Mcx Commodity Market News : Evening Session - 17.08.2016
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Nickel trades lower in noon trade
17/08/2016 15:19
NICKEL: Down Trend
Nickel futures fell during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid soft physical demand for nickel from alloy-makers, in the domestic spot market.
Traders cast aside improved US economic data which showed that factory output rose 0.5 per cent in July, the fastest pace in a year, while housing starts jumped 2.1 per cent, the quickest in five months, signaling a pickup in the world’s biggest economy.
At the MCX, nickel futures for August 2016 contract is trading at Rs 682.6 per kg, down by 0.36 per cent, after opening at Rs 690, against a previous close of Rs 685.10. It touched the intra-day low of Rs 680.8 (at 15:05 PM).
Lead bears rule the roost
17/08/2016 15:10
LEAD: Down Trend
Lead futures were trading lower during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid soft physical demand for lead from battery-makers, in the domestic spot market.
Further, fresh fears over a US interest rate hike in September curbed risk taking appetite as investors weighed whether the world’s biggest economy was strong enough to handle near-term monetary tightening. A top Fed official on Tuesday raised the likelihood of a hike in borrowing costs as early as September.
At the MCX, Lead futures for August 2016 contract is trading at Rs 124.75 per kg, down by 0.32 per cent, after opening at Rs 124.80, against a previous close of Rs 125.15. It touched the intra-day low of Rs 124.25 (at 15:05 PM).
Renewed Fed rate hike bets hit Silver
17/08/2016 14:25
SILVER: Down Trend
Silver futures fell during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the precious metal tracking weakness overseas as a stronger dollar curbed the lure for silver as an alternative asset.
Stronger greenback makes silver more expensive for those holding other currencies, thus dimming demand.
Further, a top US Fed official on Tuesday raised the likelihood of a hike in borrowing costs as early as September, weighing on the shiny metal’s appeal as a store of value. Tightening is “possible” at the upcoming two-day monetary policy meet of the Fed on September 20-21, 2016, New York Fed President William Dudley said Tuesday.
At the MCX, silver futures for September 2016 contract is trading at Rs 46,103 per kg, down by 0.50 per cent, after opening at Rs 46,359, against a previous close of Rs 46,336. It touched the intra-day low of Rs 46,060 (at 14:16 PM).
Weak physical demand bites Zinc
17/08/2016 14:18
ZINC: Down Trend
Zinc futures fell during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid soft physical demand for zinc in the domestic spot market.
The losses in the industrial metal were curbed by an improved demand outlook from the US as factory output rose 0.5 per cent in July, the fastest pace in a year, while housing starts jumped 2.1 per cent, the quickest in five months, signaling a pickup in the world’s biggest economy.
At that MCX, zinc futures for August 2016 contract is trading at Rs 150.25 per kg, down by 0.46 per cent, after opening at Rs 150.90, against a previous close of Rs 150.95. It touched the intra-day low of Rs 150.15. (At 14:16 PM).
Asian steel industry outlook remains negative, says Moody’s
17/08/2016 14:16
Moody's Investors Service, a global rating agency, has said that declining Asian production -- spurred by continued slowing demand from China and increasing trade frictions worldwide -- and weak profitability will reduce the earnings of Asia's steelmakers.
"Our expectation that Asian steelmakers' aggregate earnings will be lower in the coming 12 months keeps the industry outlook negative," says Jiming Zou, a Moody's Vice President and Senior Analyst.
"A continued decline in demand, driven by China, and increasing trade barriers around the world, which limit exports, will reduce steel production, and persistent overcapacity will keep prices and companies' profitability low," adds Zou.
Moody's expects Asian steel demand will continue to decline by a low-single-digit percentage in the next 12 months, owing mainly to slowing demand from China's manufacturing and property sectors.
Demand from India and Southeast Asia will increase, but will be insufficient to offset the decline in China, which accounts for about 70 per cent of Asian steel consumption. Chinese production will likely contract 3 per cent -4 per cent in the next 12 months.
Some loss-making small or inefficient steel companies in China have suspended production, and supply-side reform is driving industry consolidation. However, these supply reductions will have a limited impact in the next 12-18 months, given the declining demand and substantial overcapacity in China.
The business fundamentals for steel makers vary across the region, with Chinese profitability remaining lower than that of regional peers.
Moody's expects earnings for steel producers in China to decline during the outlook period, after rebounding in the second quarter of 2016 because of temporary price spikes.
Moody's would consider changing the industry outlook to stable if we expect China's Purchasing Managers' Index to stay above 50, indicating expansionary manufacturing activity, and the EBITDA per tonne of major Asian steelmakers to show signs of improvement in the next 12 months. Both factors would stabilize steelmakers' earnings, it said.
However, a change to a positive outlook is unlikely during the coming 12 months in view of the current environment. The outlook has been negative since July 2015, Moody’s added.
Warm weather outlook buoys Natural Gas
17/08/2016 13:59
NATURALGAS: Up Trend
Natural Gas futures rallied during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity amid speculation that warmer than normal temperatures along the US east coast may bolster gas-fired air conditioning.
Latest weather forecasting models called for hotter than normal temperatures in the Mid-Atlantic and Great Lakes region through August 26, 2016.
At the MCX, Natural gas futures for August 2016 contract were trading at Rs 176.4 per mmbtu, up by 0.97 per cent, after opening at Rs. 175.7, against the previous closing price of Rs. 174.7. It touched the intra-day high of Rs. 176.4 (At 13:56 PM)
Mentha Oil slips on soft physical demand
17/08/2016 13:49
MENTHAOIL: Down Trend
Mentha oil futures fell during noon trade in the domestic market on Tuesday as investors and speculators exited positions in the agri-commodity amid weak physical demand for mentha oil from major consuming industries in the domestic spot market.
Further, abundant supplies amid higher physical arrivals from the major mentha oil producing belts in the country also exerted downward pressure on domestic mentha oil prices.
At the MCX, mentha oil futures for August 2016 contract were trading at Rs 893 per kg, down by 0.48 per cent after opening at Rs 896.80, against the previous closing price of Rs 897.30. It touched the intra-day low of Rs 890.7. (At 13:43 PM).
Cardamom jumps 1% on upbeat physical demand
17/08/2016 13:48
CARDAMOM: Up Trend
Cardamom futures rose by more than 1 per cent during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the agri-commodity amid a pickup in physical demand for cardamom in the domestic spot market.
Further, restricted supplies amid lower physical arrivals from the major cardamom producing belts in the country also exerted upward pressure on domestic cardamom prices.
At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,064 per kg, up by 1.18 per cent, after opening at Rs 1,066, against a previous close of Rs 1,051.60. It touched the intra-day high of Rs 1,079.8 (at 13:40 PM).
White metal slides by 0.49% on overseas cues
17/08/2016 12:57
SILVER: Down Trend
Silver futures were trading lower during the afternoon trade in the domestic market on Wednesday as participants cut down their positions amidst tracking weak cues from overseas markets.
Further, traders trimmed their positions in-line with a weak trend in global markets, which mainly influenced silver prices at futures trade.
At the MCX, silver futures for September 2016 contract is trading at Rs 46,110 per kg, down by 0.49 per cent, after opening at Rs 46,359, against a previous close of Rs 46,336. It touched the intra-day low of Rs 46,060 (at 12:47 hours).
Copper in reverse gear
17/08/2016 12:54
COPPER: Down Trend
Copper futures were trading weaker during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid soft physical demand for copper in the domestic spot market.
Further, renewed fears over a US interest rate hike in September dimmed the appetite for risky assets with worries that the world’s biggest economy may not be strong enough to handle near-term monetary tightening. A top Fed official on Tuesday raised the likelihood of a hike in borrowing costs as early as September.
At the MCX, copper futures for August 2016 contract is trading at Rs 320.55 per kg, down by 0.20 per cent, after opening at Rs 320.8, against a previous close of Rs 321.2. It touched the intra-day low of Rs 320.25. (At 11:12 AM).
Yellow metal loses sheen on weal global cues
17/08/2016 12:51
GOLD: Down Trend
Gold futures were trading lower during the afternoon trade in the domestic market on Wednesday as investors and speculators trimmed their positions in the precious metal amid weak global trend.
Further, the fall in prices for gold was in-line with a weak trend overseas.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,331 per 10 grams, down by 0.43 per cent, after opening at Rs 31,360, against a previous close of Rs 31,467. It touched the intra-day low of Rs 31,300 (at 12:47 hours).
