Mcx Commodity Market News : Evening Session - 09.08.2016
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Copper shrugs off weak China data
COPPER: Down Trend
Copper lower on reduced China stimulus bets
09/08/2016 15:47
Copper futures fell during late noon trade in the domestic market on Tuesday as investors and speculators cut positions in the industrial metal as improved China inflation data dimmed the case for fresh policy easing, dampening demand prospects.
China’s producer prices fell 1.7 per cent, year on year, in July 2016, marking the smallest decline in nearly two years, while consumer inflation stood at 2 per cent, matching analysts’ estimates.
At the MCX, copper futures for August 2016 contract is trading at Rs 318.8 per kg, down by 0.58 per cent, after opening at Rs 320, against a previous close of Rs 320.65. It touched the intra-day low of Rs 318.8. (At 15:39 PM).
Rising demand lifts mentha oil futures by 0.16%
MENTHAOIL: Up Trend
09/08/2016 15:41
Mentha oil futures were trading higher during the afternoon trade in the domestic market on Tuesday as investors and speculators widened their bets in the agri-commodity amid a surge in physical demand from major consuming industries for mentha oil in the domestic spot market.
Further, the rise in demand for mentha oil futures was attributed to widening of positions by traders amid pickup in demand in the spot market, supported prices of mentha oil at futures trade. At the MCX, mentha oil futures for August 2016 contract were trading at Rs 901.50 per kg, up by 0.16 per cent after opening at Rs 900, against the previous closing price of Rs 900.10. It touched the intra-day high of Rs 908.70 (at 15:33 hours).
Cardamom futures rise on spot demand
09/08/2016 15:35
CARDAMOM: Up Trend
Cardamom futures were trading higher during the afternoon trade in the domestic market on Tuesday as participants indulged in fresh buying in the agri-commodity after pick up in demand in the spot market. Further, the rise in cardamom futures was mainly attributed to fresh positions created by participants due to uptick in demand in the spot market against restricted supplies from producing regions. At the MCX, cardamom futures for August 2016 contract is trading at Rs 990 per kg, up by 0.28 per cent, after opening at Rs 995, against a previous close of Rs 987.20. It touched the intra-day high of Rs 995 (at 15:33 hours).
Crude oil futures slide despite OPEC hopes
09/08/2016 14:16
CRUDEOIL : Down Trend
Crude oil futures were trading lower during the afternoon trade in the domestic market on Tuesday as investors and speculators trimmed their bets in the energy commodity even as the OPEC, a cartel which accounts for about 40 per cent of global crude supplies, saw prices bouncing back from a bear market.
The OPEC said that it intends to hold an informal meeting in September to explore ways to restore stability in the global oil market. The meeting will be held in Algeria on the sidelines of the 15th International Energy Forum on September 26-28. At the MCX, Crude oil futures for August 2016 contract is trading at Rs 2,872 per barrel, down by 0.66 per cent, after opening at Rs 2,876, against a previous close of Rs 2,891. It touched the intra-day low of Rs 2,853 (at 14:06 hours).
Muted demand drags down copper futures by 0.47%
09/08/2016 14:11
COPPER: Down Trend
Copper futures were trading lower during the afternoon trade in the domestic market on Tuesday as participants cut down their bets in the industrial metal amid low demand in the domestic spot markets.
Further, the offloading of positions by speculators coupled with subdued spot demand, influenced the downtrend at copper prices in futures trade. At the MCX, copper futures for August 2016 contract is trading at Rs 319.15 per kg, down by 0.47 per cent, after opening at Rs 320, against a previous close of Rs 320.65. It touched the intra-day low of Rs 318.30 (at 14:06 hours).
White metal slips on weak global cues
09/08/2016 13:07
SILVER: Down Trend
Following gold, silver futures were trading lower during the afternoon trade in the domestic market on Tuesday as traders cut down their bets in the precious metal amid weak overseas cues.
Further, the fall in demand for silver was mostly in-line with a weak trend in global markets as signs of US economic resilience boosted world equities and the dollar, reducing demand for the precious metal as a safe haven.
At the MCX, silver futures for September 2016 contract is trading at Rs 46,088 per kg, down by 0.43 per cent, after opening at Rs 46,198, against a previous close of Rs 46,287. It touched the intra-day low of Rs 46,027 (at 13:00 hours).
