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Jeera Trading Range For The Day Is 16925-17525 - Research Icon

Jeera gained on short covering after prices dropped amid prospects of good crop next season Pressure also seen because of high moisture content in the spice, due to rainfall in the key producing areas of Gujarat. Arrivals of jeera in Gujarat is about 22,200 tn during 1-25 Aug compared to 12,000 tn last year same period. In Unjha, a key spot market in Gujarat, jeera edged down by -92 Rupees to end at 17192.6 Rupees per 100 kg.

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Turmeric Trading Range For The day is 6588-6832. - Research Icon

Turmeric prices dropped due to sufficient stocks arriving in the market coupled with expectation of good production

Prices also got some support due to lower sowing area in Tamil Nadu due to deficient rainfall and in AP as shifted to Cotton

Indian turmeric exports have been hit by the US sanctions against Iran, the largest buyer of the spice from India.

In Nizamabad, a major spot market in AP, the price ended at 6576.2 Rupees dropped -23.8 Rupees.

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Crude Prices Surged By 4.3 Percent Closing At $56.3 - Research Icon

On Wednesday, WTI Crude prices surged by 4.3 percent closing at $56.3 per barrel after positive economic data by China eased down the a few demand concerns. In August, China’s services sector grew at its fastest pace in about three months after new orders rose, prompting the biggest increase in hiring in over a year. China is the world’s second-largest oil consumer and largest importer, any development in their economy will have positive impact on Crude prices.

Prices were further supported after the intense tariff spat between U.S. & China Eased a bit. U.S. & Chinese officials will now meet in early October to resolve the protracted trade spat which has hampered the global economic growth and the demand prospects for Crude.

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Spot Silver Prices Surged Over 1.77 Percent To Close At $19.6 - Research Icon

On Wednesday, Spot silver prices surged over 1.77 percent to close at $19.6 per ounce while MCX silver prices rose by 1.03 percent to close at Rs.50191.0 per kg.

U.S. & China to resume the trade negotiations next week coupled with easing of global trade tension might boost the risk appetite amongst investors and dented appeal for the bullion metal.

On the MCX, gold prices are expected to trade sideways today; international markets are trading lower by 0.37 percent to close at $1554.55 per ounce.

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Gold Ended Higher By 0.37 Percent To Close At $1552.4 - Research Icon

On Wednesday, spot gold ended higher by 0.37 percent to close at $1552.4 per ounce. Prices rose after the 10-year U.S. Treasury yields dipped to a three-year low reinfusing worries over a potential global slowdown.

U.S. Treasury yields declined after the benchmark 10-year yield declined to its lowest levels since July 2016. The fall in the yields came after U.S. manufacturing data posted its first contraction in 3 years on rising worries about weakening of global economy and U.S.-China trade tensions.

Recent developments in Hong Kong boosted the risk sentiments amongst after the region’s leader Carrie Lam withdrew a controversial extradition bill which had led to the months of violent protests.

Moreover, investors might further mover towards riskier assets after U.S. & China agreed to meet in early October 2019 to come up with a deal and end the prolonged tariff spat.

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Gold Prices Dipped Lower By 0.9 Percent - Research Icon

Last week, spot gold prices dipped lower by 0.9 percent. After rising earlier in the week, Gold gave up a few of its gains after the trade tension between U.S. & China eased down.

For the first time in 3 years, U.S. manufacturing data contracted last month as the intense trade war between U.S. & China led to a sharp downfall in new orders and hiring. Escalating trade tensions between the biggest economies in the world might raise fears of a recession and boosted the appeal for Gold earlier in the week.

However, the protracted trade war showed signs of easing off after U.S. & China decided to conduct high level of trade talks in early October. Optimism over a possible trade deal between the super power nations dented the appeal for the safe haven asset and shifted the investors towards riskier assets.

Moreover, U.S. services sector activities surged in August 2019. U.S. Hiring increased from the private sector signalling towards a stronger economy and fading away fears of recession which further weighed on the Gold prices.

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Silver Dipped Over 1 Percent To Close At $18.6 - Research Icon

Last week, Spot silver dipped over 1 percent to close at $18.6 per ounce while MCX silver prices rose about 3 percent to close at Rs.48203.0 per kg.

Rising global tension might boost the appeal for the safe haven asset and support the bullion metal.

ON the MCX, gold prices are expected to trade higher today; international markets are trading higher by 0.15 percent to close at $1517.75 per ounce.

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Crude Surged By 2.6 Percent Over Rising Optimism

Last week, WTI Crude surged by 2.6 percent over rising optimism over a possible trade deal between U.S. & China amid plunging U.S. Crude inventory. U.S. & China will meet in Washington during early October to resolve the protracted trade spat which has hampered the demand prospects for Crude.

Moreover, China’s services sector grew at its fastest pace in about three months after new orders rose, prompting the biggest increase in hiring in over a year. China is the world’s second-largest oil consumer and largest importer, positive economic data from China supported Crude prices.

However, Organization of Petroleum Exporting Countries (OPEC) Crude production rose in August 2019 for the first time in 2019. Surge in Supply from Iraq and Nigeria overpowered the supply restrains coming from the Saudi Arabia coupled with the supply shortage caused by U.S. sanctions on Iran and capped the gains for Crude.

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Jeera Trading Range For The Day Is 16655-17455 - Research Icon

Jeera gained on short covering after prices dropped due to sufficient availability in the physical market despite steady export demand.

Further, upside seen limited because of high moisture content in the spice, due to rainfall in the key producing areas of Gujarat.

Arrivals of jeera in Gujarat is about 22,200 tn during 1-25 Aug compared to 12,000 tn last year same period.

In Unjha, a key spot market in Gujarat, jeera edged down by -45.4 Rupees to end at 17284.6 Rupees per 100 kg.

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Rmseed Trading Range For The Day Is 3949-3991 - Research Icon

Mustard seed prices dropped due to expectation of better crop next year due to good rains. Rapemeal exports have been steady against higher stocks. Mustard output last year is pegged at 93.4 lakh tonnes in 4th Advance estimate by Government, up from 87.8 lt in 3rd estimate. Nafed has commenced the sale of PSS Mustard seed rabi 2019-20 in Madhya Pradesh from through NEML and MSTC portal. In Alwar spot market in Rajasthan the prices dropped -38.65 Rupees to end at 4076.5 Rupees per 100 kg.

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Soyabean Trading Range For The Day Is 3546-3618 - Research Icon

Soyabean gained on short covering after prices dropped on expectation soybean yield is likely to increase in Madhya Pradesh. As per the Ministry of Agriculture, current Kharif oilseed acreage stood 167.89 lakh hectares as against 167.55 lakh hectares last year same period. Soybean acreage is reported at 112.51 lakh hectares as compared to 111.49 lakh hectares last year same period. At the Indore spot market in top producer MP, soybean dropped -15 Rupees to 3793 Rupees per 100 kgs.

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Gold Trading Range For The Day Is 37898-40126 - Research Icon

Gold prices plunged sharply as easing worries about political tensions, optimism about U.S.- China trade talks and some upbeat economic data. China's Commerce Ministry said its trade team will hold talks with U.S. counterparts in mid-September in preparation for high-level negotiations in early October. The Fed's Beige Book noted continued concerns regarding tariffs and trade policy uncertainty but said the majority of businesses remain optimistic about the near-term outlook. In Hong Kong, Carrie Lam has formally withdrawn an extradition bill that triggered months of unrest in the country.

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Silver Trading Range For The Day Is 47148-52452 - Research Icon

Silver prices fell as stocks recovered on the positive Hong Kong’s political development and reports that the U.S. and China would resume trade talks in October. Pressure also seen after news that trade talks between the U.S. and China will resume next month. Focus now shifts to the U.S. central bank's meeting later this month, amid expectations of a 25 basis point interest rate cut. China's Commerce Ministry said its trade team will consult with their U.S. counterparts in mid-September in preparation for negotiations in early October.

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Rmseed Trading Range For The Day Is 3950-3996 - Research Icon

Mustard seed prices dropped due to expectation of better crop next year due to good rains. Rapemeal exports have been steady against higher stocks. Mustard output last year is pegged at 93.4 lakh tonnes in 4th Advance estimate by Government, up from 87.8 lt in 3rd estimate. Nafed has commenced the sale of PSS Mustard seed rabi 2019-20 in Madhya Pradesh from through NEML and MSTC portal. In Alwar spot market in Rajasthan the prices dropped -12.85 Rupees to end at 4115.15 Rupees per 100 kg.

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Jeera Trading Range For The Day Is 16930-17140. - Research Icon

Jeera prices gained on short covering after prices dropped due to sufficient availability in the physical market despite steady export demand. Prospects of good crop next season also pressurize the prices. Arrivals of jeera in Gujarat is about 22,200 tn during 1-25 Aug compared to 12,000 tn last year same period. In Unjha, a key spot market in Gujarat, jeera edged down by -8.45 Rupees to end at 17330 Rupees per 100 kg.

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Crude Oil Trading Range For The Day Is 3812-4214 - Research Icon

Crude oil prices gained boosted by a wider market pickup on positive news from China's services sector. OPEC's output rose last month for the first month this year as higher supply from Iraq and Nigeria outweighed bigger-than-planned cutbacks. U.S. crude oil stockpiles likely declined for a third straight week, a preliminary poll showed. On the supply side, Venezuela's oil exports fell in August to their lowest level in 2019, internal reports and Refinitiv Eikon data showed. For Quick Trial – 8871888787 ✔ or mail us here: [email protected] or visit http://www.researchicon.com/free-trial

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Aluminium Trading Range For The Day Is 139.2-142 - Research Icon

Aluminium gained fuelled by hopes of stable demand as anti-pollution curbs ahead of the National Day holiday were more lenient than expected. China hoped that the two sides would seek common ground while setting aside differences, Vice-Premier Liu He said. Social inventories of primary aluminium in China continued to fall over the weekend, with all major warehouses, except for that in Gongyi of Henan, saw losses. Warehouse stock for Aluminium at LME was at 922375mt that is up by 8450mt.

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