Mcx Commodity Market News : Evening Session : 02.08.2016
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Lead futures surge on pickup in demand
02/08/2016 14:03
LEAD : UP Trend
Lead futures were trading higher during the afternoon trade in the domestic market on Tuesday as investors and speculators widened their bets in the industrial metal amid increase in physical demand for lead from the battery-makers in the domestic spot market. At the MCX, Lead futures for August 2016 contract is trading at Rs 121.85 per kg, up by 0.12 per cent
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Silver bulls take control
02/08/2016 16:01
Silver : UP Trend
Silver futures jumped by more than 1 per cent during evening trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal tracking a bullish trend overseas as a weaker dollar bolstered the lure for the bullion as an alternative asset.
Weaker dollar makes the precious metal cheaper for those holding other currencies, thus boosting silver demand.
Further, soft US economic data raised speculation that the US Federal Reserve may hold off further tightening of interest rates in the near-term, bolstering the lure for silver as a store of value. The gauge measuring US manufacturing fell to 52.6 In July from a one-year high of 53.2 in June, indicating slowing factory expansion.
At the MCX, silver futures for September 2016 contract is trading at Rs 48,334 per kg, up by 1.29 per cent
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Crude oil futures up by 0.71% on overseas cues
02/08/2016 15:41
Crudeoil : UP Trend
Crude oil futures were trading higher during the evening trade in the domestic market on Tuesday as traders resorted to bargain buying in the energy commodity tracking rising crude oil prices in the US after US crude broke below USD 40 per barrel in the previous session.
However, the participants said that the fuel markets continued to be dogged by excess production.
At the MCX, crude oil futures for August 2016 contract is trading at Rs 2,700 per barrel, up by 0.71 per cent
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Firm physical demand lifts Zinc
02/08/2016 15:28
Zinc : UP Trend
Zinc futures rose during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the spot market.
However, the gains in the base metal were curbed by weak global factory growth which threatened to cut demand as manufacturing in the US, China and Euro area slowed in July. While the gauge measuring US manufacturing fell to 52.6 In July from a one-year high of 53.2 in June, that in China returned to contraction territory, declining to 49.9 from 50 in June, with a reading below 50 signaling contraction. The Euro area manufacturing PMI fell to 52 in July from 52.8 in June.
At that MCX, zinc futures for August 2016 contract is trading at Rs 152.2 per kg, up by 0.50 per cent,
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Weaker greenback, Fed hopes buoy bullion
02/08/2016 15:05
Gold : UP Trend
Gold futures rose during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the yellow metal as a weaker dollar bolstered the lure for the bullion as an alternative asset.
Weaker dollar makes the precious metal cheaper for those holding other currencies, thus boosting gold demand.
Further, soft US economic data raised speculation that the US Federal Reserve may hold off further tightening of interest rates in the near-term, bolstering the lure for gold as a store of value. The gauge measuring US manufacturing fell to 52.6 In July from a one-year high of 53.2 in June, indicating slowing factory expansion.
At the MCX, gold futures for August 2016 contract is trading at Rs 31,660 per 10 grams, up by 0.40 per cent
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Cardamom bears rule the roost
02/08/2016 14:39
Cardamom : UP Trend
Cardamom futures tumbled during noon trade in the domestic market on Tuesday as investors and speculators exited positions in the agri-commodity amid weak physical demand for cardamom in the spot market.
Further, abundant supplies amid higher physical arrivals from the major cardamom producing regions also exerted downward pressure on domestic prices.
At the MCX, Cardamom futures for August 2016 contract is trading at Rs 940 per kg, down by 1.68 per cent
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Strong physical demand buoys Mentha Oil
02/08/2016 14:34
Menthaoil : Down Trend
Mentha oil futures jumped by more than 1 per cent during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the agri-commodity amid a pickup in physical demand for mentha oil in the spot market.
Further, restricted supplies amid lower physical arrivals from the major Mentha Oil producing regions also exerted upward pressure on domestic prices.
At the MCX, Mentha oil futures for August 2016 contract were trading at Rs 942.5 per kg, up by 1.02 per cent
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Soft trade in Natural gas futures
02/08/2016 14:26
Naturalgas : Down Trend
Natural Gas futures were trading tad lower during noon trade in the domestic market on Tuesday despite a firm global trend as above average storage levels in the US curbed optimism over the outlook for the fuel.
While latest weather forecasts suggested a heat wave for parts of the US Northeast and mid-Atlantic this week which may ramp up gas-fired air conditioning demand, stockpiles remain 13.2 per cent higher than levels at this time a year ago and 15.9 per cent above the five-year average for this time of year.
At the MCX, Natural gas futures for August 2016 contract were trading at Rs 186.7 per mmbtu, down by 0.05 per cent
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