Mcx Commodity Market News : Evening Session - 26.08.2016
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Copper futures gain on pickup in demand
26/08/2016 16:09
Copper futures were trading higher during the evening trade in the domestic market on Friday as participants widened their bets in the industrial metal amid a pickup in physical demand for copper from the domestic spot market. Further, upbeat US economic data bolstered the demand outlook for the metal as jobless claims fell to a five-week low, down by 1,000 to 261,000 last week and orders for business equipment in July climbed the most since January, up 1.6 per cent from June. At the MCX, copper futures for August 2016 contract is trading at Rs 308.80 per kg, up by 0.34 per cent, after opening at Rs 308.95, against a previous close of Rs 307.75. It touched the intra-day high of Rs 310.35 (at 16:06 hours).
Yellow metal shines ahead of Fed Chair Yellen’s speech
26/08/2016 15:37
Gold futures were trading higher during the afternoon trade in the domestic market on Friday as investors and speculators widened their positions in the precious metal amid tracking a firm global trend as investors’ focus remained firmly on Fed Chair Janet Yellen’s speech later in the day which may offer some clues over the trajectory of further hike in borrowing costs in the world’s biggest economy.
Investors are waiting to see whether the Fed Chair will back recent comments from FOMC officials who signaled that a rate hike could come as soon as September.
Weaker dollar also bolstered the lure for gold as an alternative asset. Weaker greenback makes the yellow metal cheaper for those holding other currencies, thus bolstering demand.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,030 per 10 grams, up by 0.33 per cent, after opening at Rs 30,910, against a previous close of Rs 30,928. It touched the intra-day high of Rs 31,043 (at 15:34 hours).
Zinc bulls in control
26/08/2016 14:25
Zinc futures rose during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market.
Further, upbeat US economic data bolstered the demand outlook for the metal as jobless claims fell to a five-week low, down by 1,000 to 261,000 last week and orders for business equipment in July climbed the most since January, up 1.6 per cent from June.
At the MCX, zinc futures for August 2016 contract is trading at Rs 155.5 per kg, up by 0.78 per cent, after opening at Rs 155, against a previous close of Rs 154.30. It touched the intra-day high of Rs 155.90 (at 14:25 PM).
Crude oil futures up on Saudi comments
26/08/2016 13:54
Crude oil futures were trading higher during the afternoon trade in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity after Saudi Arabian Energy Minister Khalid Al-Falih asserted that an output freeze will be positive for the market that is currently oversupplied while reports emerged that Iran will be a party to the informal talks between top producers at Algeria next month.
However, the Saudi Energy minister ruled out a cut in production saying a freeze would indicate that producers are satisfied with the present market situation.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,175 per barrel, up by 0.54 per cent, after opening at Rs 3,168, against a previous close of Rs 3,158. It touched the intra-day high of Rs 3,190 (at 13:50 hours).
Improving demand outlook buoys Nickel
26/08/2016 13:40
Nickel futures rose during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for nickel in the domestic spot market.
Further, improving German consumer confidence and a second straight rise in US new durable goods orders signaled an upbeat demand outlook for the metal.
The gauge measuring German consumer sentiment is set to rise to 10.2 points in September from 10 in August. New orders for US factory goods rose 4.4 per cent in July from June.
At the MCX, nickel futures for August 2016 contract is trading at Rs 659.7 per kg, up by 0.46 per cent, after opening at Rs 660, against a previous close of Rs 656.70. It touched the intra-day high of Rs 662.7. (at 13:37 PM).
White metal shines on global cues
26/08/2016 13:40
Silver futures were trading higher during the afternoon trade in the domestic market on Friday as investors and speculators widened their positions in the precious metal tracking a rally overseas as a weaker dollar bolstered the lure for silver as an alternative asset.
Weaker greenback makes silver cheaper for those holding other currencies, thus boosting demand. The dollar weakened against a basket of key currencies as investors are waiting to see whether the Fed Chair, in her speech later in the day, will back recent comments from FOMC officials who signaled that a rate hike could come as soon as September.
At the MCX, silver futures for September 2016 contract is trading at Rs 43,864 per kg, up by 0.47 per cent, after opening at Rs 43,822, against a previous close of Rs 43,659. It touched the intra-day high of Rs 43,928 (at 13:37 hours).
Improving demand outlook buoys Nickel
26/08/2016 13:40
Nickel futures rose during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for nickel in the domestic spot market.
Further, improving German consumer confidence and a second straight rise in US new durable goods orders signaled an upbeat demand outlook for the metal.
The gauge measuring German consumer sentiment is set to rise to 10.2 points in September from 10 in August. New orders for US factory goods rose 4.4 per cent in July from June.
At the MCX, nickel futures for August 2016 contract is trading at Rs 659.7 per kg, up by 0.46 per cent, after opening at Rs 660, against a previous close of Rs 656.70. It touched the intra-day high of Rs 662.7. (at 13:37 PM).
White metal shines on global cues
26/08/2016 13:40
Silver futures were trading higher during the afternoon trade in the domestic market on Friday as investors and speculators widened their positions in the precious metal tracking a rally overseas as a weaker dollar bolstered the lure for silver as an alternative asset.
Weaker greenback makes silver cheaper for those holding other currencies, thus boosting demand. The dollar weakened against a basket of key currencies as investors are waiting to see whether the Fed Chair, in her speech later in the day, will back recent comments from FOMC officials who signaled that a rate hike could come as soon as September.
At the MCX, silver futures for September 2016 contract is trading at Rs 43,864 per kg, up by 0.47 per cent, after opening at Rs 43,822, against a previous close of Rs 43,659. It touched the intra-day high of Rs 43,928 (at 13:37 hours
Natural Gas lower despite upbeat US storage data
26/08/2016 13:00
Natural gas futures fell during noon trade in the domestic market on Friday as investors cast aside a smaller than expected rise in US stockpiles last week.
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.
However, total gas storage levels in the US are 8.3 per cent higher than levels at this time a year ago and 8.2 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 189.9 per mmbtu, down by 0.58 per cent, after opening at Rs. 191.20, against the previous closing price of Rs. 191. It touched the intra-day low of Rs. 189.6. (At 12:58 PM).
Mentha Oil higher on firm physical demand
26/08/2016 12:53
Mentha oil futures rose during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the agri-commodity amid a pickup in physical demand for Mentha Oil from major consuming industries in the domestic spot market.
Further, restricted supplies amid lower physical arrivals from the major Mentha Oil producing regions also exerted upward pressure on domestic prices.
At the MCX, mentha oil futures for August 2016 contract were trading at Rs 883.4 per kg, up by 0.49 per cent after opening at Rs 880.30, against the previous closing price of Rs 879.10. It touched the intra-day high of Rs 887 (at 12:50 PM).
Cardamom bulls rule the roost
26/08/2016 12:52
Cardamom futures spiked over 1.6 per cent during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the agri-commodity amid a pickup in physical demand for cardamom from the domestic spot market.
Further, restricted supplies amid lower physical arrivals from the major cardamom producing belts in the country also exerted upward pressure on domestic cardamom prices.
At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,164 per kg, up by 1.67 per cent, after opening at Rs 1,140, against a previous close of Rs 1,144.90. It touched the intra-day high of Rs 1,174.80 (at 12:50 PM).
Robust US data buoys Copper
26/08/2016 12:46
Copper futures jumped during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for copper from the domestic spot market.
Further, upbeat US economic data bolstered the demand outlook for the metal as jobless claims fell to a five-week low, down by 1,000 to 261,000 last week and orders for business equipment in July climbed the most since January, up 1.6 per cent from June.
At the MCX, copper futures for August 2016 contract is trading at Rs 309.05 per kg, up by 0.42 per cent, after opening at Rs 308.95, against a previous close of Rs 307.75. It touched the intra-day high of Rs 310.35. (at 12:43 PM).
Bullion higher ahead of Yellen speech
26/08/2016 12:38
BULLIONS: UP TREND
Gold futures were trading higher during noon trade in the domestic market on Friday tracking a firm global trend as focus remained firmly on Fed Chair Janet Yellen’s speech later in the day which may offer some clues over the trajectory of further hike in borrowing costs in the world’s biggest economy.
Investors are waiting to see whether the Fed Chair will back recent comments from FOMC officials who signaled that a rate hike could come as soon as September.
Weaker dollar also bolstered the lure for gold as an alternative asset. Weaker greenback makes the yellow metal cheaper for those holding other currencies, thus bolstering demand.
At the MCX, Gold futures for October 2016 contract is trading at Rs 30,995, per 10 gram, up by 0.22 per cent after opening at Rs 30,910, against the previous closing price of Rs 30,928. It touched the intra-day high of Rs 30,999. (At 12:35 PM).
