Mcx Commodity Market News : Morning Session - 19.08.2016
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Oil Bulls back with a bang
19/08/2016 11:25
CRUDEOIL: DOWN Trend
Crude oil futures rose during morning trade in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity as reports emerged that the world’s leading oil producers are open to discussing an output freeze, easing worries over a global supply glut. OPEC, a cartel which accounts for about 40 per cent of global crude supplies and other leading producers including Russia could revive production freezing talks when they meet in Algeria in September. At the MCX, Crude oil futures for August 2016 contract is trading at Rs 3,249 per barrel, up by 0.84 per cent, after opening at Rs 3,231, against a previous close of Rs 3,222. It touched the intra-day high of Rs 3,256. (At 11:21 AM).
Lead futures drop by 0.32% on diminishing demand
19/08/2016 10:54
LEAD: DOWN Trend
Lead futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators cut down their bets in the industrial metal due to a fall in physical demand for lead, from battery-makers, in the domestic spot market. Further, a decline in demand from battery-makers in the domestic spot market, influenced prices of lead in the spot markets. At the MCX, Lead futures for August 2016 contract is trading at Rs 125.70 per kg, down by 0.32 per cent, after opening at Rs 125.90, against a previous close of Rs 126.10. It touched the intra-day low of Rs 125.65 (at 10:53 hours).
Aluminium futures flat on muted demand
19/08/2016 10:51
ALUMINIUM: DOWN Trend
Aluminium futures were trading flat during the morning trade in the domestic market on Friday as investors and speculators remained on the sidelines amidst muted physical demand for aluminium in the domestic spot market. Further, sluggish demand for aluminium at the domestic spot market was on the back of trimming of bets by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for August 2016 contract is trading flat at Rs 112.10 per kg after opening at Rs 112.05, against a previous close of Rs 112.10. It touched the intra-day low of Rs 111.90 (at 10:41 hours).
Muted demand drags zinc futures by 0.29%
19/08/2016 10:47
ZINC: DOWN Trend
Zinc futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators widened their bets amid a decline in the spot demand from consuming industries at the domestic spot markets. Further, a fall in demand for zinc at the domestic spot market was due to cut down of bets by traders in the spot markets, influenced zinc prices at futures trade. At that MCX, zinc futures for August 2016 contract is trading at Rs 153.10 per kg, down by 0.29 per cent, after opening at Rs 153.20, against a previous close of Rs 153.55. It touched the intra-day low of Rs 152.80 (at 10:41 hours).
Nickel futures little changed on sluggish demand
19/08/2016 10:44
NICKEL: DOWN Trend
Nickel futures were trading little changed during the morning trade in the domestic market on Friday as speculators remained on the sodelines amid muted demand from alloy-makers at the domestic spot market. Further, a fall in domestic demand from alloy-makers at the domestic spot markets, influenceded the downtrend in nickel prices at futures trade. At the MCX, nickel futures for August 2016 contract is trading at Rs 689.30 per kg, down by 0.04 per cent, after opening at Rs 688.10, against a previous close of Rs 689.60. It touched the intra-day low of Rs 686.70 (at 10:41 hours).
Mentha oil futures up by 0.14% on rising demand
19/08/2016 10:39
MENTHAOIL: UP Trend
Mentha oil futures were trading higher during the morning trade in the domestic market on Friday as participants indulged in building up of fresh positions in the agri-commodity amid an increase in physical demand from major consuming industries for mentha oil in the domestic spot market. Further, an uptick 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 889.30 per kg, up by 0.14 per cent after opening at Rs 888.50, against the previous closing price of Rs 888.10. It touched the intra-day high of Rs 890.50 (at 10:30 hours).
Cardamom futures slide on muted demand
19/08/2016 10:33
CARDAMOM: DOWN Trend
Cardamom futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators cut down their bets in the agri-commodity amid a fall in physical demand for cardamom in the domestic spot market. Further, rise in supplies amid sufficient physical arrivals from the major cardamom producing belts in the country, influenced domestic cardamom prices. At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,124.80 per kg, down by 0.96 per cent, after opening at Rs 1,133, against a previous close of Rs 1,135.70. It touched the intra-day low of Rs 1,121.20 (at 10:30 hours).
Net debt of 30 steel companies touch $ 150 bn: E&Y
19/08/2016 10:26
According to consultancy firm Ernst and Young (E&Y), the net debt of the top 30 steel companies globally has touched a record high of over USD 150 billion. The global consultancy's report also reveals that major part of this (debt) is with companies in India, China and Brazil. Debt in the steel sector rose significantly between 2008 and 2013 before experiencing some relief in 2014, The relief was short-lived, however, as the pressure of excess capacity, rapidly cooling demand in China and the stronger position of steel customers drove a 30 per cent decline in steel prices in 2015, it added. Commenting on the issue, E&Y India's Leader (Metals and Mining) Anjani Agrawal told the media, “The global steel sector continues to face headwinds.” "Lower prices and weaker demand over the last year has prevented steelmakers from reaping the benefits of ongoing debt restructuring and cost and efficiency measures," he added.
Crude oil up on chances of output freeze
19/08/2016 08:55
CRUDEOIL: UP Trend
Crude oil futures closed higher in the domestic market on Thursday as the world's biggest producers prepared to discuss a possible freeze in production levels. The rally has also been driven by short covering, as speculators including hedge funds and other money managers have amassed record short positions. At the MCX, Crude oil futures for August 2016 contract closed at Rs. 3224 per barrel, up by 3.53 per cent, after opening at Rs. 3125, against the previous closing price of Rs. 3114. It touched the intra-day high of Rs. 3228.
Silver up on strong global cues
19/08/2016 08:54
SILVER: UP Trend
Silver futures closed higher in the domestic market on Thursday tracking a firm trend overseas as traders indulged in building up fresh positions. Analysts said fresh positions built up by traders in tandem with a firm trend overseas mainly led to rise in silver prices at futures trade. At the MCX, Silver futures for September 2016 contract closed at Rs 46,140, per 1 kg, up by 0.55 per cent after opening at Rs 46,275, against the previous closing price of Rs 45,886. It touched the intra-day high of Rs 46,344.
Gold rises on firm overseas cues
19/08/2016 08:53
GOLD: UP Trend
Gold futures closed higher in the domestic market on Thursday tracking a firm trend overseas as traders indulged in building up fresh positions. Analysts attributed the rise in gold futures to a firm trend overseas where gold climbed as the dollar retreated after minutes from July's Federal Reserve meeting signaled that US interest rates are poised to stay lower for longer. At the MCX, Gold futures for October 2016 contract closed at Rs 31,478, per 10 gram, up by 0.35 per cent after opening at Rs 31,399, against the previous closing price of Rs 31,368. It touched the intra-day high of Rs 31,518.
