Mcx Commodity Market News : Evening Session - 30.08.2016
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LME Inventories Data: Aug 30, 2016
30/08/2016 16:31
Copper stocks +11650 MT to 283225, Aluminum Stocks -6850 MT to 2239500 MT, Nickel Stocks +294 MT to 370860 MT, Zinc Stocks -875 MT to 453300 MT, Lead Stocks +500 MT to 187725MT.
Oil up on weather disruptions, OPEC action bets
30/08/2016 16:30
CRUDEOIL: UPTREND
Crude oil futures rose during evening trade in the domestic market on Tuesday as traders bet that production suspensions in the US Gulf of Mexico due to a looming tropical storm and possible OPEC action at a producers meeting in Algeria next month may stabilize prices and help reduce a glut in the energy commodity.
As a precaution against an expected tropical storm, oil and gas producers in the US Gulf of Mexico have shut production equivalent to 168,334 barrels-per-day (bpd) of oil and 190 million cubic feet per day of natural gas.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,182 per barrel, up by 0.28 per cent, after opening at Rs 3,184, against a previous close of Rs 3,173. It touched the intra-day high of Rs 3,191 (at 16:27 PM).
Lead tad lower on demand weakness
30/08/2016 16:24
LEAD: DOWN TREND
Lead futures were trading with slim losses during evening trade in the domestic market on Tuesday as investors shied away from booking fresh positions in the industrial metal amid soft physical demand for lead, from battery-makers in the domestic spot market.
Further, heightened speculation of a US interest rate hike in September curbed risk taking appetite amid fears that monetary tightening in the world’s biggest economy may push up the dollar, dimming demand for dollar-denominated commodities including metals.
At the MCX, lead futures for August 2016 contract is trading at Rs 125.25 per kg, down by 0.08 per cent, after opening at Rs 125.25, against a previous close of Rs 125.35. It touched the intra-day low of Rs 124.2 (at 16:23 PM).
Nickel bears in control
30/08/2016 16:16
NICKEL: DOWN TREND
Nickel futures tumbled by more than 1 per cent during evening trade in the domestic market on Tuesday as investors and speculators exit positions in the industrial metal amid weak physical demand for nickel, from alloy-makers in the domestic spot market.
Further, a drop in economic sentiment in the 19-member Euro area signaled a gloomy demand outlook for metals as the gauge measuring the region’s economic confidence fell to 103.5 in August from a revised 104.5 in July as companies and households expressed pessimism over the potential impact of Britain’s decision to leave the EU.
At the MCX, nickel futures for August 2016 contract is trading at Rs 652.8 per kg, down by 1.06 per cent, after opening at Rs 660.9, against a previous close of Rs 659.80. It touched the intra-day low of Rs 652.5 (at 16:13 PM).
Natural gas bulls rule the roost
30/08/2016 15:55
NATURALGAS: UPTREND
Natural gas futures rose almost 1 per cent during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity as forecasts for warmer than normal temperatures in parts of the US bolstered the demand outlook for the heating fuel.
Latest weather forecasting models predicted scorching heat across most of the continental US through September 5, 2016, bolstering the need for gas-fired air conditioning.
At the MCX, Natural gas futures for September 2016 contract were trading at Rs 195.7 per mmbtu, up by 0.98 per cent, after opening at Rs. 195, against the previous closing price of Rs. 193.8. It touched the intra-day high of Rs. 196.2. (At 15:51 PM).
Silver pegged back by dollar strength
30/08/2016 14:25
SILVER: UPTREND
Silver futures retreated during noon trade in the domestic market on Tuesday tracking a bearish trend overseas as a stronger dollar curbed the lure for the bullion as an alternative asset.
Stronger greenback makes silver more expensive for those holding other currencies, thus dimming demand.
Further, robust US economic data bolstered the case for interest rate tightening in September, dimming the lure for the precious metal as a store of value. US consumer spending climbed for a fourth straight month, up by 0.3 per cent in July from June.
At the MCX, silver futures for September 2016 contract is trading at Rs 44,205 per kg, down by 0.37 per cent, after opening at Rs 44,219, against a previous close of Rs 44,367. It touched the intra-day low of Rs 44,105(at 14:21 PM).
Zinc tanks over 1% on weak physical demand
30/08/2016 13:36
ZINC: DOWN TREND
Zinc futures plunged by more than 1 per cent during noon trade as investors and speculators exit positions in the industrial metal amid soft physical demand for zinc in the domestic spot market.
Further, worries that slowing economic growth in China, the world’s biggest metals consumer, may curb demand overshadowed robust US economic data as consumer spending rose for fourth straight month, up by 0.3 per cent in July from June.
At the MCX, zinc futures for August 2016 contract is trading at Rs 154.35 per kg, down by 1.09 per cent, after opening at Rs 155.2, against a previous close of Rs 156.05. It touched the intra-day low of Rs 153.9. (at 13:33 PM).
