Mcx Commodity Market News : Morning Session - 02.08.2016
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CrudeOil recovers slightly after heavy sell-off
02/08/2016 11:20
Crudeoil : Down Trend
Crude oil futures posted modest gains during late morning trade in the domestic market on Tuesday as traders resorted to bargain buying in the energy commodity after prices fell more than 3.6 per cent in the previous session when renewed global supply glut fears pushed the fuel back into bear terrain.
Crude fell below the USD 40 per barrel mark overseas on Monday as traders weighed fresh fears of oversupplies as higher US drilling activity suggested a pickup in near-term production even with stockpiles at near-record high levels.
The end of unplanned supply disruptions in Nigeria, Canada and Libya and speculation of record output from the OPEC in July also signaled that the world is awash in oil. At the MCX, crude oil futures for August 2016 contract is trading at Rs 2,685 per barrel, up by 0.15 per cent
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Nickel futures rise on spot demand
02/08/2016 10:56
Nickel : Up Trend
Nickel futures were trading higher during the morning trade in the domestic market on Tuesday as traders build fresh positions amid a surge in demand from alloy-makers at the domestic spot market.
Further, an increase in domestic demand from alloy-makers at the domestic spot markets, fueled the upward trend in nickel prices at the futures trade. At the MCX, nickel futures for August 2016 contract is trading at Rs 721.80 per kg, up by 0.52 per cent*****************************************************************
Uptick in demand lifts mentha oil futures by 1.50%
02/08/2016 10:51
Menthaoil : Up Trend
Mentha oil futures were trading higher during the morning trade in the domestic market on Tuesday as investors and speculators were building fresh positions in the agri-commodity amid a rise in physical demand from major consuming industries for mentha oil in the domestic spot market. At the MCX, Mentha oil futures for August 2016 contract were trading at Rs 947 per kg, up by 1.50 per cent
*****************************************************************Cardamom futures dip 0.32% on sluggish demand
02/08/2016 10:48
Cardamom : Down Trend
Cardamom futures were trading lower during the morning trade in the domestic market on Tuesday as speculators trimmed their positions in the agri-commodity amid a decline in physical demand for cardamom in the domestic spot market. Further, sufficient supplies amid higher physical arrivals from the major cardamom producing belts in the country too exerted downward pressure on domestic cardamom prices. At the MCX, Cardamom futures for August 2016 contract is trading at Rs 953 per kg, down by 0.32 per cent
*****************************************************************Crude oil down on renewed glut fears
02/08/2016 08:55
Crudeoil : Down Trend
Crude oil futures closed lower in the domestic market on Monday on fresh worries about a global glut of crude and gasoline as well as uncertainty over the near-term outlook for demand.
The continued glut of products in the market, both in crude and refined fuels, has kept the pressure on prices. The latest data by the International Energy Agency estimated that in the second quarter, the world’s supply of crude exceeded demand by 200,000 barrels a day. At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2681 per barrel, down by 3.63 per cent,*****************************************************************
Silver up on Fed’s go-slow approach
02/08/2016 08:54
Silver : Down Trend
Silver futures closed higher in the domestic market on Monday as weaker-than-expected economic data were read by some investors as being tepid enough to give the Federal Reserve pause in raising benchmark interest rates in September.
Gold and silver have enjoyed a healthy boost over the past several trading sessions due to the Fed’s go-slow approach to hiking interest rates, which has supported precious metals, which don’t bear a yield.The prospect of lower rates tends to weaken the dollar and that factor can be a boon for commodities priced in dollars, making them cheaper to buyers using other currencies. At the MCX, Silver futures for September 2016 contract closed at Rs 47,711, per 1 kg, up by 0.49 per cen
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Gold dips amid weak overseas cues
02/08/2016 08:53
Gold : Down Trend
Gold futures closed lower in the domestic market on Monday as participants locked in gains amid a weak trend overseas. Offloading of positions by traders to book profits at current levels and a weak trend in the overseas markets mainly influenced gold prices at the futures trade. At the MCX, Gold futures for August 2016 contract closed at Rs 31,545, per 10 gram, down by 0.01 per cent
