Mcx Commodity Market News : Morning Session - 18.08.2016
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US inventory drop lifts Oil
18/08/2016 10:54
CRUDEOIL: Up Trend
Crude oil futures rose during morning trade in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity after a larger-than-expected decline in US crude stockpiles last week eased fears over a global supply glut. The EIA said that US crude oil supplies fell 2.5 million barrels to 521.1 million barrels in the week ended August 12, 2016. Analysts were expecting a drawdown of 200,000 barrels last week. Further, gasoline supplies fell by 2.7 million barrels last week. However, the gains in the fuel were trimmed by worries that increased output from Saudi Arabia may flood the market with the kingdom boosting production in July to 10.67 million barrels per day, a record high. At the MCX, Crude oil futures for August 2016 contract is trading at Rs 3,124 per barrel, up by 0.32 per cent, after opening at Rs 3,125, against a previous close of Rs 3,114. It touched the intra-day high of Rs 3,128. (At 10:44 AM).
India’s steel demand to outpace regional average: Moody’s
18/08/2016 10:34
Rating agency, Moody’s has said that steel demand in India will outpace the regional average while profitability of domestic steel companies will outperform regional peers on account of increase in domestic demand. Commenting on the issue, a Moody’s Official told the media, “In particular, steel demand in India will outpace the regional average as the country's GDP growth of around 7.5 per cent in 2016 and 2017 based on Moody's forecast, remains among the highest in Asia.” “The profitability of Indian steel companies such as Tata Steel and JSW Steel will outperform that of regional peers owing to rising domestic demand and Indian government's protectionist measures in the form of minimum import prices and anti-dumping duties,” he added. According to Moody’s, Indian and Southeast Asian demand will rise but would not offset the decline in China, which accounts for about 70 per cent of Asian steel consumption.
Crude oil up on strong global cues
18/08/2016 08:45
CRUDEOIL: Up Trend
Crude oil futures closed higher in the domestic market on Wednesday getting a lift from bigger-than-expected declines in U.S. supplies of crude and gasoline as well as a retreat in the dollar following minutes from the Federal Reserve’s July meeting. However, indications from Iran that it may not participate in the OPEC talks next month stirred speculation that the informal meeting in Algeria would yield no concrete action to stabilize the oil market. At the MCX, Crude oil futures for August 2016 contract closed at Rs. 3106 per barrel, up by 0.06 per cent, after opening at Rs. 3112, against the previous closing price of Rs. 3104. It touched the intra-day high of Rs. 3130.
Silver down on weak global cues
18/08/2016 08:44
SILVER: Down Trend
Silver futures closed lower in the domestic market on Wednesday as participants cut down their bets taking weak cues from overseas markets. Traders said the fall in silver prices at the futures trade was largely in step with a weak trend in precious metals in global markets. At the MCX, Silver futures for September 2016 contract closed at Rs 45,880, per 1 kg, down by 0.98 per cent after opening at Rs 46,359, against the previous closing price of Rs 46,336. It touched the intra-day low of Rs 45,728.
Gold dips on feeble global cues
18/08/2016 08:43
GOLD: Down Trend
Gold futures closed lower in the domestic market on Wednesday after minutes from the Federal Open Market Committee’s July meeting showed that central bank officials were split over the pace of future rate increases. Higher interest rates can weigh on precious metals, which don’t offer a yield, making them less attractive to investors searching for richer-yielding securities. At the MCX, Gold futures for October 2016 contract closed at Rs 31,375, per 10 gram, down by 0.29 per cent after opening at Rs 31,360, against the previous closing price of Rs 31,467. It touched the intra-day low of Rs 31,300.
