Mcx Commodity Market News : Morning Session - 22.08.2016
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Aluminium futures fall on diminishing demand
22/08/2016 11:53
ALUMINIUM: Down Trend
Aluminium futures were trading lower during the noon trade in the domestic market on Monday 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 participants in the spot markets, influenced aluminium prices at futures trade.
At the MCX, aluminium futures for August 2016 contract is trading at Rs 111.25 per kg, down by 0.13 per cent, after opening at Rs 111.10, against a previous close of Rs 111.40. It touched the intra-day low of Rs 110.95 (at 11:50 hours).
Yellow metal loses sheen on dollar strengthening
22/08/2016 11:03
GOLD: Down Trend
Gold futures were trading lower during the late morning trade in the domestic market on Monday as investors and speculators cut down their positions in the precious metal after strength in US dollar on expectations of US rate hike.
Further, the fall in prices for gold was in-line with a weak trend overseas as the dollar rebounded amid fresh worries over a near-term US rate hike as Federal Reserve Bank of San Francisco President John Williams stressed that the world’s biggest economy is strong enough to warrant a rise in interest rates soon, warning against waiting too long which could spur high inflation or asset bubbles that may curb growth.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,219 per 10 grams, down by 0.59 per cent, after opening at Rs 31,325, against a previous close of Rs 31,404. It touched the intra-day low of Rs 31,212 (at 10:58 hours).
Muted demand drags zinc futures by 0.23%
22/08/2016 10:56
ZINC: Down Trend
Zinc futures were trading lower during the morning trade in the domestic market on Monday as investors and speculators cut short their bets amid a drop in the spot demand from consuming industries at the domestic spot markets.
Further, a decrease in demand for zinc at the domestic spot market was due to trimming of positions 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 153.55 per kg, down by 0.23 per cent, after opening at Rs 153.40, against a previous close of Rs 153.90. It touched the intra-day low of Rs 153.35 (at 10:49 hours).
Nickel futures drop by 0.53% on sluggish demand
22/08/2016 10:51
NICKEL: Down Trend
Nickel futures were trading lower during the morning trade in the domestic market on Monday as speculators cut down their bets amid sluggish demand from alloy-makers at the domestic spot market.
Further, a drop in domestic demand from alloy-makers at the domestic spot markets, influenced the downtrend in nickel prices at futures trade. At the MCX, nickel futures for August 2016 contract is trading at Rs 690.50 per kg, down by 0.53 per cent, after opening at Rs 691.80, against a previous close of Rs 694.20. It touched the intra-day low of Rs 689.80 (at 10:49 hours).
Mentha oil futures slide on diminishing demand
22/08/2016 10:47
MENTHAOIL: Down Trend
Mentha oil futures were trading lower during the morning trade in the domestic market on Monday as participants trimmed their positions in the agri-commodity amid muted physical demand from major consuming industries for mentha oil in the domestic spot market.
Further, a fall in demand for mentha oil futures was attributed to widening of positions by traders in the spot market, influenced prices of mentha oil at futures trade. At the MCX, mentha oil futures for August 2016 contract were trading at Rs 884.40 per kg, down by 0.19 per cent after opening at Rs 887.90, against the previous closing price of Rs 886.10. It touched the intra-day low of Rs 881.10 (at 10:45 hours).
Cardamom futures up on spot demand
22/08/2016 10:32
CARDAMOM: Up Trend
Cardamom futures were trading higher during the morning trade in the domestic market on Monday as speculators built up fresh position amid rising domestic as well as export demand in the spot market and restricted supplies from producing regions.
Besides, tight supplies from producing regions also added support to the uptrend.
At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,157.10 per kg, up by 3 per cent, after opening at Rs 1,129, against a previous close of Rs 1,123.40. It touched the intra-day high of Rs 1,157.10 (at 10:36 hours).
Crude oil rises on odds of output freeze
22/08/2016 09:05
Crude oil futures closed higher in the domestic market on Friday as traders held on to expectations that major oil producers could soon make a move to stabilize the market.
Prices also found support from a weekly drawdown in U.S. crude and gasoline stocks.
At the MCX, Crude oil futures for August 2016 contract closed at Rs. 3234 per barrel, up by 0.37 per cent, after opening at Rs. 3231, against the previous closing price of Rs. 3222. It touched the intra-day high of Rs. 3261.
Silver down on strong dollar
22/08/2016 09:04
SILVER: Down Trend
Silver futures closed lower in the domestic market on Friday as participants engaged in trimming their positions taking weak cues from global market.
Marketmen attributed the fall in silver prices at the futures trade to a weak trend in the precious metals overseas as the dollar rebounded after a Federal Reserve policy maker said the US economy is strong enough to warrant an increase in interest rates soon.
At the MCX, Silver futures for September 2016 contract closed at Rs 45,435, per 1 kg, down by 1.43 per cent after opening at Rs 45,978, against the previous closing price of Rs 46,094. It touched the intra-day low of Rs 45,150.
Gold dips on firm dollar
GOLD: Down Trend
22/08/2016 09:03
Gold futures closed lower in the domestic market on Friday paring their gain for the latest week as the guesswork around the Federal Reserve’s next interest-rate move continued.
The U.S. dollar, after tapping a seven-week low this week, strengthened Friday, cutting demand for precious metals, which are priced in the currency.
At the MCX, Gold futures for October 2016 contract closed at Rs 31,415, per 10 gram, down by 0.20 per cent after opening at Rs 31,411, against the previous closing price of Rs 31,478. It touched the intra-day low of Rs 31,300.
