Gold

Gold on MCX settled up 1.52% at 28411 after the U.S. central bank signaled only gradual rate tightening and the dollar slid to its lowest in five weeks. The dollar index hit a five-week low on Thursday after the Fed raised U.S. interest rates as expected, but did not flag any plans to accelerate the pace of monetary tightening as some had anticipated.

Trading Ideas:

*Gold trading range for the day is 28210-28640.

*Gold prices gained after the U.S. central bank signaled only gradual rate tightening and the dollar slid to its lowest in five weeks.

Silver

Silver on MCX settled up 1.38% at 40598 amid a slump in dollar, as investors mulled over the Fed’s more dovish than expected statement on the pace of rate hikes this year. The Federal Reserve stuck a familiar tone in its statement on Wednesday, pointing out that interest rate increases “will be gradual” in 2017, and maintained its view of three rate hikes, with the remaining two rate hikes expected later this year.

Trading Ideas:

*Silver trading range for the day is 39976-41546.

*Silver gained amid a slump in dollar, as investors mulled over the Fed’s more dovish than expected statement on the pace of rate hikes this year.

Natural gas

Natural gas on MCX settled down -1.74% at 192 as trader book there long positions as the Energy Department’s report on the nation’s commercial gas inventories disappointed traders. The Energy Information Administration said gas stocks dropped by 53 billion cubic feet last week, edging down to 2.24 trillion cubic feet. While market had believed U.S. natural gas inventories would fall by as much as 72 billion cubic feet.

Trading Ideas:

*Natural gas trading range for the day is 186.5-197.5.

*Natural gas turned lower after data showed that natural gas supplies in storage in the U.S. fell less than expected last week.

Mentha oil

Mentha oil on MCX settled up by 0.04% at 1004.3 amid rise in demand from major consuming industries in the domestic spot market. Further, tight stocks position on restricted supplies from major producing belts of Chandausi in Uttar Pradesh, also supported mentha oil prices. Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year.

Trading Ideas:

*Menthaoil trading range for the day is 993.2-1014.2.

*Mentha oil spot at Sambhal closed at 1150.30 per 1 kg. Spot prices was down by Rs.-0.80/-.

Turmeric

Turmeric on NCDEX settled down by -0.27% at 6532 on late profit booking after prices gained on improving exports demand at the spot market. The demand for the new season turmeric in recent weeks is lower. The turmeric arrivals in the country are higher at 81,876 tonnes during Mar 1-15 compared to 12,825 tonnes during previous month, as per the data. On the export front, country exported about 82,115 tonnes during April-Dec period, up by 28% compared to last year exports of 64,105 tonnes, as per government data.

Trading Ideas:

*Turmeric trading range for the day is 6456-6648.

*Turmeric prices ended with losses on late profit booking after prices gained on improving exports demand at the spot market.

Jeera

Jeera on NCDEX settled up by 0.62% at 16960 on reports of lower production estimates in Gujarat and improved exports in 2016/17 financial year. The market is expecting good exports demand in coming weeks. The arrivals have been good in the physical market. There are expectations of increase in export demand at slightly lower levels.

Trading Ideas:

*Jeera trading range for the day is 16695-17205.

*Jeera prices ended with gains on reports of lower production estimates in Gujarat and improved exports in 2016/17 financial year.

Cotton

Cotton on MCX settled up by 0.23% at 21360 tracking spot demand supported by poor response to the reserve auction in China. China sold 24,400 tonnes of cotton at auction of state reserves, which represents 76.1% of total cotton made available at auction. Moreover, China Feb cotton imports up 145% on year to 138,100 tonnes as per industry association. The supply of cotton in the domestic market is steady so as the demand from the ginners and textile mills.

Trading Ideas:

*Cotton trading range for the day is 21167-21567.

*Cotton prices ended with gains tracking spot demand supported by poor response to the reserve auction in China.

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