Mcx Commodity Market News : Evening Session - 16.08.2016
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Weaker greenback lifts Gold
16/08/2016 14:57
GOLD: Up Trend
Gold futures rose during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal tracking a rally overseas as a weaker dollar bolstered the appeal of the bullion as an alternative asset.
Weaker greenback makes the yellow metal cheaper for those holding other currencies, thus bolstering demand.
Flat US retail sales in July pared back expectations of a US Fed interest rate hike this year, bolstering the appeal of gold as a store of value.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,440 per 10 grams, up by 0.71 per cent, after opening at Rs 31,250, against a previous close of Rs 31,219. It touched the intra-day high of Rs 31,470 (at 14:52 PM).
Zinc Bulls rule the roost
ZINC: Up Trend
16/08/2016 14:25
Zinc 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 industrial metal amid a pickup in physical demand for zinc in the spot market.
Further, speculation that global central banks will continue to keep monetary policy loose and step up stimulus to boost the world economy also bolstered the demand outlook for metals. Bets that the US Fed will raise interest rates this year have been trimmed amid signs of inconsistent US economic growth.
At that MCX, zinc futures for August 2016 contract is trading at Rs 151.4 per kg, up by 1.17 per cent, after opening at Rs 150.20, against a previous close of Rs 149.65. It touched the intra-day high of Rs 151.75 (at 14:19 PM).
Natural Gas tad higher in noon trade
NATURALGAS: Up Trend
16/08/2016 14:16
Natural Gas futures were trading with slim gains during noon trade in the domestic market on Tuesday as traders weighed forecasts for warm weather in the US against rising supplies.
Latest weather forecasting models called for hotter than normal temperatures in the Mid-Atlantic and Great Lakes region through August 26, bolstering the demand outlook for gas-fired air-conditioning.
Total US natural gas storage is 10.9 per cent higher than levels at this time a year ago and 13.3 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 173.8 per mmbtu, up by 0.06 per cent, after opening at Rs. 173.5, against the previous closing price of Rs. 173.7. It touched the intra-day high of Rs. 174.4. (At 14:08 PM).
Firm physical demand buoys Mentha Oil
16/08/2016 14:01
MENTHAOIL: Up Trend
Mentha oil futures rose during late noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the agri-commodity amid a pickup 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 mentha oil producing belts in the country.
At the MCX, mentha oil futures for August 2016 contract were trading at Rs 908.7 per kg, up by 0.30 per cent after opening at Rs 906, against the previous closing price of Rs 906. It touched the intra-day high of Rs 912.8 (at 13:56 PM).
Output freeze expectations buoyed Oil prices by 3.5%
16/08/2016 13:57
CRUDEOIL: Up Trend
Crude oil futures were trading higher during the afternoon trade in the domestic market on Tuesday as investors and speculators widened their bets in the energy commodity after Saudi Arabia, OPEC’s biggest producer of oil, said that it is open to discussing measures to stabilizing the market, easing worries over a global supply glut.
Meanwhile, a newspaper report said that Russia, a leading Non-OPEC producer is considering talks for a joint output freeze, if necessary. The market is speculating on a possible deal to cap production between OPEC and Non-OPEC countries. OPEC members are set to meet late next month in Algeria.
At the MCX, crude oil futures for August 2016 contract is trading at Rs 3,075 per barrel, up by 3.50 per cent, after opening at Rs 3,000, against a previous close of Rs 2,971. It touched the intra-day high of Rs 3,075 (at 13:52 hours).
Cardamom jumps over 3% on firm physical demand
16/08/2016 13:56
CARDAMOM: Up Trend
Cardamom futures rose 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 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 1,041.70 per kg, up by 3.02 per cent, after opening at Rs 1,021, against a previous close of Rs 1,011.20. It touched the intra-day high of Rs 1,051 (at 13:52 PM).
Silver buoyed by reduced Fed tightening bets
16/08/2016 13:07
SILVER: Up Trend
Silver futures advanced during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal as listless US retail sales data pared back expectations of a US Fed interest rate hike this year, bolstering the appeal of silver as a store of value.
US retail sales stalled in July while New York manufacturing contracted this month.
Further, a weaker dollar bolstered the appeal of silver as an alternative asset. Weaker greenback makes the precious metal cheaper for those holding other currencies, thus bolstering demand.
At the MCX, silver futures for September 2016 contract is trading at Rs 46,515 per kg, up by 0.85 per cent, after opening at Rs 46,523, against a previous close of Rs 46,125. It touched the intra-day high of Rs 46,785. (At 13:02 PM)
Copper higher on upbeat US housing data
16/08/2016 12:59
COPPER: Up Trend
Copper futures climbed during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in spot demand while strong US housing data bolstered the outlook for copper, a widely used item in construction activity.
A gauge measuring US homebuilder sentiment rose to 60 in August from 58 in July, signaling a strengthening US housing recovery.
However, the gains in copper were curbed by lackluster US consumer data with retail sales stalling in July.
At the MCX, copper futures for August 2016 contract is trading at Rs 318.5 per kg, up by 0.44 per cent, after opening at Rs 318, against a previous close of Rs 317.1. It touched the intra-day high of Rs 318.55. (At 12:52 PM).
Yellow metal regains sheen on global cues
16/08/2016 12:27
GOLD: Up Trend
Gold futures were trading higher during the noon trade in the domestic market on Tuesday as participants build up fresh positions in the precious metal amid tracking firm trend overseas.
Further, the rise in prices for gold was attributed to a firming trend in global markets where gold advanced for a second straight day amid speculation that the US central bank will be slow in raising interest rates, with investors counting down to the release of the Fed’s minutes of its July meeting as the dollar declined.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,433 per 10 grams, up by 0.69 per cent, after opening at Rs 31,250, against a previous close of Rs 31,219. It touched the intra-day high of Rs 31,470 (at 12:20 hours).
