Free Mcx Commodity Trend Update ( Call - 9094047040)
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Keep Refresh for Fresh Tips
Copper futures in reverse gear on global cues
31/08/2016 16:31
COPPER: DOWN TREND
Copper futures were trading lower during the evening trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal on stronger US dollar and amidst worries that a slowdown in Europe and China may curb consumption even as the US economy showed signs of a pickup. A stronger dollar makes copper more expensive for foreign buyers thus hurting demand.
While China’s economy is growing at the slowest pace in over two decades, a gauge measuring economic confidence in the Euro area fell in August as households and businesses expressed pessimism over the Brexit impact. At the MCX, copper futures for August 2016 contract is trading at Rs 306.75 per kg, down by 0.10 per cent, after opening at Rs 307.50, against a previous close of Rs 307.05. It touched the intra-day low of Rs 305.75 (at 16:22 hours).
Yellow metal little changed on overseas cues
31/08/2016 15:57
GOLD: DOWN TREND
Gold futures were little changed during the evening trade in the domestic market on Wednesday as investors and speculators cut down their positions in the precious metal amid caution ahead of Friday’s US jobs data which may offer further clues over whether the US Fed will raise interest rates in the near-term or not. The US economy may have added 180,000 workers in August after a 255,000 increase in headcount in July. Robust August jobs data may strengthen the case for the world’s top central bank to hike borrowing costs as early as next month, curbing the lure for the precious metal as a store of value. At the MCX, gold futures for October 2016 contract is trading at Rs 30,796 per 10 grams, down by 0.08 per cent, after opening at Rs 30,840, against a previous close of Rs 30,821. It touched the intra-day low of Rs 30,762 (at 15:53 hours).
Lead bears rule the roost
31/08/2016 15:07
LEAD: DOWN TREND
Lead futures fell during noon trade in the domestic market on Wednesday as investors and speculators exit positions in the industrial metal amid soft physical demand for lead from battery-makers in the domestic spot market. However, the losses in the industrial metal were curbed by upbeat German economic data which buoyed the demand outlook for lead as retail sales rose 1.7 per cent in July from June, signaling a pickup in Europe’s biggest economy. At the MCX, lead futures for August 2016 contract is trading at Rs 125.55 per kg, down by 0.16 per cent, after opening at Rs 125.80, against a previous close of Rs 125.75. It touched the intra-day low of Rs 124.95(at 14:24 PM).
Nickel lower ahead of China factory data
31/08/2016 15:06
NICKEL: DOWN TREND
Nickel futures fell during noon trade in the domestic market on Wednesday as investors and speculators exit positions in the industrial metal amid caution ahead of Thursday’s China’s manufacturing data which may show that activity at the country’s factories remains in contraction, dimming the demand outlook for nickel. The official China manufacturing gauge may have remained unchanged at 49.9 in August, with a reading below 50 signaling contraction. However, a pickup in physical demand for nickel from alloy-makers in the domestic spot market supported prices. At the MCX, nickel futures for August 2016 contract is trading at Rs 653.80 per kg, down by 0.24 per cent, after opening at Rs 653, against a previous close of Rs 655.40. It touched the intra-day low of Rs 651.4 (at 14:24 PM).
Crude oil in reverse gear on global cues
31/08/2016 14:33
CRUDEOIL: DOWN TREND
Crude oil futures were trading lower during the afternoon trade in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity on strong US dollar and a weak trend overseas. Further, a slide in crude oil was mostly in-line with a weak trend in Asian trade where it extended losses after Iran’s oil minister commented that his country planned to boost output ramped up oversupply worries. At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,101 per barrel, down by 0.77 per cent, after opening at Rs 3,129, against a previous close of Rs 3,125. It touched the intra-day low of Rs 3,095 (at 14:18 hours).
LME Inventories Data: Aug 31, 2016
31/08/2016 14:29
Copper stocks +10300 MT to 293525, Aluminum Stocks -5450 MT to 2234050 MT, Nickel Stocks -744 MT to 370116 MT, Zinc Stocks -1350 MT to 451950 MT, Lead Stocks -425 MT to 187300MT.
Natural Gas logs slim gains
31/08/2016 14:28
NATURALGAS: DOWN TREND
Natural gas futures rose modestly during noon trade in the domestic market on Wednesday as traders looked ahead to Thursday’s US storage data which may offer fresh cues over the health of demand for the energy commodity in the world’s biggest fuel consuming nation. Investors are also speculating that a US tropical storm that is expected to move into the eastern Gulf of Mexico in the next 48 hours may disrupt production and hit supplies. At the MCX, Natural gas futures for September 2016 contract were trading at Rs 190.9 per mmbtu, up by 0.10 per cent, after opening at Rs. 190.5, against the previous closing price of Rs. 190.7. It touched the intra-day high of Rs. 191.2. (At 13:53 PM).
Aluminium in reverse gear on diminishing demand
31/08/2016 14:07
ALUMINIUM: DOWN 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 107.55 per kg, down by 0.65 per cent, after opening at Rs 108.40, against a previous close of Rs 108.25. It touched the intra-day low of Rs 107.50 (at 14:07 hours).
Firm physical demand buoys Mentha Oil
31/08/2016 13:56
MENTHAOIL: DOWN 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 strong physical demand for mentha oil from major consuming industries in the domestic spot market. However, the gains in the agri-commodity were curbed by abundant supplies amid higher physical arrivals from the major mentha oil producing regions in the country. At the MCX, mentha oil futures for August 2016 contract were trading at Rs 890.5 per kg, up by 0.28 per cent after opening at Rs 888.40, against the previous closing price of Rs 888. It touched the intra-day high of Rs 892 (at 13:22 PM).
Sluggish physical demand bites Cardamom
31/08/2016 13:54
CARDAMOM: DOWN TREND
Cardamom futures fell during noon trade in the domestic market on Wednesday as investors and speculators exit positions in the agri-commodity amid weak physical demand for cardamom from major consuming industries in the domestic spot market. Further, abundant supplies amid higher physical arrivals from the major cardamom producing regions also exerted downward pressure on prices At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,142.1 per kg, down by 0.45 per cent, after opening at Rs 1,147.60, against a previous close of Rs 1,147.30. It touched the intra-day low of Rs 1,135 (at 13:20 PM).
Silver higher on bullish global trend
31/08/2016 12:41
SILVER: UPTREND
Silver futures rose during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal tracking a firm trend overseas even as traders weighed speculation of a rise in US interest rates this year as robust consumer confidence data bolstered the case for monetary tightening in the world’s biggest economy.
However, the gains in the precious metal were curbed by a stronger dollar that makes silver more expensive for those holding other currencies, thus dimming demand.
The focus is firmly on Friday’s US jobs data for August which may provide further clues over the timing of the next Fed rate hike.
At the MCX, silver futures for September 2016 contract is trading at Rs 44,140 per kg, up by 0.36 per cent, after opening at Rs 44,258, against a previous close of Rs 43,980. It touched the intra-day high of Rs 44,415 (at 12:04 PM).
Zinc in reverse gear on sluggish physical demand
31/08/2016 12:28
ZINC: UPTREND
Zinc futures fell during morning trade in the domestic market on Wednesday as investors and speculators exit positions in the industrial metal amid soft physical demand for zinc in the domestic spot market.
Traders cast aside upbeat US data which signaled an improved demand outlook for metals in the world’s biggest economy. While a gauge measuring US consumer sentiment rose to a near one-year high at 101.1 in August from 96.7 in July, home prices in 20 leading US cities climbed 5.1 per cent, year-on-year in June 2016.
At the MCX, zinc futures for August 2016 contract is trading at Rs 154.50 per kg, down by 0.71 per cent, after opening at Rs 155.20, against a previous close of Rs 155.60. It touched the intra-day low of Rs 154.35 (at 11:54 AM).
White metal shines on global cues
31/08/2016 12:19
SILVER: UPTREND
Silver futures were trading higher during the noon trade in the domestic market on Wednesday as investors and speculators widened their positions in the precious metal tracking a firm trend overseas.
Further, speculative position built up by participants, driven by firm global trend, mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for September 2016 contract is trading at Rs 44,100 per kg, up by 0.27 per cent, after opening at Rs 44,258, against a previous close of Rs 43,980. It touched the intra-day high of Rs 44,415 (at 12:15 hours).
Copper in the red despite upbeat US data
31/08/2016 12:15
COPPER: DOWN TREND
Copper futures fell during morning trade in the domestic market on Wednesday as investors and speculators exit positions in the industrial metal amid worries that a slowdown in Europe and China may curb consumption even as the US economy showed signs of a pickup.
While China’s economy is growing at the slowest pace in over two decades, a gauge measuring economic confidence in the Euro area fell in August as households and businesses expressed pessimism over the Brexit impact.
Meanwhile, a gauge measuring US consumer sentiment rose to a near one-year high at 101.1 in August from 96.7 in July.
At the MCX, copper futures for August 2016 contract is trading at Rs 306.35 per kg, down by 0.23 per cent, after opening at Rs 307.5, against a previous close of Rs 307.05. It touched the intra-day low of Rs 305.75 (at 11:31 AM).
Gold lower as US jobs data eyed
31/08/2016 12:05
GOLD: DOWN TREND
Gold futures were trading in the red during morning trade in the domestic market on Wednesday as traders across the globe remain wary ahead of Friday’s US jobs data which may offer more clues over whether the US Federal Reserve raises interest rates in the near-term.
The US economy may have added 180,000 workers in August after a 255,000 increase in headcount in July. Robust August jobs data may strengthen the case for the world’s top central bank to hike borrowing costs as early as next month, curbing the lure for the precious metal as a store of value.
At the MCX, gold futures for October 2016 contract is trading at Rs 30,776 per 10 grams, down by 0.15 per cent, after opening at Rs 30,840, against a previous close of Rs 30,821. It touched the intra-day low of Rs 30,762(at 11:31 AM).
