Mcx Commodity Market News : Evening Session - 23.08.2016
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Crude oil in reverse gear on strong US inventory build
24/08/2016 16:43
CRUDEOIL: Down Trend
Crude oil futures were trading lower during the evening trade in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity after a surprise surge in US storage levels exacerbated fears over a global supply glut.
The Industry-funded American Petroleum Institute (API) said that US crude oil supplies rose 4.46 million barrels last week.
The EIA will release separate US inventory data on Wednesday.
The larger-than-expected US stockpile build overshadowed media reports that Iran was considering joining possible OPEC action to support the market.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,187 per barrel, down by 1.61 per cent, after opening at Rs 3,218, against a previous close of Rs 3,239. It touched the intra-day low of Rs 3,178 (at 16:39 hours).
Copper futures in reverse gear on global cues
24/08/2016 16:36
COPPER: Down Trend
Copper futures were trading lower during the evening trade in the domestic market on Wednesday as investors cast aside improved China data which showed a pickup in the world’s biggest economy. The China leading index rose 0.7 per cent in July from June, when it advanced 0.5 per cent.
Traders were also cautious ahead of Fed Chair Janet Yellen’s speech on Friday which may offer more clues over when the Fed plans to raise interest rates next. At the MCX, copper futures for August 2016 contract is trading at Rs 312.40 per kg, down by 0.45 per cent, after opening at Rs 314, against a previous close of Rs 313.80. It touched the intra-day low of Rs 311.90 (at 16:33 hours).
Yellow metal loses sheen on global cues
24/08/2016 15:22
GOLD: Down Trend
Gold futures were trading lower during the afternoon trade in the domestic market on Wednesday 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 31,314 per 10 grams, down by 0.18 per cent, after opening at Rs 31,290, against a previous close of Rs 31,357. It touched the intra-day low of Rs 31,265 (at 15:19 hours).
LME Inventories Data: Aug 24, 2016
24/08/2016 14:19
Copper stocks +14625 MT to 254700, Aluminum Stocks +24575 MT to 2259100 MT, Nickel Stocks -342 MT to 373206 MT, Zinc Stocks +175 MT to 455275 MT, Lead Stocks (0) MT to 187650MT.
Weather outlook lifts Natural Gas
24/08/2016 13:54
NATURALGAS: Up Trend
Natural gas futures rose during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as forecasts for warmer weather in parts of the US bolstered the demand outlook for gas-fired air conditioning.
Latest weather forecasting models have predicted hot weather in the central and eastern US over the next eight to 15 days.
At the MCX, Natural gas futures for August 2016 contract were trading at Rs 185.30 per mmbtu, up by 0.65 per cent, after opening at Rs. 184.90, against the previous closing price of Rs. 184.10. It touched the intra-day high of Rs. 186.10. (At 13:49 PM).
Aluminium in reverse gear on diminishing demand
24/08/2016 13:44
ALUMINIUM: Up Trend
Aluminium futures were trading lower during the afternoon trade in the domestic market on Wednesday as participants cut down their bets amidst sluggish physical demand for aluminium in the domestic spot market.
Further, a decrease in demand for aluminium at the domestic spot market was on the back of trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade.
At the MCX, aluminium futures for August 2016 contract is trading at Rs 111 per kg, down by 0.49 per cent, after opening at Rs 111.40, against a previous close of Rs 111.55. It touched the intra-day low of Rs 110.90 (at 13:42 hours).
Silver lower on Fed caution
24/08/2016 13:07
SILVER: Down Trend
Silver futures fell during noon trade in the domestic market on Wednesday as investors and speculators erred on the side of caution ahead of Fed Chair Janet Yellen’s speech on Friday which may offer more clues over when the Fed plans to raise interest rates next.
Better-than-expected US housing data raised bets of a US interest rate hike this year, dampening the bullion’s appeal as a store of value. US new home sales rose 12.4 per cent to a 654,000 annualized pace in July, the highest level in nearly nine years.
At the MCX, Silver futures for September 2016 is trading at Rs 44,421, per 1 kg, down by 0.17 per cent after opening at Rs 44,433, against the previous closing price of Rs 44,496. It touched the intra-day low of Rs 44,320. (At 13:02 PM).
Mixed US data weighs on Zinc
24/08/2016 13:06
ZINC: Up Trend
Zinc futures fell during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market.
Further, mixed US economic data cast doubts over the demand outlook from the US as manufacturing growth softened but home sales rose. US new home sales rose 12.4 per cent to a 654,000 annualized pace in July, the highest level in nearly nine years. A gauge of US manufacturing fell to 52.1 in August from July’s 52.9, but remained above the neutral 50-mark, Markit said.
At the MCX, zinc futures for August 2016 contract is trading at Rs 154.45 per kg, down by 0.19 per cent, after opening at Rs 154.50, against a previous close of Rs 154.75. It touched the intra-day low of Rs 154.05 (at 13:02 PM).
Cardamom trading tad lower
24/08/2016 12:58
CARDAMOM: Down Trend
Cardamom futures were trading marginally lower during noon trade in the domestic market on Wednesday as investors and speculators were cautious over booking fresh 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 September 2016 contract is trading at Rs 1,187.6 per kg, down by 0.03 per cent, after opening at Rs 1,183.60, against a previous close of Rs 1,188. It touched the intra-day low of Rs 1,173.6 (at 12:51 PM).
Upbeat physical demand buoys Mentha Oil
24/08/2016 12:58
MENTHAOIL: Up Trend
Mentha oil futures rose during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the agri-commodity amid firm physical demand for Mentha Oil from major consuming industries in the domestic spot market.
Further, restricted supplies amid lower physical arrivals from the major Mentha Oil producing regions also exerted upward pressure on domestic prices.
At the MCX, mentha oil futures for August 2016 contract were trading at Rs 904.50 per kg, up by 0.13 per cent after opening at Rs 903, against the previous closing price of Rs 903.30. It touched the intra-day high of Rs 907.50 (at 12:56 PM).
Copper bears in control
24/08/2016 12:45
COPPER: Down Trend
Copper futures fell during noon trade in the domestic market on Wednesday as investors cast aside improved China data which showed a pickup in the world’s biggest economy.
The China leading index rose 0.7 per cent in July from June, when it advanced 0.5 per cent.
Traders were also cautious ahead of Fed Chair Janet Yellen’s speech on Friday which may offer more clues over when the Fed plans to raise interest rates next.
At the MCX, copper futures for August 2016 contract is trading at Rs 312.85 per kg, down by 0.30 per cent, after opening at Rs 314, against a previous close of Rs 313.8. It touched the intra-day low of Rs 312.60 (at 12:40 PM).
Stronger dollar bites Gold
24/08/2016 12:02
GOLD: Down Trend
Gold futures fell during late morning trade in the domestic market on Wednesday as investors and speculators exited positions in the yellow 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.
Better-than-expected US housing data raised bets of a US interest rate hike this year, dampening the bullion’s appeal as a store of value. US new home sales rose 12.4 per cent to a 654,000 annualized pace in July, the highest level in nearly nine years.
At the MCX, Gold futures for October 2016 contract is trading at Rs 31,312, per 10 gram, down by 0.18 per cent after opening at Rs 31,290, against the previous closing price of Rs 31,370. It touched the intra-day low of Rs 31,265. (At 11:59 AM)
