Nickel, Crude Oil positive, Cardamom bearish

MUMBAI:- Nickel gained 1.83%. The July contract rose to a high of 824.80 Rs/kg. Mentha oil and crude oil were also in the gainer’s list.

Nickel July rose to 1.71% to 831.80 Rs/kg as of 04.45 pm IST. Positive report from global markets and stocks declining by 300 tons at LME markets impacted nickel prices.

Mentha oil July rose to 1.93% to 922.60 Rs/kg. Weak report from pharmaceutical industries impacted mentha oil prices. August rose by 1.89% to 935.80 Rs/kg.

Crude oil July gained 0.66% to 6283 Rs/kg as of 04.38 pm IST. Release on U.S crude oil inventory data impacted crude oil futures.

U.K. jobless claims fall by 21,200 in June and Ben Bernanke’s testimony is scheduled at 07.30 PM IST may put pressure on dollar denominated commodities.

Cardamom August has fallen 1.07% to 760 Rs/kg. Profit booking was seen for cardamom at higher levels. September has fallen to 0.74% to 790.30 Rs/kg.

Zinc July has fallen 0.32% to 109.60 Rs/kg at 04.30 pm IST.  For Zinc July, support is now seen at 107, 106 and resistance at 111.6 & 112.7, analyst said.

Cotton October has fallen 1.09% to 20000 Rs/bale. 

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