Mcx Commodity Market News : Morning Session - 25.08.2016
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Silver down on weak global cues
25/08/2016 08:28
SILVER: Down Trend
Silver futures closed lower in the domestic market on Wednesday 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 43,780, per 1 kg, down by 1.61 per cent after opening at Rs 44,433, against the previous closing price of Rs 44,496. It touched the intra-day low of Rs 43,722.
Crude oil dips on rising supply
25/08/2016 08:28
CRUDEOIL: Down Trend
Crude oil futures closed lower in the domestic market on Wednesday as U.S. government data confirmed a larger-than-expected weekly rise in crude inventories, wiping out earlier support from optimism that Iran could agree to a production freeze accord.
Oil prices had earlier found some support after a delegate from the Organization of the Petroleum Exporting Countries told The Wall Street Journal that Tehran had sent a letter to OPEC members that it would attend the informal meeting next September in Algeria. That could signal a reversal in Iran’s stance, as it had declined to attend the last informal meeting back in April where a plan to freeze production failed. At the MCX, Crude oil futures for September 2016 contract closed at Rs. 3150 per barrel, down by 2.75 per cent, after opening at Rs. 3218, against the previous closing price of Rs. 3239. It touched the intra-day low of Rs. 3132.
Gold dips as Yellen watch continues
25/08/2016 08:27
GOLD: Down Trend
Gold futures closed lower in the domestic market on Wednesday as investors hoped for clarity this week on the near-term path for interest rates.
Precious metals and the dollar have vacillated amid shifting expectations about the U.S. Federal Reserve’s interest-rate policy, ahead of a closely watched retreat in Jackson Hole, Wyo., where Fed Chairwoman Janet Yellen will speak on Friday.
At the MCX, Gold futures for October 2016 contract closed at Rs 31,034, per 10 gram, down by 1.07 per cent after opening at Rs 31,290, against the previous closing price of Rs 31,370. It touched the intra-day low of Rs 31,027.
