC said.

Prices in India flipped into premiums on firmer demand in the domestic market, while buyers in top consumer China took advantage of weaker bullion prices and stepped up purchases.

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Soyabean Trading Range For The Day Is 3696-3764

Soyabean trading range for the day is 3696-3764.

Soyabean gained due to strong physical demand from domestic markets amid diminished arrivals from growing belts.

As per latest SOPA press release, soybean arrivals for the Oct-Apr period pegged at 81 lt, up by 21.8% on year.

Until now, country crushed about 62 lt of soybean compared to 55.5 lt last year for same period.

At the Indore spot market in top producer MP, soybean gained 3 Rupees to 3872 Rupees per 100 kgs.

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Crude Oil Ended With Gains But Dropped On Weekly Basis By Around 8%

Crude oil trading range for the day is 3950-4172.

Crude oil ended with gains but dropped on weekly basis by around 8% due to rising inventories and concerns of an economic slowdown.

U.S. crude inventories rose to hit the highest since July 2017, suggesting ample supplies in the world's top consumer.

Meanwhile, worries that the U.S.-China trade is developing into a more entrenched dispute have also hit prices.

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Silver Prices Dropped After Rising Sharply In The Previous Session

Silver trading range for the day is 36170-36764.

Silver prices dropped after rising sharply in the previous session on expectations of a rate cut by the Federal Reserve this year.

New orders for U.S.-made capital goods fell more than expected in April, further evidence that manufacturing and the broader economy were slowing.

Sales of new U.S. homes fell from near an 11.5 year high in April as prices rebounded.

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Gold Eased As Stock Markets Regained Momentum, With A Weaker Dollar

Gold trading range for the day is 31367-31761.

Gold eased as stock markets regained momentum, with a weaker dollar and renewed hopes of a rate cut by the U.S. Federal Reserve limited the downside.

Four Fed officials said recent ratcheting up of U.S.-China trade tensions is creating uncertainties for businesses and could threaten economic growth.

British PM May said she would quit, triggering a contest that will bring a new leader to power who is likely to push for a more decisive Brexit divorce deal.

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Mentha Oil Spot At Sambhal Closed At 1530.60 Per 1kg. Spot Prices

Mentha oil trading range for the day is 1403.9-1497.1.

Mentha oil spot at Sambhal closed at 1530.60 per 1kg. Spot prices was down by Rs.-16.20/-.

Menthaoil settled up amid improved demand from consuming industries at the domestic spot market.

Further, lower arrivals from major producing belts of Chandausi in Uttar Pradesh also supporting prices.

However, upside seen limited amid expectations of higher acreage under mint in 2019 due to lucrative prices throughout last year.

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Aluminium Trading Range For The Day Is 142.5-147.3

Aluminium trading range for the day is 142.5-147.3.

Aluminium gained after Shanxi Huasheng Aluminum will close all capacity of primary aluminium after the last 10 electrolytic baths are shuttered as scheduled.

Norsk Hydro’s Albras aluminium smelter will ramp up its output after restrictions, and this depressed confidence in longs.

Wood Mackenzie raised its global market balance for alumina by 100,000 tonnes to 1.2 million tonnes.

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Silver Gained As Traders Sought The Safe Haven Asset

Silver trading range for the day is 35800-37168.

Silver gained as traders sought the safe haven asset after global equities tumbled and the dollar lost ground amid mounting worries about U.S.-China trade war.

The minutes of the latest Federal Reserve meeting suggested the central bank is in no rush to alter the path of interest rates.

The minutes showed members agreed that a patient approach to determining future adjustments to rates would likely remain appropriate for "some time."

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Gold Gained As The U.S. Dollar Pulled Back From A Two Year Peak

Gold trading range for the day is 31042-32048.

Gold gained as the U.S. dollar pulled back from a two-year peak, and global equities and U.S. Treasury yields slid on escalating U.S.-China trade tensions.

Fed’s meeting showed that officials agreed their current patient approach to setting monetary policy could remain in place "for some time."

The US is at least a month from enacting its proposed tariffs on $300 billion in Chinese imports as it studies the impact on American consumers, U.S. Treasury Secretary Steven Mnuchin said.

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Nickel Trading Range For The Day Is 829.5-842.9

Nickel trading range for the day is 829.5-842.9.

Nickel prices dropped as continued pressure from US-China trade war depressed the market sentiment.

Global miner BHP plans to expand nickel output amid battery boom.

Japanese exports fell for the fifth month in April in a sign of the growing economic strain exerted by the Sino-U.S. trade war.

Warehouse stock for Nickel at LME was at 165132mt that is up by 600mt.

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Copper Prices Ended With Losses Amid Ongoing U.S.-China Trade Tensions

Copper trading range for the day is 409.2-423.

Copper prices ended with losses amid ongoing U.S.-China trade tensions.

However, downside seen limited due to new blockade at MMG Ltd's Las Bambas mine in Peru.

Malaysian limits on waste grow concerns over copper scrap supply to China

Warehouse stock for Copper at LME was at 187700mt that is down by -1550mt.

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Silver Prices Turned Weak As The Dollar Advanced And Equities Rebounded Amid

Silver trading range for the day is 36086-36544.

Silver prices turned weak as the dollar advanced and equities rebounded amid renewed risk appetite after trade worries eased a bit.

Lingering uncertainty about Brexit, tensions in the Middle East and a downward revision in global growth forecast by OECD limited losses.

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Gold Prices Steadied As The Dollar Retreated And Equity Markets Fell

Gold trading range for the day is 31303-31597.

Gold prices steadied as the dollar retreated and equity markets fell on fresh trade fears ahead of the U.S. Federal Reserve’s release of minutes from its last meeting

Beijing was ready to resume talks with Washington, but blamed the latter for frequently “changing its mind” on tentative deals.

Fed Chair Jerome Powell reiterated his unmoved demeanour stating it was premature to ascertain the impact of trade and tariffs on monetary policy.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.4% to 739.69 tonnes.

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Crude Oil Dropped As Firmness In Rupee Weighed Despite OPEC

Crude oil trading range for the day is 4321-4509.

Crude oil dropped as firmness in rupee weighed despite OPEC indicated it will likely maintain production cuts that have helped support prices this year

Saudi Energy Minister Khalid al-Falih said there was consensus among the OPEC and allied oil producers to drive down crude inventories “gently”.

Russian Energy Minister Alexander Novak earlier said an easing of cuts had been discussed and the supply situation would be clearer in a month.

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Silver Dropped As The U.S. Dollar Surged Following The Release Of Data

Silver trading range for the day is 35957-36657.

Silver dropped as the U.S. dollar surged following the release of data that showed U.S. consumer sentiment was at a 15-year high.

Reports that China’s state-run media expressed impatience over the progress of trade negotiations with Washington also supported the dollar.

Pressure also seen after the U.S. officially announced that it would delay a decision on imposing tariffs on imports of cars from Japan and European countries.

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Gold Prices Fell As Strong U.S. Economic Data Underpinned The Dollar

Gold trading range for the day is 31228-31834.

Gold prices fell as strong U.S. economic data underpinned the dollar, boosting its safe-haven status over gold amid political and trade tensions.

U.S. consumer sentiment jumped to a 15-year high in early May amid growing confidence over the economy's outlook, data showed.

Hedge funds and money managers also raised their net long positions in COMEX gold in the week to May 14, the U.S. Commodity Futures Trading Commission said.

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Aluminium Trading Range For The Day Is 148.2-151.2

Aluminium trading range for the day is 148.2-151.2.

Aluminium dropped on profit booking after prices gained as alumina refinery shutdowns in northern China's Shanxi province raise production costs for the metal.

Prior to the shutdowns, China's alumina output rose 4.2% y/y to 6.28 million tonnes in April, according to data released.

China’s aluminium output rose from the previous month to its third-highest daily rate on record in April, as smelters ramped up production.

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Zinc Prices Dropped As Investors Remained Cautious After Weaker

Zinc trading range for the day is 213.8-217.8.

Zinc prices dropped as investors remained cautious after weaker-than-expected Chinese retail sales and industrial output data.

China April zinc output dropped 0.4% y/y to 465,000 tonnes

The premium of cash zinc over the three-month contract was at $145 after rising to the highest in more than 20 years.

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Silver Prices Drifted Lower As Buoyant Consumer Sentiment Data

Silver trading range for the day is 36300-37032.

Silver prices drifted lower as buoyant consumer sentiment data and the dollar's strength against most major currencies weighed on the commodity.

The US dollar rose as better-than-expected US data boosted investors’ risk appetite, even as the US and China remained locked in a trade dispute.

Data from the Labor Department showed a bigger than expected drop in initial jobless claims and the report from the Commerce Department showed a substantial increase in housing starts.

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Gold Dropped On A Firmer Dollar And Increased Investor Appetite

Gold trading range for the day is 31590-32122.

Gold dropped on a firmer dollar and increased investor appetite for riskier assets due to strong U.S. data and corporate results.

The dollar index gained amid upbeat earnings as well as robust economic data that underlined the strength of the domestic economy.

The U.S. housing data showed home building increased more than expected in April, while unemployment benefits fell more than expected last week.

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Chana Trading Range For The Day Is 4491-4721

Chana trading range for the day is 4491-4721.

Chana prices gained due to strong buying by the government agencies and tight supply.

NAFED procured 261,953.94 tons of gram in Telangana, Rajasthan, Maharashtra, Madhya Pradesh, Andhra Pradesh and Gujarat under PSS

India has issued a combined 6,50,000 tons import quota for pulses for the fiscal year to March 2020, a government order said.

In Delhi spot market, chana gained by 89.85 Rupees to end at 4498.35 Rupees per 100 kgs.

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Copper Trading Range For The Day Is 424.5-434.3

Copper trading range for the day is 424.5-434.3.

Copper eased as investors remained cautious after weaker-than-expected Chinese retail sales and industrial output data.

An expected U.S. decision to delay imposing tariffs on imported cars and parts helped sentiment.

State miner Codelco, said that it has agreed on a new labour contract with the union of supervisors at its small Salvador mine in northern Chile.

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Silver Prices Dropped After Riskier Assets Including Equities Moved Up

Silver trading range for the day is 36364-37798.

Silver prices dropped after riskier assets including equities moved up on upbeat U.S. economic data and fading worries about trade war.

The Trump administration planned to delay a decision on instituting new tariffs on car and auto part imports for up to six months.

The Federal Reserve said industrial production fell 0.5% in April after rising 0.2% in March.

Data from the U.S. Commerce Department showed an unexpected drop in U.S. retail sales in the month of April.

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Gold Dropped As The Dollar Gained And Investors Opted For Riskier Assets

Gold trading range for the day is 31667-32463.

Gold dropped as the dollar gained and investors opted for riskier assets on the back of robust U.S. economic data even as the U.S.-China trade concerns linger.

Fed member Barkin says that Fed is not trying to increases volatility in the market

U.S. Treasury Secretary Steven Mnuchin said he will likely travel to Beijing to continue negotiations with Chinese counterparts.

Meanwhile, SPDR Gold Trust, said its holdings fell 0.4% to 733.23 tonnes, holdings are now around its lowest levels since Oct. 9.

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Soyabean Trading Range For The Day Is 3754-3838

Soyabean trading range for the day is 3754-3838.

Soyabean prices gained as arrivals are diminishing while demand is on rise on forecast on below normal rains in monsoon season by Skymet.

Monsoon rains are likely to enter India through the southern coast on June 6, the weather office said.

As per SEA, soymeal exports are revised higher to 13.58 lt, up 14.3% in 2018/19.

At the Indore spot market in top producer MP, soybean gained 32 Rupees to 3877 Rupees per 100 kgs.

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Natural Gas Fell On Forecasts For Heating Demand To Decline

Natural gas trading range for the day is 179.8-190.4.

Natural gas fell on forecasts for heating demand to decline over the next two weeks.

Utilities likely added 104 billion cubic feet of gas to inventories during the week ended May 10.

With the weather warming, projected demand in the Lower 48 U.S. states would slide to an average of 76.4 billion cubic feet per day.

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Silver Trading Range For The Day Is 37260-37818

Silver trading range for the day is 37260-37818.

Silver settled flat amid renewed optimism that the world's two largest economies will agree on a trade deal sometime in the foreseeable future.

A slightly conciliatory tone on trade talks by U.S. President Donald Trump has helped ease worries about trade jitters.

However, decline was limited due to reports that the office of USTR is taking necessary steps to raise duties of up to 25% on a further $300 billion worth of imports from China.

Kansas City Fed President Esther George said in a speech that the Federal Reserve does not need to cut interest rates to boost inflation.

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Gold Traded In Range As Optimism Surrounding Trade Talks

Gold trading range for the day is 32007-32545.

Gold traded in range as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar.

U.S. President Trump downplaying the recent escalation in his trade war with China as "a little squabble" and insisting that talks between the two countries had not collapsed.

Italy’s deputy prime minister said the country is ready to break European Union budget rules on debt levels if necessary to spur employment.

The ongoing Sino-U.S. trade dispute has illustrated cooling conditions as both parties expressed willingness to resolve existing trade differences.

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Jeera Dropped On Profit Booking After Prices Gained On The Back Of Rising

Jeera trading range for the day is 17275-17955.

Jeera dropped on profit booking after prices gained on the back of rising physical and export demand despite of higher availability of crop this season.

Overall due to higher availability this season, exports demand will play a major role in prices movement.

Arrivals are higher as farmers are bringing their crop due to higher prevailing domestic prices.

In Unjha, a key spot market in Gujarat, jeera edged down by -28.6 Rupees to end at 17428.55 Rupees per 100 kg.

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Copper Trading Range For The Day Is 422.6-430.8

Copper trading range for the day is 422.6-430.8.

Copper remained under pressure due to escalated trade tensions between China and the United States.

Copper inventories in warehouses approved by the LME fell further to its lowest since April 25 at 203,750 tonnes, latest data showed.

The copper market should see a deficit of 189,000 tonnes this year, widening to 250,000 tonnes in 2020, the International Copper Study Group said.

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Silver Price Settles Inside The Bearish Channel

Silver on MCX settled down -0.34% at 37521 as Washington and Beijing decided to further their discussions on trade, soothing investor concerns around a full-blown trade war.

There were worries about growth after China retaliated to the U.S. decision to increase tariffs on about $200 billion worth of Chinese goods.

After saying last week that it would come up with "necessary countermeasures" in response to the tariff increase by the U.S.

China has gone ahead and announced tariffs on U.S. goods, despite U.S. President Donald Trump's warning that the situation "will only get worse" if China retaliates.

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Gold On MCX Settled Down -0.79% At 32241 As Prices Retreated

Gold on MCX settled down -0.79% at 32241 as prices retreated from highs as equity markets enjoyed some respite after the United States and China adopted a more optimistic tone on their trade dispute.

China announced that it would impose higher tariffs on a range of U.S. goods, which followed Washington’s decision last week to hike its own levies on $200 billion in Chinese imports.

U.S. President Donald Trump said he is holding fire on taxing the remaining $325 billion of Chinese goods, and announced that he will meet with Chinese President Xi Jinping in June, reigniting hopes for an agreement to end the tariff tussle.

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Ref.Soya Gained Supported By Improving Demand At The Domestic Spot Market

Ref.Soya oil trading range for the day is 725-739.

Ref.Soya gained supported by improving demand at the domestic spot market.

However, upside seen limited due to higher stocks at port and expectation of higher imports.

According to monthly report released by SEA, Soyoil import jumped by 154.5% to 2.92 lt in March compared to 1.15 lt last year same month.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 751.35 Rupees per 10 kgs.

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Zinc Dropped On The Growing Uncertainty Over Whether The United States

Zinc trading range for the day is 210.3-216.5.

Zinc dropped on the growing uncertainty over whether the United States and China would be able to reach a deal on trade.

Production of zinc concentrate in China expanded to 335,500 mt in April.

Chinese bank loans slowed in April after a record first quarter, sparking hopes of further government stimulus.

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Silver Prices Rallied As Traders Rushed For The Safe Haven Asset

Silver trading range for the day is 36991-38051

Silver prices rallied as traders rushed for the safe haven asset after global equities tumbled amid rising concerns over growth.

The US dollar weakened as market participants worked through newly-released consumer price data.

US consumer prices rose moderately in April and underlying inflation remained muted, supporting the Fed’s projection of no further interest rates increases this year.

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Gold Prices Rose As Investors Sought A Safe Haven From Market

Gold trading range for the day is 31623-32975.

Gold prices rose as investors sought a safe haven from market turmoil triggered by China announcing that it will increase tariffs on U.S. imports

The trade war between the world’s two leading economies escalated, with the United States hiking tariffs on $200 billion worth of Chinese goods.

SPDR gold trust holdings, dropped by 0.87% i.e. 6.41 tonnes to 733.23 tonnes from 739.64 tonnes.

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