Mcx Commodity Market News : Morning Session - 24.08.2016

Mcx Commodity Market News : Morning Session - 24.08.2016


Free Mcx Commodity Trend Update ( Call - 9094047040)
Click Here  & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Keep Refresh  for Fresh Tips

Oil slips on strong US inventory build
24/08/2016 11:32
CRUDEOIL: Down Trend
Crude oil futures plunged by over 1 per cent during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity after a surprise surge in US storage levels exacerbated fears over a global supply glut.
The Industry-funded American Petroleum Institute (API) said that US crude oil supplies rose 4.46 million barrels last week.
The EIA will release separate US inventory data on Wednesday.
The larger-than-expected US stockpile build overshadowed media reports that Iran was considering joining possible OPEC action to support the market.
At the MCX, Crude oil futures for September 2016 contract is trading at Rs 3,195 per barrel, down by 1.36 per cent, after opening at Rs 3,218, against a previous close of Rs 3,239. It touched the intra-day low of Rs 3,188. (At 11:16 AM).

Lead futures in reverse gear on muted demand
24/08/2016 11:05
LEAD: Down Trend
Lead futures were trading lower during the morning trade in the domestic market on Wednesday as investors and speculators cut down their bets in the industrial metal due to sluggish physical demand for lead, from battery-makers, in the domestic spot market.
Further, a fall in demand from battery-makers in the domestic spot market, influenced prices of lead at the domestic spot markets. At the MCX, lead futures for August 2016 contract is trading at Rs 124.25 per kg, down by 0.44 per cent, after opening at Rs 124.50, against a previous close of Rs 124.80. It touched the intra-day low of Rs 124.15 (at 11:02 hours).

Sluggish demand drags aluminium futures by 0.22%
24/08/2016 10:58
ALUMINIUM: Down Trend
Aluminium futures were trading lower during the morning trade in the domestic market on Wednesday as participants were indulged in trimming their positions 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 cut down 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 111.30 per kg, down by 0.22 per cent, after opening at Rs 111.40, against a previous close of Rs 111.55. It touched the intra-day low of Rs 111.25 (at 10:52 hours).

Zinc futures slide on subdued demand
24/08/2016 10:49
ZINC: Down Trend
Zinc futures were trading lower during the morning trade in the domestic market on Wednesday as investors and speculators remained on the sidelines amid fall in demand from consuming industries at the domestic spot markets.
Further, a decline 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 the MCX, zinc futures for August 2016 contract is trading at Rs 154.15 per kg, down by 0.39 per cent, after opening at Rs 154.50, against a previous close of Rs 154.75. It touched the intra-day low of Rs 154.10 (at 10:47 hours).

Pickup in demand lifts nickel futures by 0.35%
24/08/2016 10:44
NICKEL: Down Trend
Nickel futures were trading higher during the morning trade in the domestic market on Wednesday as investors and speculators build up fresh positions amid rise 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 686.50 per kg, up by 0.35 per cent, after opening at Rs 685.30, against a previous close of Rs 684.10. It touched the intra-day high of Rs 687.60 (at 10:41 hours).


Mentha oil futures up 0.11% on uptick in demand
24/08/2016 10:38
MENTHAOIL: Up Trend
Mentha oil futures were trading higher during the morning trade in the domestic market on Wednesday as participants build up fresh positions in the agri-commodity amid 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 904.30 per kg, up by 0.11 per cent after opening at Rs 903, against the previous closing price of Rs 903.30. It touched the intra-day high of Rs 906.50 (at 10:37 hours).

Muted demand drags cardamom futures by 0.93%
24/08/2016 10:34
CARDAMOM: Down Trend
Cardamom futures were trading lower during the morning trade in the domestic market on Wednesday as investors and speculators cut down their bets in the agri-commodity amid slide in physical demand for cardamom in the domestic spot market. Further, sufficient stocks position amid rise in supplies from producing regions, influenced the downtrend in domestic cardamom prices. At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,177 per kg, down by 0.93 per cent, after opening at Rs 1,183.60, against a previous close of Rs 1,188. It touched the intra-day low of Rs 1,174 (at 10:30 hours).

Crude oil up on report Iran may support output freeze
24/08/2016 08:57
CRUDEOIL: Up Trend
Crude oil futures closed higher in the domestic market on Tuesday after a report indicated that Iran has shown willingness to work with other major crude producers to support the market.
Oil and natural-gas prices also got a boost as traders eyed a couple of weather systems in the Atlantic, which could make a run into the Gulf of Mexico as a potential storm and disrupt oil and natural-gas output in the region.
At the MCX, Crude oil futures for September 2016 contract closed at Rs. 3244 per barrel, up by 1 per cent, after opening at Rs. 3201, against the previous closing price of Rs. 3212. It touched the intra-day high of Rs. 3255.

Silver down on weak global cues
24/08/2016 08:56
SILVER: Down Trend
Silver futures closed lower in the domestic market on Tuesday 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 44,512, per 1 kg, down by 0.01 per cent after opening at Rs 44,747, against the previous closing price of Rs 44,516. It touched the intra-day low of Rs 44,450.

Gold trades flat in volatile trade
24/08/2016 08:55
GOLD: Down Trend
Gold futures closed flat in the domestic market on Tuesday as traders await a monetary-policy speech from Federal Reserve Chairwoman Janet Yellen due later this week.
Shifting expectations about the Federal Reserve’s interest-rate policy ahead of a closely watched retreat in Jackson Hole, Wyo., where Yellen will speak on Friday, have resulted in small gyrations in the greenback.
At the MCX, Gold futures for October 2016 contract closed at Rs 31,379, per 10 gram, down by 0.00 per cent after opening at Rs 31,300, against the previous closing price of Rs 31,379. It touched the intra-day high of Rs 31,415.