Nickel Dropped As U.S. And Chinese Officials Are Due To Meet In Shanghai

Nickel trading range for the day is 982.9-1013.9.

Nickel dropped as U.S. and Chinese officials are due to meet in Shanghai for talks on a year-long trade dispute that has weighed on global economic growth.

Headline nickel stocks in LME-approved warehouses, at about 145,000 tonnes, are the lowest since 2013.

Data showed that China’s production of NPI expanded 3.44% from May to stand at 49,500 mt in Ni content in June.

Warehouse stock for Nickel at LME was at 143988mt that is unchange mt.

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Natural Gas Edged Higher On Forecasts For Slightly More Hot Weather

Natural gas trading range for the day is 144.8-149.6.

Natural gas edged higher on forecasts for slightly more hot weather and higher demand over the next two weeks than previously expected.

U.S. spot natural gas prices this summer at the Henry Hub benchmark in Louisiana were on track to be the lowest since 1998 due to relatively mild weather

All bearish factors caused gas speculators to cut their net short positions on the NYMEX and Intercontinental Exchange to the lowest on record last week.

Gas production in the Lower 48 U.S. states rose to a three-week high of 90.4 bcfd on Sunday from a low of 88.9 bcfd last week.

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Silver Prices Remained Supported Ahead Of An Expected Rate

Silver trading range for the day is 41021-41889.

Silver prices remained supported ahead of an expected rate cut by the U.S. Federal Reserve.

Persisting worries about global economic slowdown and geopolitical tensions contributed as well to uptick.

Concerns surronding Brexit were in focus after the British government said overnight that it assumed a no-deal departure would happen.

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Gold Trading Range For The Day Is 34049-35013

Gold trading range for the day is 34049-35013.

Gold dropped as prices seen under long liquidation ahead of expiry and as investors awaited the outcome of a two-day U.S. Federal Reserve policy meeting

The U.S. Fed begins its policy meeting on Tuesday, at which it is widely expected to lower interest rates by 25 basis points.

European central banks have ditched a 20-year-old agreement to coordinate their gold sales, saying they have no plan to sell large amounts of the metal.

Hedge funds and money managers reduced their bullish stance in COMEX gold in the week to July 23, the U.S. CFTC said.

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Soyabean Trading Range For The Day Is 3558-3628

Soyabean trading range for the day is 3558-3628.

Soyabean dropped tracking weak demand at the domestic spot market, however losses were capped by lower area under soybean in the Kharif sowing season so far.

The USDA report showed the estimate for US soybean ending stocks for the 2018-19 crop year declined 45 million bushels since December to 910 million bushels.

As per data released by SEA, soy meal exports down by 82.5% in June to 18,185 tonnes compared to last year.

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Zinc Prices Gains Helped By Data Showing China’s June Imports

Zinc trading range for the day is 189.5-197.5.

Zinc prices gains helped by data showing China’s June imports of refined zinc jumped

China's imports of refined zinc in June jumped 56.8% from the same time last year to 56,878 tonnes, official data showed.

The difference between cash and three-month zinc on the LME flipped to a premium, indicating a nearby supply shortage, while stockpiles in LME and ShFE held at low levels.

Warehouse stock for Zinc at LME was at 73675mt that is down by -2025mt.

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Silver Prices Traded In Range As The Dollar Gained Some Ground

Silver trading range for the day is 40971-41373.

Silver prices traded in range as the dollar gained some ground against most major currencies ahead of next week's monetary policy meeting of the Federal Reserve.

U.S. gross domestic product increased at a 2.1% annualized rate in the second quarter, above forecast of 1.8%.

While U.S. money market futures price in a total of almost 75 basis points of cuts by the end of the year to 1.5-1.75 percent.

Hedge funds and money managers increased their net long position in silver futures and options, CFTC data showed.

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Gold Trading Range For The Day Is 34576-34896

Gold trading range for the day is 34576-34896.

Gold prices were stable ahead of a U.S. Federal Reserve meeting later in the week where markets will watch for indications of monetary easing.

The Fed is expected to trim the key interest rate by at least 25 basis points (bps) at its July 30-31 meeting.

Hedge funds and money managers reduced their bullish stance in COMEX gold in the week to July 23, the U.S. CFTC said.

China's net gold imports via Hong Kong in June tumbled about 35% from the previous month to the lowest in nine months in part.

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Mentha Oil Spot At Sambhal Closed At 1420.20 Per 1kg. Spot Prices

Mentha oil trading range for the day is 1251.2-1284.4.

Mentha oil spot at Sambhal closed at 1420.20 per 1kg. Spot prices was down by Rs.-24.50/-.

Menthaoil dropped due to delay in monsoon, there has been an increase in the arrival of mentha.

Due to improving exports prospects, estimates for ending stocks has been reduced even lower than previous year.

This year’s production expectation of 38500- 39000 MT stood slightly above the average production of 36,968 MT.

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Copper Prices Dropped As Comments From ECB President Draghi

Copper trading range for the day is 443.3-453.3.

Copper prices dropped as comments from ECB President Draghi were less dovish than hoped after the bank held rates steady at its latest meeting.

Freeport Indonesia proposes raising production of copper concentrate by 200,000-300,000 tonnes in 2019

The second round of nationwide environmental probes have progressed smoothly and will enter a crucial inspection stage as eight Beijing-led teams have finished stationing.

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Silver Dropped As Pressure After Better Than Expected U.S. Growth

Silver trading range for the day is 40897-41587.

Silver dropped as pressure after better-than-expected U.S. growth cast doubt on the need for the Federal Reserve to ease monetary policy dramatically.

The Second-quarter gross domestic product numbers support the case for the Federal Reserve to be less aggressive on easing monetary policy.

Weekly US jobless claims number fell to a three-month low last week, pointing to strength in the labor market, while orders to US factories for durable goods rose last month.

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Gold Trading Range For The Day Is 34571-35077

Gold trading range for the day is 34571-35077.

Gold prices dropped as the U.S. dollar was stronger after growth in the U.S. economy slowed less than expected, though trade tensions weighed on business.

Second-quarter gross domestic product increased at an annual rate of 2.1% from 3.1% in the first quarter, compared to estimates for 2% growth.

Market participants are now looking forward to the U.S. central bank's July 30-31 monetary policy meeting, where it is expected to trim its interest rate.

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Crude Oil Trading Range For The Day Is 3837-3975

Crude oil trading range for the day is 3837-3975.

Crude oil settled flat amid Middle East tensions and a big fall in U.S. crude stocks.

Saudi Energy Minister says hopes to expand east west crude pipeline 7mbpd in a couple of years, which bypasses the Strait of Hormuz

U.S. crude stocks fell by nearly 11 million barrels last week, the Energy Information Administration reported, well above expectations for a drop of 4 million barrels.

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Silver Dropped With Traders Reacting To ECB President Mario Draghi's

Silver trading range for the day is 40890-42048.

Silver dropped with traders reacting to ECB President Mario Draghi's comments and better than expected economic data out of the U.S.

European Central Bank President Mario Draghi said the bank's all-important inflation target should not be viewed as a 2% cap.

US recession fears thanks to the US-China trade war now see a 90% chance of 50-bps of interest rate cuts by the end of the year. 

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Gold Trading Range For The Day Is 34568-35242

Gold trading range for the day is 34568-35242.

Gold dropped as prices pared gains after better-than-expected U.S. economic data dented expectations for more aggressive policy easing from the Federal Reserve.

The European Central Bank opened the door to interest rate cuts and a raft of further measures to ease monetary policy in September.

US weekly jobless claims rose less than expected in a continued sign of strength for the U.S. labor market.

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Aluminium Traded In Range Amid Solid US Dollar As Expectations

Aluminium trading range for the day is 140.6-142.8.

Aluminium traded in range amid solid US dollar as expectations for an aggressive easing from the Fed eased.

Global primary aluminium output fell to 5.246 million tonnes in June from revised 5.406 million tonnes in May, data from the IAI showed.

China's alumina imports came in at 50,000 tonnes last month, versus 60,000 tonnes in May, the customs data showed.

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Natural Gained As Forecasts For Hotter Weather Next Week

Natural gas trading range for the day is 157.2-162.

Natural gained as forecasts for hotter weather next week that would boost cooling demand lifted prices from two-week lows hit last week.

Meteorologists predict the weather will remain near normal this week before turning warmer next week – just not as hot as previously forecast.

Since Tropical Storm Barry hit the central Louisiana coast on July 13, energy firms have been returning Gulf of Mexico wells and platforms to service.

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Silver Prices Steadied As Traders Await Decisions From Multiple Central

Silver trading range for the day is 40532-42006.

Silver prices steadied as traders await decisions from multiple central banks in the next two weeks.

Geopolitical tensions and uncertainty about a progress in U.S.-China trade negotiations prompted traders to seek the safe haven asset.

The Fed and the ECB have begun their respective periods of avoiding public speaking and interviews ahead of monetary policy decisions.

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Gold Prices Dipped As The Dollar Strengthened And Some Investors Locked

Gold trading range for the day is 34755-35283.

Gold prices dipped as the dollar strengthened and some investors locked in profits ahead of the U.S. Federal Reserve meeting next week.

The U.S. central bank is widely expected to lower interest rate at its meeting ending July 31, but expectations for a larger 50-basis point cut have waxed

Markets are also expecting the European Central Bank to signal easier monetary policy when it meets on Thursday.

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Jeera Settled Down On Profit Booking After Prices Gained Due To Steady Demand

Jeera trading range for the day is 17460-18150.

Jeera settled down on profit booking after prices gained due to steady demand from domestic stockists amid fall in supplies.

Arrivals are lower as farmers are hoarding their produce on expectations of better prices.

Good news for India's cumin exporters is that its yield in Syria-where new crop usually comes in the middle will be lower this year.

In Unjha, a key spot market in Gujarat, jeera edged down by -69.2 Rupees to end at 17886.35 Rupees per 100 kg.

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Turmeric Trading Range For The Day Is 7018-7210

Turmeric trading range for the day is 7018-7210.

Turmeric prices dropped tracking weakness in spot demand on profit booking after prices gained amid fears of lower sowing.

Current year Turmeric sowing reported delayed by 20 - 25 days in Maharashtra due to water scarcity.

In Sangli district of Maharashtra and adjoining area of Karnataka till now 35 -40% turmeric sowing completed, farmers were waiting for rainfall.

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Silver Prices Ended With Gains As Traders Expect A U.S. Rate Cut This Month

Silver trading range for the day is 40848-41588.

Silver prices ended with gains as traders expect a U.S. rate cut this month.

The metal was supported by IMF’s comments that the U.S. dollar is overvalued, and U.S. President Donald Trump’s call for lower interest rates.

St Louis Federal Reserve President James Bullard said he sees the case for a 25 basis point cut in the Fed’s July 30-31 meeting.

Expectations for a rate cut of half a percentage point at the Fed's July 30-31 meeting edged out further on Monday to hit 14.5%.

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Gold Prices Gained As Tensions In The Middle East And Weaker Financial Markets

Gold trading range for the day is 34973-35285.

Gold prices gained as tensions in the Middle East and weaker financial markets supported the metal, while a stronger dollar kept a lid on gains.

Investors are also taking stock of developments in the Middle East after the U.S. Navy shot down an Iranian drone in the Strait of Hormuz.

Investors reduced expectations of an aggressive interest rate cut by the Federal Reserve.

Hedge funds and money managers raised their bullish stance in COMEX gold in the week to July 16, the U.S. Commodity Futures Trading Commission said in a report.

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Crude Palm Oil Ended With Gains Tracking Good Physical Demand

CPO trading range for the day is 497.5-501.9.

Crude palm oil ended with gains tracking good physical demand and report of lower stock levels on port.

Import of Crude palm oil higher by 38.2% on year at 4.21 lt in June while import of RBD Palmolein up by about 44% to 2.56 lt.

Indonesia exported 2.03 million tonnes of palm and palm kernel oils in April and 2.40 million tonnes in May, the Indonesia Palm Oil Association said.

Crude palm oil prices in the spot market dropped by 1.30 rupees and settled at 492.50 rupees.

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Nickel Prices Fell On Profit Booking After Prices Gained Amid An Indonesian

Nickel trading range for the day is 965.2-1066.

Nickel prices fell on profit booking after prices gained amid an Indonesian mining ministry official reiterating that a ban on the export of raw ore exports.

Headline stocks in LME-registered warehouses, at 147,942 tonnes, have slid from more than 450,000 tonnes in 2016.

Cash nickel is still trading at a discount to the three-month contract on the LME, however, suggesting that while the market has tightened, metal is still available.

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Silver Trading Range For The Day Is 39823-42057

Silver trading range for the day is 39823-42057.

Silver dropped as the dollar firmed and investors took profits after prices gained on dovish signals from the U.S. Federal Reserve.

Central bankers need to act quickly and forcefully when rates are low and economic growth is slowing, Williams told.

The number of Americans filing for unemployment benefits increased moderately last week, reflecting strong labour market conditions.

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Gold Prices Retreated With Traders Taking Some Profits Ahead

Gold trading range for the day is 34739-35557.

Gold prices retreated with traders taking some profits ahead of the upcoming monetary policy meeting of the Federal Reserve.

New York Fed President John Williams said policymakers need to add stimulus early to deal with lower inflation when interest rates are near zero.

Expectations of a reduction in rate increased after recent data showed a significant drop in housing starts and building permits last month.

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Mentha Oil Trading Range For The Day Is 1249.1-1345.9

Mentha oil trading range for the day is 1249.1-1345.9.

Mentha oil spot at Sambhal closed at 1429.00 per 1kg. Spot prices was up by Rs.19.70/-.

Mentha oil 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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Zinc Ended With Losses As Data Showed The Global Zinc Market Deficit Narrowed In May

Zinc trading range for the day is 187-199.

Zinc ended with losses as data showed the global zinc market deficit narrowed in May.

The global zinc market deficit narrowed to 27,200 tonnes in May from an upwardly revised deficit of 87,500 tonnes in April.

Summer maintenance at some smelters and bargain-hunting purchases by downstream consumers deterred social inventories from sharply ramping up.

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Silver Prices Rallied After The IMF Said The U.S. Currency Is Overvalued

Silver trading range for the day is 40035-41141.

Silver prices rallied after the IMF said the U.S. currency is overvalued by 6-12% based on near-term economic fundamentals.

San Francisco Fed President Mary Daly indicated that she was still uncertain over whether it was the time to cut interest rates at the end of the month.

Construction of new houses in the US fell slightly in June and permits sank to the lowest in two years.

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Gold Gained As Expectations Of A Rate Cut Later This Month Weighed

Gold trading range for the day is 34765-35387.

Gold gained as expectations of a rate cut later this month weighed on the dollar and prompted investors to seek the safe haven commodity.

The International Monetary Fund said the greenback was overvalued by 6% to 12%, based on near-term economic fundamentals.

U.S. interest rates futures implied traders fully expect the Fed to cut rates at its upcoming policy meeting on July 30-31 with a 35% chance for a half-point decrease.

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Soyabean Trading Range For The Day Is 3617-3661

Soyabean trading range for the day is 3617-3661.

Soyabean prices gains as support seen after IMD said India may receive below-average rainfall in the next two weeks with a large deficit in the soybean regions.

Government hike minimum support price by 9% or 311 rupees to 3,710 per 100 kg for 2019/20.

China's soybean imports fell 25% in June from the same month last year, according to customs data.

At the Indore spot market in top producer MP, soybean dropped -5 Rupees to 3692 Rupees per 100 kgs.

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Aluminium Settled Flat As Some Support Seen After Disappointing US

Aluminium trading range for the day is 142.4-143.8.

Aluminium settled flat as some support seen after disappointing US new housing starts data lowered the greenback.

China's alumina output rose by 5.4% year-on-year to 6.41 million tonnes in June, its highest in more than two years.

Aluminium stocks held at three major Japanese ports, at the end of June, rose 1.4% to 300,000 tonnes from the previous month.

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Zinc Prices Fell After Data Showed A Global Zinc Market Deficit

Zinc trading range for the day is 193.1-195.9.

Zinc prices fell after data showed a global zinc market deficit narrowed in May.

The global zinc market deficit narrowed to 27,200 tonnes in May from an upwardly revised deficit of 87,500 tonnes in April

Zinc inventories in LME have risen around 60% since April when the stockpiles hit a record low, while stocks in ShFE have jumped 268% year-to-date.

Warehouse stock for Zinc at LME was at 80650mt that is down by -100mt.

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Crude Oil Fell After U.S. Government Data Showed Large Builds In Refined

Crude oil trading range for the day is 3819-4063.

Crude oil fell after U.S. government data showed large builds in refined product stockpiles.

U.S. crude inventories fell 3.1 million barrels, EIA data showed, more than forecasts for a decrease of 2.7 million barrels.

The American Petroleum Institute reported that US crude supplies fell by 1.4 million barrels for the week ended July 12.

More than half the daily crude production in the U.S. Gulf of Mexico remained offline in the wake of Hurricane Barry, the U.S. drilling regulator said.

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Copper Prices Took A Break From A Strong Rally After Positive Industrial Output

Copper trading range for the day is 439.6-451.

Copper prices took a break from a strong rally after positive industrial output and investment data from top consumer China.

Better-than-expected industrial output and fixed asset investment data from China sent prices of most base metals higher.

China imported 1.47 million mt of copper concentrate in June, down from 1.84 million mt in May, showed data from China Customs.

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Crude Oil Dropped As Output In The U.S. Gulf Of Mexico Resumed

Crude oil trading range for the day is 3790-4206.

Crude oil dropped as output in the U.S. Gulf of Mexico resumed after Hurricane Barry and as U.S. shale production is set to rise to a record.

Producers began restoring some of the roughly three-quarters of output that was shut at U.S. Gulf of Mexico platforms ahead of Hurricane Barry.

There was 1.3 million barrels per day of oil production offline in the U.S. waters of the Gulf of Mexico, about 80,000 barrels fewer than on Sunday.

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Silver Trading Range For The Day Is 38215-40021

Silver trading range for the day is 38215-40021.

Silver gained amid lingering concerns about the outlook for the global economy due to the ongoing U.S.-China trade dispute.

President Trump said the US has a long way to go to conclude a trade deal with China, but could impose tariffs on an additional $325 billion worth of Chinese goods if needed.

The New York Fed said that its Empire State manufacturing index for July came in at 4.3, compared with -8.6 in June.

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Gold Prices Fell On After Better Than Expected U.S. Retail Sales Data

Gold trading range for the day is 34587-35059.

Gold prices fell on after better-than-expected U.S. retail sales data lowered expectations of an aggressive interest rate cut by the U.S. Federal Reserve, boosting the dollar.

The U.S Commerce Department said retail sales rose 0.4% last month as households stepped up purchases of motor vehicles and a variety of other goods.

U.S. Treasury Secretary Steven Mnuchin said he and U.S. Trade Representative Robert Lighthizer would speak with their Chinese counterparts by phone again this week.

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Mustard Seed Prices Gained Supported By Diminishing Supplies In Physical Market

Rmseed trading range for the day is 3918-3980.

Mustard seed prices gained supported by diminishing supplies in physical market and steady demand from millers.

Prices also seen supported on hopes of meal demand from China as it refused shipment from Canada.

Nil import of rapeseed oil for the third month in a row in May helped the mustard seeds prices to increase due to demand from crushing units.

In Alwar spot market in Rajasthan the prices gained 45.05 Rupees to end at 4121.55 Rupees per 100 kg.

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Crude Palm Oil Dropped Amid Profit Booking Tracking Weakness In Spot Demand

CPO trading range for the day is 493.7-505.3.

Crude palm oil dropped amid profit booking tracking weakness in spot demand and overseas prices.

Indonesia exported 2.03 million tonnes of palm and palm kernel oils in the month of April and 2.40 million tonnes in May, GAPKI said.

Malaysian stockpiles at end-June eased 0.97% on-month to 2.42 million tonne, against forecast of a 4% decline to 2.35 million tonnes.

Crude palm oil prices in spot market gained by 2.30 rupees and settled at 491.30 rupees.

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Silver Prices Steadied As A Boost In Risk Appetite From Generally Positive Economic

Silver trading range for the day is 38114-38914.

Silver prices steadied as a boost in risk appetite from generally positive economic data was insufficient to derail demand in an environment marked by decreasing yields.

Prices jumped in recent sessions amid expectations of an interest rate cut that will likely weaken the dollar and boost the metal.

The US dollar fell pressured by expectations that the Federal Reserve will start cutting interest rates at a monetary policy meeting later this month.

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Gold Prices Slipped As Key China Data Assuaged Concerns About Global Economic

Gold trading range for the day is 34672-35074.

Gold prices slipped as key China data assuaged concerns about global economic slowdown and boosted appetite for riskier assets.

Denting the bullion's appeal, encouraging Chinese data suggested the economy may be starting to stabilise due to ramped-up stimulus from Beijing.

Hedge funds and money managers cut their bullish stance in COMEX gold in the week ended July 9, the U.S. CFTC said in a report.

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Jeera Prices Gained Due To Good Demand In Physical From Stockists

Jeera trading range for the day is 17405-18025.

Jeera prices gained due to good demand in physical from stockists as well as from exporters.


India’s jeera output is set to touch 4.16 lakh tonnes for 2019, about 9% higher than the previous year.


Good news for India's cumin exporters is that its yield in Syria-where new crop usually comes in the middle of June- will be lower this year.

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Rmseed Trading Range For The Day Is 3896-3970

Rmseed trading range for the day is 3896-3970.

Mustard seed gained on hopes of meal demand from China as it refused shipment from Canada.

Further, higher procurement by National Agricultural Cooperative Marketing Federation of India limited the fall in prices.

India exported about 19519 tons of rape seed meals during month of May 2019 against the 120630 tons of prior month.

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Silver Gained As The Dollar Weakened Amid Rising Optimism

Silver trading range for the day is 37928-38656.

Silver gained as the dollar weakened amid rising optimism about a reduction in U.S. interest rate later this month and another possible cut before the end of current year.

Fed’s Powell expressed worries that the U.S. economy was under threat from a number of uncertainties, not least the U.S.'s trade disputes.

Data showed weekly jobless claims came in at 209,000, lower than the expected 220,000, adding to signs that the U.S. labor market remains strong.

Meanwhile, core consumer prices increased by the most in nearly one-and-a-half years in June, data showed.

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Gold Prices Rose As Renewed Sino-U.S. Trade Tensions Amid Global Growth Jitters

Gold trading range for the day is 34612-35096.

Gold prices rose as renewed Sino-U.S. trade tensions amid global growth jitters and prospects of an interest rate cut by the U.S. Fed stoked safe-haven demand.

Fed Chair Powell indicated that a rate cut is likely at the Fed's next meeting as businesses slow investment due to trade disputes and a global growth slowdown.

Meanwhile, U.S. President Donald Trump said China was not living up to promises it made on buying agricultural products from American farmers.

Dealers were offering a discount of up to $20 an ounce over official domestic prices, down from $30 last week, the highest since August 2016.

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Crude Palm Oil Recovered On Short Covering After Prices Dropped Tracking

CPO trading range for the day is 489.1-501.9.

Crude palm oil recovered on short covering after prices dropped tracking weakness in Malaysian palm oil weighed down by higher inventory levels in June.

Malaysian stockpiles at end-June eased 0.97% on-month to 2.42 million tonne.

Malaysia's July 1-10 palm oil exports seen at 367,950 tonnes versus June 1-10 at 376,802 tonnes

Crude palm oil prices in spot market dropped by 2.00 rupees and settled at 491.00 rupees.

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Mentha Oil Spot At Sambhal Closed At 1293.60 Per 1kg. Spot Prices

Mentha oil trading range for the day is 1191.8-1221.

Mentha oil spot at Sambhal closed at 1293.60 per 1kg. Spot prices was up by Rs.3.60/-.

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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Silver Dropped After Inflation And Labor Data Were Stronger Than Expected

Silver trading range for the day is 37823-38645.

Silver dropped after inflation and labor data were stronger than expected, dampening expectations for aggressive policy easing from the Federal Reserve.

Weekly jobless claims added to signs of a strong U.S. labor market, after the monthly jobs report scaled back expectations for more aggressive policy easing.

Federal Reserve Chair Jerome Powell kept the door open for U.S. interest rate cuts, citing uncertainty about trade frictions and global growth.

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