Mcx Commodity Market News : Evening Session - 29.08.2016
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Nickel futures gain on upsurge in demand
29/08/2016 17:17
NICKEL: UPTREND
Nickel futures were trading higher during the evening trade in the domestic market on Monday as speculators widened their bets on uptick in demand from alloy-makers at the domestic spot market.
Further, fresh positions created by traders due to pick-up in demand from alloy-makers at the spot market mainly influenced nickel prices at futures trade. At the MCX, nickel futures for August 2016 contract is trading at Rs 661.10 per kg, up by 0.65 per cent, after opening at Rs 657.30, against a previous close of Rs 656.80. It touched the intra-day high of Rs 661.40 (at 17:10 hours).
Fed rate hike fears hit Silver
29/08/2016 16:32
SILVER: DOWN TREND
Silver futures fell during evening trade in the domestic market on Monday as investors and speculators exit positions in the precious metal tracking weakness 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.
Fed Chair Janet Yellen on Friday reaffirmed faith that firmer labour markets will gradually bring back inflation to the central bank’s 2 per cent goal, paving the way for tightening-probably as early as next month, curbing the appeal for silver as a store of value.
At the MCX, silver futures for September 2016 contract is trading at Rs 43,832 per kg, down by 0.33 per cent, after opening at Rs 43,866, against a previous close of Rs 43,977. It touched the intra-day low of Rs 43,559 (at 16:31 PM).
Zinc little changed in evening trade
29/08/2016 16:31
ZINC: UPTREND
Zinc futures were trading flat during evening trade on Monday as traders refrained from booking fresh positions in the industrial metal amid soft physical demand for zinc in the domestic spot market.
Further, fears of a US interest rate hike next month curbed risk appetite as Fed Chair Janet Yellen stressed that the case for monetary tightening in the world’s biggest economy had strengthened.
At the MCX, zinc futures for August 2016 contract is trading at Rs 155.80 per kg, up by 0.03 per cent, after opening at Rs 156.45, against a previous close of Rs 155.75. It touched the intra-day high of Rs 156.45 (at 16:28 PM).
Natural Gas slips on weak overseas tread
29/08/2016 16:25
NATURALGAS: DOWN TREND
Natural Gas tanked more than 1.5 per cent during evening trade in the domestic market on Monday as investors and speculators exit positions in the energy commodity tracking weakness globally where prices fell on profit taking after a stellar rally on a smaller-than-expected US stockpile rise.
The EIA said that US gas supplies climbed by 11 billion cubic feet to 3.350 trillion cubic feet in the week ended August 19, below expectations for an increase of 18 billion cubic feet.
At the MCX, Natural gas futures for September 2016 contract were trading at Rs 194.7 per mmbtu, down by 1.57 per cent, after opening at Rs. 196.4, against the previous closing price of Rs. 197.8. It touched the intra-day low of Rs. 194.4. (At 16:14 PM).
Bullion bears in control on Yellen comments
29/08/2016 15:56
BULLION: DOWN TREND
Gold futures fell during noon trade in the domestic market on Monday as investors and speculators exit positions in the precious metal tracking weakness 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.
Rising odds of a US Fed rate hike in September curbed the appeal for gold as a store of value as Fed Chair Janet Yellen stressed that the case for monetary tightening in the world’s biggest economy had strengthened.
At the MCX, gold futures for October 2016 contract is trading at Rs 30,944 per 10 grams, down by 0.15 per cent, after opening at Rs 30,940, against a previous close of Rs 30,990. It touched the intra-day low of Rs 30,879 (at 15:53 PM).
Copper futures gain on pickup in demand
29/08/2016 14:05
COPPER: UPTREND
Copper futures were trading higher during the afternoon trade in the domestic market on Monday as participants widened their bets in the industrial metal amid a pickup in physical demand for copper from the domestic spot market. Further, a rise in demand for copper at the domestic spot market from the major consuming industries supported the uptrend in prices for copper. At the MCX, copper futures for August 2016 contract is trading at Rs 308.90 per kg, up by 0.31 per cent, after opening at Rs 308.40, against a previous close of Rs 307.95. It touched the intra-day high of Rs 309.30 (at 13:57 hours).
White metal in reverse gear on global cues
29/08/2016 13:54
SILVER: DOWN TREND
Silver futures were trading lower during the afternoon trade in the domestic market on Monday as investors and speculators trimmed their bets in the precious metal tracking a weak trend overseas after hawkish comments from US Fed Chair Janet Yellen who left the door open for an interest rate hike this year in the world’s biggest economy.
US Federal Reserve Chair Janet Yellen said on Friday that the case for raising US interest rates has strengthened in recent months due to improvements in the labour market and expectations for moderate economic growth.
Stronger greenback makes silver costlier for those holding other currencies, thus dimnishing demand. At the MCX, silver futures for September 2016 contract is trading at Rs 43,780 per kg, down by 0.45 per cent, after opening at Rs 43,866, against a previous close of Rs 43,977. It touched the intra-day low of Rs 43,559 (at 13:48 hours).
