Mcx Commodity Market News : Morning Session - 09.08.2016
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Yellow metal loses sheen on weak overseas cues
09/08/2016 11:56
GOLD : Down Trend
Gold futures were trading lower during the late morning trade in the domestic market on Tuesday as participants trimmed their bets in the precious metal amid a weak global trend.
Further, the fall in demand for gold was mostly in-line with a weak trend overseas as signs of US economic resilience boosted world equities and the dollar, reducing demand for the precious metal as a safe haven.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,090 per 10 grams, down by 0.28 per cent, after opening at Rs 31,174, against a previous close of Rs 31,176. It touched the intra-day low of Rs 31,071 (at 11:51 hours).
Oil in reverse gear despite OPEC hopes
09/08/2016 11:41
CRUDEOIL : Down Trend
Crude oil futures fell during late morning trade in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity even as the OPEC, a cartel which accounts for about 40 per cent of global crude supplies, saw prices bouncing back from a bear market. The OPEC said that it intends to hold an “informal” meeting in September to explore ways to restore stability in the global oil market. The meeting will be held in Algeria on the sidelines of the 15th International Energy Forum on September 26-28. At the MCX, Crude oil futures for August 2016 contract is trading at Rs 2,868 per barrel, down by 0.80 per cent, after opening at Rs 2,876, against a previous close of Rs 2,891. It touched the intra-day low of Rs 2,854. (At 11:37 AM).
Lead futures drop on diminishing demand
09/08/2016 10:59
LEAD: Down Trend
Lead futures were trading lower during the morning trade in the domestic market on Tuesday as traders trimmed their positions in the industrial metal amid a decline in physical demand for lead, from battery-makers, in the domestic spot market. Further, muted demand from battery-makers in the domestic spot market, influenced the prices of lead in the spot markets. At the MCX, Lead futures for August 2016 contract is trading at Rs 119.80 per kg, down by 0.17 per cent, after opening at Rs 120.05, against a previous close of Rs 120. It touched the intra-day low of Rs 119.75 (at 10:55 hours).
Aluminium futures drop on muted demand
09/08/2016 10:53
ALUMINIUM: Down Trend
Aluminium futures were trading little changed during the morning trade in the domestic market on Tuesday as investors and speculators remained on the sidelines amid sluggish physical demand for aluminium in the domestic spot market. At the MCX, aluminium futures for August 2016 contract is trading at Rs 109.60 per kg, down by 0.09 per cent, after opening at Rs 109.80, against a previous close of Rs 109.70. It touched the intra-day low of Rs 109.60 (at 10:47 hours).
Sluggish demand drags zinc futures by 0.46%
09/08/2016 10:50
ZINC : Down Trend
Zinc futures were trading lower during the morning trade in the domestic market on Tuesday as participants trimmed their positions led by a decline in the spot demand from consuming industries at the domestic spot markets. Further, a fall in demand for zinc at the domestic spot market was led by cutting 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 151.85 per kg, down by 0.46 per cent, after opening at Rs 152.20, against a previous close of Rs 152.55. It touched the intra-day low of Rs 151.85 (at 10:47 hours).
Nickel futures slide on muted demand
09/08/2016 10:44
NICKEL : Down Trend
Nickel futures were trading lower during the morning trade in the domestic market on Tuesday as speculators remained on the sidelines amid a fall in demand from alloy-makers at the domestic spot market. Further, a decline 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 719.40 per kg, down by 0.25 per cent, after opening at Rs 719.10, against a previous close of Rs 721.20. It touched the intra-day low of Rs 719.10 (at 10:35 hours).
Mentha oil futures gain on rising demand
09/08/2016 10:40
MENTHAOIL: Up Trend
Mentha oil futures were trading higher during the morning trade in the domestic market on Tuesday as investors and speculators widened their bets in the agri-commodity amid a surge 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 903.30 per kg, up by 0.36 per cent after opening at Rs 900, against the previous closing price of Rs 900.10. It touched the intra-day high of Rs 904.60 (at 10:35 hours).
Cardamom futures up 0.79% on uptick in demand
09/08/2016 10:37
CARDAMOM: Up Trend
Cardamom futures were trading higher during the morning trade in the domestic market on Tuesday as participants 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 supported domestic cardamom prices. At the MCX, cardamom futures for August 2016 contract is trading at Rs 995 per kg, up by 0.79 per cent, after opening at Rs 995, against a previous close of Rs 987.20. It touched the intra-day high of Rs 995 (at 10:35 hours).
Crude oil up on OPEC meeting
09/08/2016 08:45
CRUDEOIL : Down Trend
Crude oil futures closed higher in the domestic market on Monday as the Organization of the Petroleum Exporting Countries announced that it’ll hold an informal meeting next month to discuss ways to restore stability and order to the crude market.
Analysts said the oil market found reason to rally after OPEC President Mohammed bin Saleh al-Sada, who is also Qatar’s energy minister, said the cartel will hold an informal meeting in Algeria on September 26-28 on the sidelines of the 15th International Energy Forum.
At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2905 per barrel, up by 4.27 per cent, after opening at Rs. 2795, against the previous closing price of Rs. 2786. It touched the intra-day high of Rs. 2907.
Silver flat on strong US job data
09/08/2016 08:44
SILVER : Down Trend
Silver futures closed flat in the domestic market on Monday as investors and speculators exited positions in the precious metal tracking weakness overseas as a stronger dollar curbed the lure for silver as an alternative asset.
Stronger greenback makes the shiny metal more expensive for those holding other currencies, thus dimming demand. The dollar strengthened on speculation that the US Fed may hike borrowing costs before the end of 2016 after the economy added 255,000 jobs in July, more than the expected 180,000 increase, signalling a robust economic recovery.
At the MCX, Silver futures for September 2016 contract closed at Rs 46,231, per 1 kg, up by 0.01 per cent after opening at Rs 46,110, against the previous closing price of Rs 46,225. It touched the intra-day high of Rs 46,438.
Gold dips on upbeat US data
09/08/2016 08:43
GOLD : Down Trend
Gold futures closed lower in the domestic market on Monday as upbeat U.S. employment data boosted expectations for a U.S. interest-rate hike and lifted the dollar’s appeal at the expense of gold demand.
Higher rates can boost the U.S. dollar and make gold less competitive against interest-bearing investments. The greenback largely gained against chief rivals Monday, adding to selling pressure for gold.
At the MCX, Gold futures for October 2016 contract closed at Rs 31,170, per 10 gram, down by 0.19 per cent after opening at Rs 31,202, against the previous closing price of Rs 31,228. It touched the intra-day low of Rs 31,020.
