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Pepper August delivery gained Rs 827 and settled at Rs 21479/quintal on restricted supplies in the spot as farmers awaited further rise in prices, good domestic demand and firmness in international market. Supply is weak both in domestic and overseas markets.

In India, production has stagnated between 45,000-50,000 tonnes whereas domestic consumption is rising. Spot pepper climbed 552 rupees to end at 20,811 rupees per 100 kg in Kochi. The contract touched the intraday high of Rs 21479/quintal while low of Rs 20650/quintal. Now support for the pepper is seen at 20926 and below could see a test of

Guar yesterday we have seen that market has moved -0.16% trimming its gains on profit-taking driven by weakening demand for churi and korma, the byproducts of guar seed. Apprehensions of lower sowing due to insufficient rainfall restricted the losses.

In the Jodhpur spot market, guar seed edged up 1.50 rupees to end at 2,463.50 rupees per 100 kg. Market has opened at 2570 & made a low of 2547 versus the day high of 2593. The total volume for the day was at 451510 lots and the open interest was at 196900.Now support for the guar is seen at 2538 and below could see a test of 2519. Resistance is now likely to be seen at 2584, a move above could see prices testing 2611.

Trading Ideas:

Guar trading range is 2519-2611.

The world refined nickel market was in a 5, 000-metric-ton deficit in the first five months of the year, the World Bureau of Metal Statistics said.  This compares with a surplus of 48,600 tons during the year-earlier period, the WBMS said.  Nickel has touched a low of Rs 903.1 a kg after opening at Rs.903.5, and last traded at Rs 917.9.

For today market is looking for the support at 906.3, a break below could see a test of 894.8 and where as resistance is now likely to be seen at 926.2, a move above could see prices testing 934.6.

Trading Ideas:

Nickel trading range is 894.8-934.6.

The global refined zinc market was in a 241,000-metric-ton surplus in January to May, the World Bureau of Metal Statistics said.  This was larger than the 210,000-ton surplus in all of 2009, the WBMS said.  Zinc yesterday we have seen that market has moved 2.14%. Market has opened at 86.8 & made a low of 86.8 versus the day high of 90.25.

The total volume for the day was at 32120 lots and the open interest was at 4922.Now support for the zinc is seen at 87.1 and below could see a test of 85.2. Resistance is now likely to be seen at 90.5, a move above could see prices testing 92.1.

Trading Ideas:

Zinc trading range is 85.2-92.1.

Global refined zinc market was in 241,000-metric-ton surplus in January to May – WBMS

Copper ended higher as company earnings fostered a more-positive outlook for the economy and demand for the industrial metal. Investors are feeling more comfortable taking on more risk, leading to increased interest in some industrial commodities. In another indicator of demand, inventories of copper stored in LME warehouses fell 1,975 metric tons, leaving them at 417,625.

Silver rose benefiting from some of the same optimistic industrial sentiment that carried copper higher. Silver has more industrial uses than gold, and sometimes rises on increases in the industrial metals demand outlook. Prices were also lifted by some bargain interest.

Now technically market is trading in the range as RSI for 18days is currently indicating 46.22, where as 50DMA is at 29190 and silver is trading below the same and getting support at 28648 and below could see a test of 28499 level, And resistance is now likely to be seen at 28893, a move above could see prices testing 28989.

Trading Ideas:

Silver trading range is 28499-28989.

Silver prices rose yesterday in metals demand outlook