Mcx Commodity Market News : Evening Session - 08.08.2016
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Copper shrugs off weak China data
08/08/2016 13:35
COPPER : Up Trend
Copper futures rose during noon trade in the domestic market on Monday as investors and speculators cast aside a drop in China’s exports & imports in June and focused on solid US jobs data which signaled a pickup in the world’s biggest economy, bolstering the demand outlook for the metal.
US employers added 255,000 jobs in July, compared to an estimated 180,000 by analysts.
Meanwhile, China’s exports and imports, in dollar terms, fell by 4.4 per cent and 12.5 per cent, respectively, y-o-y in July 2016. Further, China’s copper imports dipped 14 per cent to 360,000 tonnes in July from the previous month.
At the MCX, copper futures for August 2016 contract is trading at Rs 321.75 per kg, up by 0.63 per cent, after opening at Rs 321.8, against a previous close of Rs 319.75. It touched the intra-day high of Rs 322. (At 13:32 PM)
Cardamom jumps on firm physical demand
08/08/2016 14:20
CARDAMOM : Up Trend
Cardamom futures rose during noon trade in the domestic market on Monday 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 arrivals from the major cardamom producing belts in the country also exerted upward pressure on domestic cardamom prices.
At the MCX, cardamom futures for August 2016 contract is trading at Rs 986 per kg, up by 0.69 per cent, after opening at Rs 995, against a previous close of Rs 979.20. It touched the intra-day high of Rs 995 (at 14:19 PM).
Mentha Oil tanks over 1.7% on soft physical demand
08/08/2016 15:07
MENTHAOIL : Down Trend
Mentha Oil futures tumbled by more than 1.7 per cent during noon trade in the domestic market on Monday as investors and speculators exited positions in the agri-commodity amid sluggish physical demand for mentha oil from major consuming industries in the domestic spot market.
Further, abundant supplies amid higher arrivals from the major mentha oil producing belts in the country also exerted downward pressure on domestic prices.
At the MCX, Mentha oil futures for August 2016 contract were trading at Rs 911.2 per kg, down by 1.74 per cent after opening at Rs 923.60, against the previous closing price of Rs 927.30. It touched the intra-day low of Rs 907 (at 15:05 PM)
Global cues lifts nickel futures by 0.94%
08/08/2016 15:30
NICKEL : Up Trend
Nickel futures were trading higher during the afternoon trade in the domestic market on Monday as participants widened positions taking positive cues from overseas market.
Further, a rise in domestic demand from alloy-makers at the domestic spot markets, too buoyed the up trend in nickel prices at futures trade. At the MCX, nickel futures for August 2016 contract is trading at Rs 723 per kg, up by 0.94 per cent, after opening at Rs 717.70, against a previous close of Rs 716.30. It touched the intra-day high of Rs 724.70 (at 15:29 hours).
Steel consumption declines for 2nd consecutive month in July
08/08/2016 15:48
India's steel consumption declined for the second-straight month in July falling over 7 per cent to 6.3 million tonnes (MT) as compared to June, reported PTI.
According to the latest data from the Joint Plant Committee (JPC), part of the Steel Ministry, "Consumption in July 2016 (6.289 MT) was up by 1.1 per cent over July 2015 but was down (by 7.4 per cent) over June 2016."
Similarly in June this year, the demand for the metal, stood at 6.8 MT, down by 4.3 per cent over June 2015 as well as down by 8 per cent over May 2016, the JPC said.
However, on the brighter side, consumption of total finished steel in India - world's third largest steel maker, grew albeit marginally by 0.5 per cent in April-July 2016-17 to 26.2 MT over same period of last year.
During the first four months of 2016-17, crude steel production was 31.8 MT, up 5 per cent over same period of last year, the committee said.
The production in July 2016 stood at 8.1 MT, which was up by 5.6 per cent over July 2015 and by 0.1 per cent over June 2016, it added.
Total finished steel stood at 2.4 MT during April-July, a decline of 34 per cent over same period of last year.
"Imports in July 2016 (0.56 MT) was down by 46 per cent over July 2015 and by 11.4 per cent over June 2016. India remained a net importer of total finished steel during this period," the JPC said.
Exports were up by 8.7 per cent in April-July at 1.7 MT over same period of last year, while outbound shipments last month stood at 0.5 MT, up by 7.6 per cent over July 2015 but declined by 13.2 per cent over June 2016, it added.
Natural Gas futures in reverse gear
08/08/2016 15:56
NATURALGAS : Down Trend
Natural Gas futures plunged by more than 1 per cent during noon trade in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking weakness overseas.
While the end of peak summer temperatures in the US may curb demand for gas-fired air conditioning, storage levels remain more than adequate, up 11.8 per cent from levels at this time a year ago, and14.1 per cent above the five-year average for this time of year.
At the MCX, Natural gas futures for August 2016 contract were trading at Rs 183.7 per mmbtu, down by 1.29 per cent, after opening at Rs. 184.5, against the previous closing price of Rs. 186.1. It touched the intra-day low of Rs. 183.3. (At 15:48 PM).
Renewed Fed rate hike bets hit Gold
08/08/2016 16:04
GOLD : Down Trend
Gold futures fell during evening trade in the domestic market on Monday as investors and speculators exited positions in the precious metal as better-than-expected US jobs data for July signaled a strengthening labour market recovery which bolstered the case for an interest rate hike by the Federal Reserve before the end of 2016, dimming the lure for the bullion as a store of value.
Non-farm payrolls in the US climbed 255,000 in July, following a revised 292,000 gain in June, against an estimated 180,000 addition.
Further, a stronger dollar curbed the lure for gold as a store of value. Stronger greenback makes the yellow metal more expensive for those holding other currencies.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,064 per 10 grams, down by 0.53 per cent, after opening at Rs 31,202, against a previous close of Rs 31,228. It touched the intra-day low of Rs 31,020. (At 16:02 PM).
