Mcx Commodity Market News : Evening Session - 19.08.2016
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Copper futures in reverse gear
19/08/2016 16:09
COPPER: DOWN Trend
Copper futures were trading lower during the evening trade in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid soft physical demand for copper in the domestic spot market.
Traders cast aside upbeat US economic data which showed a drop in jobless claims and acceleration in US leading index, signaling a pickup in the country’s economic growth, and improving the metal’s demand outlook. US jobless claims fell 4,000 to 262,000 last week while a leading index rose 0.4 per cent in July from June, when it climbed 0.3 per cent. At the MCX, copper futures for August 2016 contract is trading at Rs 320.55 per kg, down by 0.03 per cent, after opening at Rs 320.55, against a previous close of Rs 320.65. It touched the intra-day low of Rs 319.75 (at 16:05 hours).
Lead slips despite upbeat US economic outlook
19/08/2016 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-makers in the domestic spot market.
Traders cast aside upbeat US economic data which showed a drop in jobless claims and acceleration in US leading index, signaling a pickup in the country’s economic growth, and improving the metal’s demand outlook. US jobless claims fell 4,000 to 262,000 last week while a leading index rose 0.4 per cent in July from June, when it climbed 0.3 per cent.
At the MCX, Lead futures for August 2016 contract is trading at Rs 125.50 per kg, down by 0.48 per cent, after opening at Rs 125.90, against a previous close of Rs 126.10. It touched the intra-day low of Rs 125.30 (at 15:29 PM).
Crude oil futures little changed on talks of supply freeze
19/08/2016 15:29
CRUDEOIL: DOWN Trend
Crude oil futures were trading little changed during the evening trade in the domestic market on Friday as participants booked fresh positions in the energy commodity as reports emerged that the world’s leading oil producers are open to discussing an output freeze, easing worries over a global supply glut.
OPEC, a cartel which accounts for about 40 per cent of global crude supplies and other leading producers including Russia could revive production freezing talks when they meet in Algeria in September.
At the MCX, crude oil futures for August 2016 contract is trading at Rs 3,225 per barrel, up by 0.09 per cent, after opening at Rs 3,231, against a previous close of Rs 3,222. It touched the intra-day low of Rs 3,206 (at 15:22 hours).
Subdued trade continues in Nickel
19/08/2016 14:48
NICKEL: DOWN Trend
Nickel futures were trading tad lower during noon trade in the domestic market on Friday as investors and speculators stuck to a cautious stance amid soft physical demand for nickel from alloy-makers in the domestic spot market.
However, improved demand outlook in the US supported the industrial metal as a regional manufacturing gauge bounced back into positive terrain. The index measuring manufacturing in the Philadelphia region rose to 2 in August from -2.9 in July, with a reading above 0 signaling expansion.
At the MCX, nickel futures for August 2016 contract is trading at Rs 689.10 per kg, down by 0.07 per cent, after opening at Rs 688.10, against a previous close of Rs 689.60. It touched the intra-day low of Rs 686.10 (at 14:44 PM).
Natural Gas lower despite upbeat US storage data
19/08/2016 14:23
NATURALGAS: DOWN Trend
Natural Gas futures fell during noon trade in the domestic market on Friday as traders cast aside data showing a smaller-than-expected US inventory build last week.
US gas supplies rose by 22 billion cubic feet to 3.339 trillion cubic feet in the week ended August 12, 2016, compared to an estimated increase of 27 billion cubic feet by analysts.
Overall US natural gas storage remains 10.9 per cent higher than levels at this time a year ago and 13.8 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 178.7 per mmbtu, down by 0.83 per cent, after opening at Rs. 179.1, against the previous closing price of Rs. 180.2. It touched the intra-day low of Rs. 178.2. (At 14:18 PM).
Silver hit by renewed Fed rate hike fears
19/08/2016 14:15
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 as fresh fears over a US interest rate hike in the near-term weighed on the appeal of the bullion as a store of value.
Federal Reserve Bank of San Francisco President John Williams stressed that the world’s biggest economy is strong enough to warrant a rise in interest rates soon, warning against waiting too long which could spur high inflation or asset bubbles that may curb growth.
At the MCX, silver futures for September 2016 contract is trading at Rs 45,858 per kg, down by 0.51 per cent, after opening at Rs 45,978, against a previous close of Rs 46,094. It touched the intra-day low of Rs 45,763. (At 14:05 PM).
Zinc bears rule the roost
19/08/2016 14:08
ZINC: DOWN Trend
Zinc 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 zinc in the domestic spot market.
However, the losses in the metal were restricted by signs of a pickup in US economic growth as US jobless claims fell 4,000 to 262,000 last week while a leading index rose 0.4 per cent in July from June, when it climbed 0.3 per cent.
At that MCX, zinc futures for August 2016 contract is trading at Rs 152.65 per kg, down by 0.59 per cent, after opening at Rs 153.2, against a previous close of Rs 153.55. It touched the intra-day low of Rs 152.3. (At 14:05 PM).
Copper in reverse gear
COPPER: DOWN Trend
19/08/2016 13:58
Copper 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 copper in the domestic spot market.
Traders cast aside upbeat US economic data which showed a drop in jobless claims and acceleration in US leading index, signaling a pickup in the country’s economic growth, and improving the metal’s demand outlook. US jobless claims fell 4,000 to 262,000 last week while a leading index rose 0.4 per cent in July from June, when it climbed 0.3 per cent.
At the MCX, copper futures for August 2016 contract is trading at Rs 320.15 per kg, down by 0.16 per cent, after opening at Rs 320.55, against a previous close of Rs 320.65. It touched the intra-day low of Rs 319.75. (At 13:53 PM).
Gold struggles amid stronger dollar
19/08/2016 13:48
GOLD: DOWN Trend
Gold futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a bearish trend overseas as a stronger dollar curbed the lure for the bullion as an alternative asset.
Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand.
Renewed fears over a US interest rate hike in the near-term after comments from a top Fed official who backed the case for a rate hike soon weighed on the appeal of the yellow metal as a store of value.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,456 per 10 grams, down by 0.07 per cent, after opening at Rs 31,411, against a previous close of Rs 31,478. It touched the intra-day low of Rs 31,396 (at 13:45 PM).
Mentha oil slips on soft physical demand
19/08/2016 13:35
MENTHAOIL: DOWN Trend
Mentha oil futures fell during noon trade in the domestic market on Friday 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 885.4 per kg, down by 0.30 per cent after opening at Rs 888.50, against the previous closing price of Rs 888.10. It touched the intra-day low of Rs 883.50 (at 13:33 PM).
Cardamom tanks over 2% on weak physical demand
19/08/2016 13:34
CARDAMOM: DOWN Trend
Cardamom futures tumbled by more than 2 per cent during noon trade in the domestic market on Friday as investors and speculators exited positions in the agri-commodity amid weak 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 September 2016 contract is trading at Rs 1,110 per kg, down by 2.26 per cent, after opening at Rs 1,133, against a previous close of Rs 1,135.70. It touched the intra-day low of Rs 1,106.6. (At 13:29 PM).
Overseas cues drag white metal down by 0.60%
19/08/2016 13:04
SILVER: DOWN Trend
Silver futures were trading lower during the afternoon trade in the domestic market on Friday as participants trimmed their positions amidst tracking weak cues from overseas markets.
Further, the fall in prices for silver was in-line with a weak trend overseas as the dollar rebounded amid fresh worries over a near-term US rate hike as Federal Reserve Bank of San Francisco President John Williams stressed that the world’s biggest economy is strong enough to warrant a rise in interest rates soon, warning against waiting too long which could spur high inflation or asset bubbles that may curb growth.
At the MCX, silver futures for September 2016 contract is trading at Rs 45,816 per kg, down by 0.60 per cent, after opening at Rs 45,978, against a previous close of Rs 46,094. It touched the intra-day low of Rs 45,775 (at 13:01 hours).
Yellow metal loses sheen on global cues
19/08/2016 12:05
GOLD: DOWN Trend
Gold futures were trading lower during the noon trade in the domestic market on Friday as investors and speculators cut down 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 as the dollar rebounded amid fresh worries over a near-term US rate hike as Federal Reserve Bank of San Francisco President John Williams stressed that the world’s biggest economy is strong enough to warrant a rise in interest rates soon, warning against waiting too long which could spur high inflation or asset bubbles that may curb growth.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,430 per 10 grams, down by 0.15 per cent, after opening at Rs 31,411, against a previous close of Rs 31,478. It touched the intra-day low of Rs 31,396 (at 11:59 hours).
