Mcx Commodity Market News : Morning Session - 16.08.2016
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Output freeze hopes lift Oil
16/08/2016 11:17
CRUDEOIL: Up Trend
Crude oil futures jumped by more than 2 per cent during late morning trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity after Saudi Arabia, OPEC’s biggest producer of oil, said that it is open to discussing measures to stabilizing the market, easing worries over a global supply glut. Meanwhile, a newspaper report said that Russia, a leading Non-OPEC producer is considering talks for a joint output freeze, if necessary. The market is speculating on a possible deal to cap production between OPEC and Non-OPEC countries. OPEC members are set to meet late next month in Algeria. At the MCX, Crude oil futures for August 2016 contract is trading at Rs 3,044 per barrel, up by 2.46 per cent, after opening at Rs 3,000, against a previous close of Rs 2,971. It touched the intra-day high of Rs 3,047. (At 11:08 AM).
Lead futures surge on pickup in demand
16/08/2016 11:05
LEAD: Up Trend
Lead futures were trading higher during the morning trade in the domestic market on Tuesday as participants widened their positions in the industrial metal led by a surge in physical demand for lead, from battery-makers, in the domestic spot market. Further, a rise in demand from battery-makers in the domestic spot market, supported the prices of lead in the spot markets. At the MCX, Lead futures for August 2016 contract is trading at Rs 124.15 per kg, up by 1.18 per cent, after opening at Rs 123.65, against a previous close of Rs 122.70. It touched the intra-day high of Rs 124.20 (at 11:05 hours).
Aluminium futures climb 1.27% on uptick in demand
16/08/2016 11:03
ALUMINIUM: Up Trend
Aluminium futures were trading higher during the morning trade in the domestic market on Tuesday as participants indulged in building up of fresh positions amidst boost in physical demand for aluminium in the domestic spot market. At the MCX, aluminium futures for August 2016 contract is trading at Rs 111.55 per kg, up by 1.27 per cent, after opening at Rs 110.35, against a previous close of Rs 110.15. It touched the intra-day high of Rs 111.60 (at 10:58 hours).
Spot demand lifts zinc futures by 1%
16/08/2016 10:59
ZINC: Up Trend
Zinc futures were trading higher during the morning trade in the domestic market on Tuesday as participants indulged in building up of fresh positions led by surge in the spot demand from consuming industries at the domestic spot markets. Further, an uptick in demand for zinc at the domestic spot market was led by widening of bets by traders in the spot markets, supported zinc prices at futures trade. At that MCX, zinc futures for August 2016 contract is trading at Rs 151.15 per kg, up by 1 per cent, after opening at Rs 150.20, against a previous close of Rs 149.65. It touched the intra-day high of Rs 151.15 (at 10:58 hours).
Uptick in demand lifts nickel futures by 1.28%
16/08/2016 10:55
NICKEL: Up Trend
Nickel futures were trading higher during the morning trade in the domestic market on Tuesday as investors and speculators widened their 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, supported the uptrend in nickel prices at futures trade. At the MCX, nickel futures for August 2016 contract is trading at Rs 697.50 per kg, up by 1.28 per cent, after opening at Rs 693.20, against a previous close of Rs 688.70. It touched the intra-day high of Rs 698.10 (at 10:50 hours).
Mentha oil futures up by 0.39% on rising demand
16/08/2016 10:51
MENTHAOIL: Up Trend
Mentha oil futures were trading higher during the morning trade in the domestic market on Tuesday as participants build up fresh positions in the agri-commodity amid a rise in physical demand from major consuming industries for mentha oil in the domestic spot market. Further, an increase in demand for mentha oil futures was attributed to widening of positions by traders 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 909.50 per kg, up by 0.39 per cent after opening at Rs 906, against the previous closing price of Rs 906. It touched the intra-day high of Rs 910.30 (at 10:50 hours).
Cardamom futures zoom on pickup in demand
16/08/2016 10:46
CARDAMOM: Up Trend
Cardamom futures were trading higher during the morning trade in the domestic market on Tuesday as investors and speculators indulged in fresh buying in the agri-commodity amid a rise in physical demand for cardamom in the domestic spot market. Further, restricted supplies amid insufficient physical arrivals from the major cardamom producing belts in the country supported domestic cardamom prices. At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,028.70 per kg, up by 1.73 per cent, after opening at Rs 1,021, against a previous close of Rs 1,011.20. It touched the intra-day high of Rs 1,038 (at 10:45 hours).
Crude oil rises strong global cues
16/08/2016 08:59
CRUDEOIL: Up Trend
Crude oil futures closed higher in the domestic market on Friday as Russia reportedly said it’s willing to cap production along with other crude producers if necessary. The comments fed expectations that major producers may agree to freeze output at an informal meeting set for next month. At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2975 per barrel, up by 2.16 per cent, after opening at Rs. 2930, against the previous closing price of Rs. 2912. It touched the intra-day high of Rs. 2984.
Gold down on weak global cues
16/08/2016 08:58
GOLD: Up Trend
Gold futures closed lower in the domestic market on Friday after spending much of the session trading higher following disappointing economic data from the U.S. and China. At the MCX, Gold futures for October 2016 contract closed at Rs 31,221, per 10 gram, down by 0.34 per cent after opening at Rs 31,250, against the previous closing price of Rs 31,327. It touched the intra-day low of Rs 31,131.
Silver down on weak global cues
16/08/2016 08:58
SILVER: Up Trend
Silver futures closed lower in the domestic market on Friday as participants reduced their positions taking weak cues from global market. At the MCX, Silver futures for September 2016 contract closed at Rs 46,129, per 1 kg, down by 1.34 per cent after opening at Rs 46,626, against the previous closing price of Rs 46,755. It touched the intra-day low of Rs 46,030.
