Mcx Commodity Market News : Morning Session - 23.08.2016
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Uptick in demand lifts lead futures by 0.28%
23/08/2016 11:00
Lead: Up Trend
Lead futures were trading higher during the morning trade in the domestic market on Tuesday as participants build up fresh positions in the industrial metal due to a rise in physical demand for lead, from battery-makers, in the domestic spot market.
Further, an increase in demand from battery-makers in the domestic spot market, supported prices of lead in the spot markets. At the MCX, lead futures for August 2016 contract is trading at Rs 124.25 per kg, up by 0.28 per cent, after opening at Rs 124.30, against a previous close of Rs 123.90. It touched the intra-day high of Rs 124.40 (at 10:58 hours).
Aluminium futures little changed on subdued demand
23/08/2016 10:56
ALUMINIUM: Up Trend
Aluminium futures were little changed during the morning trade in the domestic market on Tuesday as participants 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 111.40 per kg, down by 0.09 per cent, after opening at Rs 111.55, against a previous close of Rs 111.50. It touched the intra-day low of Rs 111.35 (at 10:55 hours).
Zinc futures gain on rising demand
23/08/2016 10:53
ZINC: Up Trend
Zinc futures were trading higher during the morning trade in the domestic market on Tuesday as investors and speculators build up fresh positions amid a rise in the spot demand from consuming industries at the domestic spot markets.
Further, an increase in demand for zinc at the domestic spot market was due to widening of positions by traders in the spot markets, supported zinc prices at futures trade. At the MCX, zinc futures for August 2016 contract is trading at Rs 154.20 per kg, up by 0.23 per cent, after opening at Rs 154.25, against a previous close of Rs 153.85. It touched the intra-day high of Rs 154.40 (at 10:51 hours).
Nickel futures little changed on sluggish demand
23/08/2016 10:48
NICKEL: Up Trend
Nickel futures were little changed during the morning trade in the domestic market on Tuesday 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 687.60 per kg, down by 0.07 per cent, after opening at Rs 686.10, against a previous close of Rs 688.10. It touched the intra-day low of Rs 686.10 (at 10:47 hours).
Mentha oil futures up 0.29% on rising demand
23/08/2016 10:45
MENTHAOIL: Up Trend
Mentha oil futures were trading higher during the morning trade in the domestic market on Tuesday as participants widened their bets in the agri-commodity amid increase in physical demand from major consuming industries for mentha oil in the domestic spot market.
Further, a surge in demand for mentha oil futures was attributed to build up 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 885.10 per kg, up by 0.29 per cent after opening at Rs 880.50, against the previous closing price of Rs 882.50. It touched the intra-day high of Rs 885.70 (at 10:44 hours).
Cardamom futures surge 1.09% on pickup in demand
23/08/2016 10:41
CARDAMOM: Up Trend
Cardamom futures were trading higher during the morning trade in the domestic market on Tuesday as investors and speculators indulged in building up fresh positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, tight stocks position on restricted supplies from producing regions, too supported the uptrend in domestic cardamom prices. At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,181 per kg, up by 1.09 per cent, after opening at Rs 1,182, against a previous close of Rs 1,168.30. It touched the intra-day high of Rs 1,200 (at 10:39 hours).
Oil bears return on renewed glut fears
23/08/2016 10:24
CRUDEOIL: Down Trend
Crude oil futures sank almost 2 per cent during morning trade in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity amid worries over higher global crude production, exacerbating fears over a supply glut.
Optimism over an agreement between major oil producers to freeze output at a meeting in September waned while the market is sweating on higher potential production from Iraq and Nigeria.
At the MCX, Crude oil futures for September 2016 contract is trading at Rs 3,152 per barrel, down by 1.87 per cent, after opening at Rs 3,201, against a previous close of Rs 3,212. It touched the intra-day low of Rs 3,152. (At 10:18 AM).
Silver down on strong dollar
23/08/2016 08:44
SILVER: Down Trend
Silver futures closed lower in the domestic market on Monday 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 44,494, per 1 kg, down by 2.09 per cent after opening at Rs 45,258, against the previous closing price of Rs 45,444. It touched the intra-day low of Rs 44,417.
Crude oil dips on higher crude production prospects
23/08/2016 08:44
CRUDEOIL: Down Trend
Crude oil futures closed lower in the domestic market on Monday as investors cashed in on a seven-session streak of gains, pressured by expectations of higher global crude production.
Bets that major oil producers will agree to stabilize oil output at a meeting late next month fed a rally last week, but expectations for an agreement have faded and the market is eyeing the potential for higher production from Iraq and Nigeria.
At the MCX, Crude oil futures for September 2016 contract closed at Rs. 3216 per barrel, down by 2.31 per cent, after opening at Rs. 3295, against the previous closing price of Rs. 3292. It touched the intra-day low of Rs. 3203 .
Gold dips on Fed rate hike possibility
23/08/2016 08:43
GOLD: Down Trend
Gold futures closed lower in the domestic market on Monday pressured by expectations that a speech from U.S. Federal Reserve Chairwoman Janet Yellen later this week will support an interest-rate hike as soon as September, fueling a rise in the dollar.
Fed members are set to converge on Jackson Hole near the end of the week for an annual policy retreat. Investors will parse Yellen's speech Friday for clues on the near-term fate of interest rates. The debate over the odds, however slim, for a typically gold-negative rate hike yet this year continues to intensify in the lead-up to the market-sensitive event.
At the MCX, Gold futures for October 2016 contract closed at Rs 31,370, per 10 gram, down by 0.11 per cent after opening at Rs 31,325, against the previous closing price of Rs 31,404. It touched the intra-day low of Rs 31,204.
