Mcx Commodity Market News : Evening Session - 12.08.2016
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Lead in the red on weak physical demand
12/08/2016 15:30
LEAD: Down Trend
Lead futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid weak physical demand for lead from battery markers in the domestic spot market.
Further, caution ahead of US retail sales data which may show a slowdown in the world’s biggest economy also weighed on the metal. Analysts expect retail sales in the US to have risen 0.4 per cent, month-on-month in July, following a 0.6 per cent advance in June.
At the MCX, Lead futures for August 2016 contract is trading at Rs 121.9 per kg, down by 0.41 per cent, after opening at Rs 122.05, against a previous close of Rs 122.4. It touched the intra-day low of Rs 121.65 (at 15:24 PM).
Zinc bears rule the roost
12/08/2016 14:59
ZINC: Down Trend
Zinc futures tanked over 1 per cent during noon trade in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market.
Signs of a further slowdown in the Chinese economy with growth in industrial output, retail sales and urban fixed-asset investment, all coming in below estimates signaled gloomy demand prospects for metals. China’s industrial output grew 6 per cent, year-on-year in July 2016, compared to an annual gain of 6.2 per cent in June 2016.
At that MCX, zinc futures for August 2016 contract is trading at Rs 150.65 per kg, down by 1.05 per cent, after opening at Rs 151.70, against a previous close of Rs 152.25. It touched the intra-day low of Rs 150.25. (At 14:52 PM).
Silver lower as US retail sales data eyed
12/08/2016 14:59
SILVER: Down Trend
Silver futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the precious metal amid caution ahead of the US retail sales data to gauge the health of the world’s biggest economy, with lack of clarity over the timing of the next US Federal Reserve interest rate hike.
Analysts expect retail sales in the US to have risen 0.4 per cent, month-on-month in July, following a 0.6 per cent advance in June.
At the MCX, silver futures for September 2016 contract is trading at Rs 46,330 per kg, down by 0.91 per cent, after opening at Rs 46,626, against a previous close of Rs 46,755. It touched the intra-day low of Rs 46,185. (At 14:57 PM).
Mentha Oil tad higher on firm physical demand
12/08/2016 14:39
MENTHAOIL: Down Trend
Mentha oil futures were trading with slim gains during noon trade in the domestic market on Friday amid a pickup in physical demand for mentha oil from major consuming industries in the domestic spot market.
However, the gains in the agri-commodity were restricted by abundant supplies amid higher physical arrivals from the major cardamom producing belts in the country.
At the MCX, mentha oil futures for August 2016 contract were trading at Rs 906 per kg, up by 0.06 per cent after opening at Rs 905.10, against the previous closing price of Rs 905.50. It touched the intra-day high of Rs 912.5 (at 14:37 PM).
Weak physical demand weighs on cardamom
12/08/2016 14:38
CARDAMOM: Down Trend
Cardamom futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the agri-commodity amid soft physical demand for cardamom in the domestic spot market.
Further, abundant supplies amid higher physical arrivals from the major cardamom producing belts in the country also exerted downward pressure on domestic cardamom prices.
At the MCX, cardamom futures for August 2016 contract is trading at Rs 1,019.8 per kg, down by 0.21 per cent, after opening at Rs 1,020, against a previous close of Rs 1,021.90. It touched the intra-day low of Rs 1,019.8. (At 14:34 PM).
Natural Gas in reverse gear after US storage data
12/08/2016 13:53
NATURALGAS: Down Trend
Natural Gas futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the energy commodity as a bigger-than-expected increase in US gas storage levels last week signaled weak demand for the fuel in the world’s biggest gas consuming nation.
The EIA said that US gas supplies rose 29 billion cubic feet at 3.317 trillion cubic feet in the week ended August 5, more than projection of an increase of 25 billion cubic feet, compared to a withdrawal of 6 billion cubic feet in the previous week, 65 billion cubic feet a year earlier and a five-year average of 53 billion cubic feet.
At the MCX, Natural gas futures for July 2016 contract were trading at Rs 169.5 per mmbtu, down by 0.41 per cent, after opening at Rs. 169.6, against the previous closing price of Rs. 170.2. It touched the intra-day low of Rs. 169.3. (At 13:47 PM).
Soft China data bites Copper
12/08/2016 13:43
COPPER: Down Trend
Copper futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the industrial metal as a worsening economic slowdown in China, the world’s biggest metals consumer, threatened to curb consumption.
China’s industrial output growth slowed to 6 per cent, year-on-year in July 2016, from 6.2 per cent in June 2016, while retail sales climbed 10.2 per cent, compared to 10.6 per cent.
Further, fixed asset investment, a key growth driver, rose 8.1 per cent in the first seven months of the year, compared to an estimated 8.9 per cent by analysts.
At the MCX, copper futures for August 2016 contract is trading at Rs 323 per kg, down by 0.22 per cent, after opening at Rs 323, against a previous close of Rs 323.7. It touched the intra-day low of Rs 322.2. (At 13:38 PM).
Gold futures in reverse gear on weak global cues
12/08/2016 12:30
GOLD: Down Trend
Gold futures were trading lower during the noon trade in the domestic market on Friday as participants trimmed their bets in the precious metal amid a weak global trend in metals as strength in the US stock market and the dollar offset support from a report showing strong investment demand for precious metals in the first half of 2016.
Further, the fall in prices for gold was attributed to a weak trend overseas and profit-booking by speculators at prevailing levels.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,205 per 10 grams, down by 0.39 per cent, after opening at Rs 31,250, against a previous close of Rs 31,327. It touched the intra-day low of Rs 31,155 (at 12:26 hours).
