Mcx Commodity Market News : Evening Session - 23.08.2016
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Centre seeks states' support to implement DBT in fertiliser: Media Report
23/08/2016 14:38
The Centre is keen to implement direct benefit transfer of fertiliser subsidy to farmers and asked the states to extend cooperation in rolling out the new initiative, reported PTI.
The states were also told to complete necessary paperwork to enable the Centre to clear pending subsidy to the tune of Rs 4,000 crore to fertiliser manufacturers.
Addressing a conference of state agriculture secretaries and commissioners, Union Fertiliser Minister Ananth Kumar said the state governments should take steps against hoarding and black-marketing for ensuring adequate supply of fertilisers.
The minister said the states are equally responsible for ensuring adequate supply of quality fertiliser at affordable rates to farmers till last mile.
"If anybody is hoarding or black-marketing, who is responsible? The government of India is responsible to some extent, but you (states) have powers under the Essential Commodities Act to act against them. Do something," he said.
Speaking at the event, Fertiliser Secretary Vijay Shankar Pandey said, "The government of India is very keen to implement DBT in fertiliser. We need your inputs and co-operation for implementing DBT."
The Centre has identified 16 districts for implementation of DBT on a pilot basis, he added as per the media report.
The government has budgeted about Rs 70,000 crore for fertiliser subsidy for this fiscal. The subsidy arrears are likely to be around Rs 30,000 crore at the end of this fiscal.
Earlier, the fertiliser minister announced plans to set up an Indian Council of Fertiliser Research (ICFR).
He asked the states to take action against dealers for forcing farmers to buy fertilisers which are not required. "Tag-along of fertilisers is criminal. Farmers have liberty to buy their own choice of fertilisers, but dealers are forcing...," he added.
Besides, the minister asked the states to set up godown facilities for prepositioning fertilisers for ensuring timely supply of soil nutrients to farmers.
Minister of State for Fertilisers Mansukh Lal Mandaviya stressed on the need to reduce cost of agri-inputs, including fertilisers, for doubling the income of farmers in the next five years and bringing down farmers' suicides.
He also noted that new rates of non-urea fertilisers have not been implemented in many states.
Weaker dollar lifts Silver
23/08/2016 14:00
SILVER: Up Trend
Silver futures climbed 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 lure for silver as an alternative asset.
Weaker greenback makes silver cheaper for those holding other currencies, thus boosting demand.
The dollar weakened against a basket of key currencies as lack of clarity remained over the outlook for further US interest rate hikes.
At the MCX, silver futures for September 2016 contract is trading at Rs 44,747 per kg, up by 0.52 per cent, after opening at Rs 44,747, against a previous close of Rs 44,516. It touched the intra-day high of Rs 44,880. (At 13:57 PM).
Crude oil futures slump on renewed glut worries
23/08/2016 13:59
CRUDEOIL: Down Trend
Crude oil futures were trading lower during the afternoon trade in the domestic market on Tuesday as participants exited positions in the energy commodity amid worries over higher global crude production, exacerbating fears over a supply glut.
Moreover, optimism over an agreement between major oil producers to freeze output at a meeting in September waned while the market is sweating on higher potential production from Iraq and Nigeria.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 3156 per barrel, down by 1.74 per cent, after opening at Rs 3,201, against a previous close of Rs 3,212. It touched the intra-day low of Rs 3,151 (at 13:55 hours).
Zinc in higher gear on firm physical demand
23/08/2016 13:58
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 domestic spot market.
However, fresh signs of weakness in the Chinese economy, the largest metals consumer, restricted gains in zinc as China’s business sentiment indicator fell 1.2 points to 54.3 in August.
At the MCX, zinc futures for August 2016 contract is trading at Rs 154.20 per kg, up by 0.23 per cent, after opening at Rs 154.25, against a previous close of Rs 153.85. It touched the intra-day high of Rs 154.60 (at 13:53 PM).
Copper futures in reverse gear on global cues
23/08/2016 13:43
COPPER: Down Trend
Copper futures were trading lower during the afternoon trade in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amid soft physical demand for copper in the domestic spot market amid a weak trend overseas.
Further, the fall in prices for copper was in-tune with a weak trend overseas as China’s metal exports ramped up as the US dollar strengthened ahead of the US Fed officials meeting this week. At the MCX, copper futures for August 2016 contract is trading at Rs 317.45 per kg, down by 0.30 per cent, after opening at Rs 318.40, against a previous close of Rs 318.40. It touched the intra-day low of Rs 316.60 (at 13:35 hours).
Upbeat physical demand buoys Mentha Oil
23/08/2016 12:23
MENTHAOIL: Up Trend
Mentha oil futures climbed 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 from the major consuming industries in the domestic spot market.
Further, restricted supplies amid lower physical arrivals from the major mentha oil producing belts in the country also exerted upward pressure on domestic mentha oil prices.
At the MCX, mentha oil futures for August 2016 contract were trading at Rs 887.5 per kg, up by 0.57 per cent after opening at Rs 880.50, against the previous closing price of Rs 882.50. It touched the intra-day high of Rs 889.2 (at 12:20 PM).
Cardamom soars over 2% on firm physical demand
23/08/2016 12:22
CARDAMOM: Up Trend
Cardamom futures jumped more than 2 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 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 1,197 per kg, up by 2.46 per cent, after opening at Rs 1,182, against a previous close of Rs 1,168.30. It touched the intra-day high of Rs 1,203.3. (at 12:16 PM).
Gold lower amid Fed outlook caution
23/08/2016 12:13
GOLD: Down Trend
Gold futures fell during noon trade in the domestic market on Tuesday as traders were anxious ahead of the speech of Fed Chair Janet Yellen on Friday, which may offer some clues over when the world’s top central bank is likely to undertake its next interest rate hike.
Expectations of a December rate hike have increased after Federal Reserve Vice Chairman Stanley Fisher said that the US economy was closer to meeting the central bank’s goal, dimming the lure for the yellow metal as a store of value.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,310 per 10 grams, down by 0.22 per cent, after opening at Rs 31,300, against a previous close of Rs 31,379. It touched the intra-day low of Rs 31,263. (at 12:08 PM).
Yellow metal loses sheen on US rate hike uncertainty
23/08/2016 12:07
GOLD: Down Trend
Gold futures were trading lower during the noon trade in the domestic market on Tuesday as investors and speculators cut down their positions in the precious metal amid a weakening global trend.
Further, the fall in prices for gold was in-line with a weak trend overseas after the US Fed official signalled that an increase in US interest rates is still possible this year, hurting demand for the precious metal as a safe-haven investment.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,319 per 10 grams, down by 0.19 per cent, after opening at Rs 31,300, against a previous close of Rs 31,379. It touched the intra-day low of Rs 31,263 (at 11:58 hours).
