Mcx Commodity Market News : Morning Session - 17.08.2016
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Mixed US inventory data weighs on oil
17/08/2016 11:16
CRUDEOIL: Down Trend
Crude oil futures fell during late morning trade in the domestic market on Wednesday as investors and speculators weighed a drop in US crude stockpiles against a surprise rise in gasoline storage levels.
The industry-funded American Petroleum Institute (API) said that US crude oil stockpiles fell by 1 million barrels last week. Analysts were expecting a drawdown of 200,000 barrels in US crude stockpiles last week.
However, US gasoline stockpiles climbed by 2.2 million barrels in the week ended August 12, 2016.
The EIA will release separate US crude stockpile data later on Wednesday.
At the MCX, Crude oil futures for August 2016 contract is trading at Rs 3,100 per barrel, down by 0.13 per cent, after opening at Rs 3,112, against a previous close of Rs 3,104. It touched the intra-day low of Rs 3,094. (At 11:12 AM).
Lead futures slide on diminishing demand
17/08/2016 10:51
LEAD: Down Trend
Lead futures were trading lower during the morning trade in the domestic market on Wednesday as traders trimmed their positions in the industrial metal due to a decline in 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 in the spot markets. At the MCX, Lead futures for August 2016 contract is trading at Rs 124.45 per kg, down by 0.56 per cent, after opening at Rs 124.80, against a previous close of Rs 125.15. It touched the intra-day low of Rs 124.45 (at 10:39 hours).
Aluminium futures fall by 0.35% on muted demand
17/08/2016 10:47
ALUMINIUM: Down Trend
Aluminium futures were trading lower during the morning trade in the domestic market on Wednesday as investors and speculators cut down their positions amidst fall in physical demand for aluminium in the domestic spot market.
Further, a drop in 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 at Rs 112.45 per kg, down by 0.35 per cent, after opening at Rs 112.45, against a previous close of Rs 112.85. It touched the intra-day low of Rs 112.45 (at 10:39 hours).
Sluggish demand drags zinc futures by 0.30%
17/08/2016 10:41
ZINC: Down Trend
Zinc futures were trading lower during the morning trade in the domestic market on Wednesday as investors and speculators trimmed their bets amid fall in the spot demand from consuming industries at the domestic spot markets.
Further, a decline 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 150.50 per kg, down by 0.30 per cent, after opening at Rs 150.90, against a previous close of Rs 150.95. It touched the intra-day low of Rs 150.45 (at 10:39 hours).
Steel output to grow 7.3% annually: BMI
17/08/2016 10:38
A report by BMI has said that steel production in India, the world's third largest producer, is expected to grow annually at an average of 7.3 per cent during 2016 to 2020, and touch 127.1 million tonnes (MT).
The growth will be driven by state-run giant SAIL and Tata Steel, the firm part of the Fitch Group said.
Commenting on the issue, a BMI Official told the media, "India will be the global steel production growth bright spot as demand from construction, auto and infrastructure industries continue to accelerate."
“Besides, government has been spearheading the push towards the boost in steel production capacity, with upgrades being made to existing steel mills and state-owned companies stepping in to build new steel plants,” he added.
The report further added that the global steel market will see a surplus of 5.2 MT in 2016, a decrease from a 2015 surplus of 13.8 MT. From 2018 onwards, the global market will tighten, with the surplus decreasing to 1 MT in 2017, shifting into deficit thereafter.
Nickel futures gain on pickup in demand
17/08/2016 10:37
NICKEL: Up Trend
Nickel futures were trading higher during the morning trade in the domestic market on Wednesday as traders build up fresh positions amid a surge in demand from alloy-makers at the domestic spot market.
Further, a rise 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 689 per kg, up by 0.57 per cent, after opening at Rs 690, against a previous close of Rs 685.10. It touched the intra-day high of Rs 690 (at 10:36 hours).
Mentha oil futures little changed on muted demand
17/08/2016 10:34
MENTHAOIL: Down Trend
Mentha oil futures were trading little changed during the morning trade in the domestic market on Wednesday as participants remained on the sidelines from building up fresh positions in the agri-commodity amid a fall in 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 trimming 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 896.90 per kg, down by 0.04 per cent after opening at Rs 896.80, against the previous closing price of Rs 897.30. It touched the intra-day low of Rs 894.90 (at 10:26 hours).
Spot demand lifts cardamom futures by 2.51%
17/08/2016 10:28
CARDAMOM: Up Trend
Cardamom futures were trading higher during the morning trade in the domestic market on Wednesday as participants widened their bets in the agri-commodity amid a rise in physical demand for cardamom in the domestic spot market. Further, restricted supplies amid insufficient physical arrivals from the major cardamom producing belts in the country supported domestic cardamom prices. At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,078 per kg, up by 2.51 per cent, after opening at Rs 1,066, against a previous close of Rs 1,051.60. It touched the intra-day high of Rs 1,078 (at 10:26 hours).
Silver rises on firm global cues
17/08/2016 08:47
SILVER: Up Trend
Silver futures closed higher in the domestic market on Tuesday as traders enlarged positions, tracking a firm trend overseas.
Analysts said speculators enlarged positions in tune with a firm global trend, which mainly pushed up silver prices at the futures trade.
At the MCX, Silver futures for September 2016 contract closed at Rs 46,385, per 1 kg, up by 0.56 per cent after opening at Rs 46,523, against the previous closing price of Rs 46,125. It touched the intra-day high of Rs 46,820.
Crude oil up on strong global cues
17/08/2016 08:47
CRUDEOIL: Up Trend
Crude oil futures closed higher in the domestic market on Tuesday finding support from weakness in the U.S. dollar as traders continued to weigh the likelihood of an output-freeze agreement by major producers next month.
Several analysts have argued that a production cap at a time when producers are pumping at top speed would hardly take enough barrels off the market to make a material difference. Others have expressed skepticism that the 14-member bloc would be able to forge a consensus given the historical tension among some players.
At the MCX, Crude oil futures for August 2016 contract closed at Rs. 3103 per barrel, up by 4.44 per cent, after opening at Rs. 3000, against the previous closing price of Rs. 2971. It touched the intra-day high of Rs. 3114.
Gold rises on weak US dollar
17/08/2016 08:46
GOLD: Up Trend
Gold futures closed higher in the domestic market on Tuesday as a drop in the dollar and a decline in the U.S. stock market brightened investment interest in the metal.
A weaker dollar makes dollar-priced gold and silver more attractive to overseas buyers.
At the MCX, Gold futures for October 2016 contract closed at Rs 31,458, per 10 gram, up by 0.77 per cent after opening at Rs 31,250, against the previous closing price of Rs 31,219. It touched the intra-day high of Rs 31,568.
