Mcx Commodity Market News : Morning Session - 05.08.2016
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Natural gas slips despite bullish storage data
05/08/2016 11:55
NATURLGAS : Down Trend
Natural gas futures fell during late morning trade in the domestic market on Friday as investors and speculators cast aside a surprise drop in US gas supplies last week. The EIA reported that US natural gas stockpiles fell 6 billion cubic feet to 3.288 trillion cubic feet in the week ended July 29, 2016. Total US natural gas storage remains 11.8 per cent higher than levels at this time a year ago and 14.1 per cent above the five-year average for this time of year. At the MCX, Natural gas futures for July 2016 contract were trading at Rs 189.5 per mmbtu, down by 0.79 per cent, after opening at Rs. 189.5, against the previous closing price of Rs. 191. It touched the intra-day low of Rs. 188.4. (At 11:51 AM).
Copper scores slim gains; weak German data weighs
05/08/2016 11:44
COPPER : Up Trend
Copper futures were trading mildly higher during late morning trade in the domestic market on Friday as a pickup in capital spending in the US bolstered the demand outlook for the industrial metal. Orders for non-defence US capital goods excluding aircraft, a gauge of future business investment, increased 0.4 per cent in June 2016 over the previous month. The gains in copper were cut by a surprise drop of 0.4 per cent in German factory orders in June which signaled weak demand in Europe’s biggest economy. At the MCX, copper futures for August 2016 contract is trading at Rs 322.6 per kg, up by 0.11 per cent, after opening at Rs 322.7, against a previous close of Rs 322.25. It touched the intra-day high of Rs 323.2. (At 11:40 AM).
Gold little changed ahead of US jobs data
05/08/2016 11:35
GOLD : Up Trend
Gold futures were trading flat during late morning trade in the domestic market on Friday as investors and speculators stayed cautious over booking fresh positions in the precious metal ahead of the crucial US July jobs data which could have a bearing on the timing of the Federal Reserve’s next interest rate hike. Analysts are expecting a 180K addition to US non-farm payrolls in July after a 287,000 increase in June. Solid jobs numbers may bolster the case for a rate hike in 2016. Gold, which is a hedge against the inflationary risk of monetary stimulus, received support from fresh policy easing by Bank of England that cut interest rates to a record low and expanded asset purchases to help cushion Britain’s economy from the fallout of Brexit. At the MCX, gold futures for August 2016 contract is trading at Rs 31,650 per 10 grams, up by 0.09 per cent, after opening at Rs 31,600, against a previous close of Rs 31,620. It touched the intra-day high of Rs 31,670 (at 11:32 AM).
Oil in reverse gear on uncertain US demand outlook
05/08/2016 11:22
CRUDEOIL : Up Trend
Crude oil futures fell during late morning trade in the domestic market on Friday as investors and speculators exited positions in the energy commodity as traders weighed disappointing US data which showed a rise in US jobless claims and a drop in factory orders, signaling a slowdown in the world’s biggest economy that may cap fuel demand. The number of Americans who filed applications to seek jobless benefits climbed by 3,000 to 269,000 last week while factory orders fell for a second straight month, down by 1.5 per cent in June. At the MCX, Crude oil futures for July 2016 contract is trading at Rs 2,786 per barrel, down by 0.85 per cent, after opening at Rs 2,805, against a previous close of Rs 2,810. It touched the intra-day low of Rs 2,781. (At 11:18 AM).
Aluminium futures up by 0.32% on rising demand
05/08/2016 10:54
ALUMINIUM : Up Trend
Aluminium futures were trading higher during the morning trade in the domestic market on Friday as participants widened their bets amid a surge in physical demand for aluminium in the domestic spot market. At the MCX, aluminium futures for August 2016 contract is trading at Rs 108.90 per kg, up by 0.32 per cent, after opening at Rs 108.85, against a previous close of Rs 108.55. It touched the intra-day high of Rs 109.20 (at 10:43 hours).
Pick up in demand lifts zinc futures
05/08/2016 10:51
ZINC : Up Trend
Zinc futures were trading little changed during the morning trade in the domestic market on Friday as participants widened their positions mainly on account of pick up in spot demand from consuming industries at the domestic spot markets. Further, an increase in demand for zinc at the domestic spot market was led by building up of fresh bets by traders in the spot markets, supported zinc prices at futures trade. At that MCX, zinc futures for August 2016 contract is trading at Rs 151.25 per kg, up by 0.07 per cent, after opening at Rs 151.50, against a previous close of Rs 151.15. It touched the intra-day high of Rs 151.70 (at 10:43 hours).
Nickel futures up on uptick in demand
05/08/2016 10:44
NICKEL : Up Trend
Nickel futures were trading higher during the morning trade in the domestic market on Friday as traders indulged in building 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, buoyed the up trend in nickel prices at the futures trade. At the MCX, nickel futures for August 2016 contract is trading at Rs 709.60 per kg, up by 0.18 per cent, after opening at Rs 709.60, against a previous close of Rs 708.30. It touched the intra-day high of Rs 711.50 (at 10:43 hours).
Mentha oil futures fall on subdued demand
05/08/2016 10:40
MENTHAOIL : Down Trend
Mentha oil futures were trading lower during the morning trade in the domestic market on Friday as participants indulged in trimming their positions in the agri-commodity amid a fall in physical demand from major consuming industries for mentha oil in the domestic spot market. At the MCX, Mentha oil futures for August 2016 contract were trading at Rs 944.20 per kg, down by 0.19 per cent after opening at Rs 927, against the previous closing price of Rs 929.10. It touched the intra-day low of Rs 924.70 (at 10:32 hours).
Cardamom futures gain 0.37% as demand picks up
05/08/2016 10:36
CARDAMOM : Up Trend
Cardamom futures were trading higher during the morning trade in the domestic market on Friday as investors and speculators indulged in fresh buying 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 buoyed domestic cardamom prices. At the MCX, cardamom futures for August 2016 contract is trading at Rs 956 per kg, up by 0.37 per cent, after opening at Rs 962.80, against a previous close of Rs 952.50. It touched the intra-day high of Rs 962.80 (at 10:32 hours).
Crude oil up on drop in inventories
05/08/2016 09:01
NICKEL : Up Trend
Crude oil futures closed higher in the domestic market on Thursday after weekly data showed a much larger-than-expected drop in gasoline inventories. Oil futures have rebounded after hitting a three-month low below $40 a barrel earlier in the week. Oil has been under pressure as traders wrestle with a global glut of crude and worries about the outlook for global economic growth. At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2812 per barrel, up by 2.63 per cent, after opening at Rs. 2749, against the previous closing price of Rs. 2740. It touched the intra-day high of Rs. 2819.
Silver up on strong global cues
05/08/2016 09:00
SILVER : Up Trend
Silver futures closed higher in the domestic market on Thursday as traders created speculative positions taking positive cues from the global market Market analysts said a firming trend in the precious metals in global market, mainly attributed to the rise in silver prices at futures trade. At the MCX, Silver futures for September 2016 contract closed at Rs 47,700, per 1 kg, up by 0.06 per cent after opening at Rs 47,633, against the previous closing price of Rs 47,671. It touched the intra-day high of Rs 47,929.
Gold up as Bank of England cut rate
05/08/2016 08:59
GOLD : Up Trend
Gold futures closed higher in the domestic market on Thursday after the Bank of England announced a rate cut for the first time since 2009 and unveiled a batch of stimulus measures aimed at stimulating the country’s economy in the wake of the June 23 vote to exit the European Union. Although the rate cut was expected, the additional stimulus measures surprised the market, and providing a jolt to haven assets. This, coupled with easing measures from the Bank of Japan earlier in the week, are being viewed as supportive to the long-term outlook for gold prices. At the MCX, Gold futures for August 2016 contract closed at Rs 31,650, per 10 gram, up by 0.13 per cent after opening at Rs 31,506, against the previous closing price of Rs 31,608. It touched the intra-day high of Rs 31,675.