Mcx Commodity Market News : Morning Session - 08.08.2016
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White metal slips after strong US jobs data
08/08/2016 12:47
SILVER : Down Trend
Silver futures were trading lower during the noon trade in the domestic market on Monday as traders cut down their bets in the precious metal after better-than-expected US July jobs data which could increase the possibility of the interest rate hike by the US Federal Reserve.
Non-farm payrolls in the US climbed 255,000 in July, following a revised 292,000 gain in June, against an estimated 180,000 additions.
At the MCX, silver futures for September 2016 contract is trading at Rs 45,990 per kg, down by 0.51 per cent, after opening at Rs 46,110, against a previous close of Rs 46,225. It touched the intra-day low of Rs 45,892 (at 12:33 hours)
Yellow metal loses sheen post strong US jobs data
08/08/2016 12:41
GOLD : Down Trend
Gold futures were trading lower during the noon trade in the domestic market on Monday as participants trimmed their bets in the precious metal after fears that strong US July jobs data which could increase the possibility of the US Fed’s interest rate hike.
Non-farm payrolls in the US climbed 255,000 in July, following a revised 292,000 gain in June, against an estimated 180,000 additions.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,094 per 10 grams, down by 0.43 per cent, after opening at Rs 31,202, against a previous close of Rs 31,228. It touched the intra-day low of Rs 31,069 (at 12:33 hours).
Upbeat US jobs data buoys Oil
08/08/2016 11:27
CRUDEOIL : Up Trend
Crude oil futures climbed during late morning trade in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity as better-than-expected US jobs data signaled a pickup in the world’s biggest economy that may bolster fuel consumption. Non-farm payrolls in the US climbed 255,000 in July, following a revised 292,000 gain in June, against an estimated 180,000 addition. Traders cast aside a sixth straight rise in US rig count to 7 by 381 last week, which signaled higher production in the coming months. At the MCX, Crude oil futures for August 2016 contract is trading at Rs 2,808 per barrel, up by 0.79 per cent, after opening at Rs 2,795, against a previous close of Rs 2,786. It touched the intra-day high of Rs 2,817. (At 11:24 AM).
Govt to prepare roadmap to resolve steel sector issues: Min
08/08/2016 10:54
The Indian Government has said that a roadmap will be prepared for the steel sector facing issues on multiple fronts, including repaying bank loans. The Steel Minister also said that over USD100-billion domestic steel sector needs to enhance its efficiency in the long run to be globally competitive. Commenting on the issue, Union Minister Chaudhary Birendra Singh told the media, "What I have told the industry that now we will have a roadmap where you will have your responsibility to see whether you are improving as far as efficiency is concerned, whether you are improving in giving back outstanding of bank loans, whether you are improving to make your industry competitive in the world market. These things are also to be looked at.” So what I have told them that on one way we talk of your production, the other way we must find out (the way) that you should get out of this rut within six months," he added.
Spot demand lifts lead futures by 0.46%
08/08/2016 10:45
LEAD : Up Trend
Lead futures were trading higher during the morning trade in the domestic market on Monday as investors and speculators indulged in building up of fresh positions in the industrial metal amid a surge in physical demand for lead, from battery-makers, in the domestic spot market. Further, an increase in demand from battery-makers in the domestic spot market, supported the prices of lead in the spot markets. At the MCX, Lead futures for August 2016 contract is trading at Rs 119.95 per kg, up by 0.46 per cent, after opening at Rs 119.70, against a previous close of Rs 119.40. It touched the intra-day high of Rs 120.10 (at 10:48 hours).
Aluminium futures up by 0.41% on pick up in demand
08/08/2016 10:43
ALUMINIUM : Up Trend
Aluminium futures were trading higher during the morning trade in the domestic market on Monday as investors and speculators 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 110.40 per kg, up by 0.41 per cent, after opening at Rs 110.10, against a previous close of Rs 109.95. It touched the intra-day high of Rs 110.55 (at 10:29 hours).
Zinc futures up on rising demand
08/08/2016 10:40
ZINC : Up Trend
Zinc futures were trading higher during the morning trade in the domestic market on Monday as traders widened their positions 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 152.05 per kg, up by 0.30 per cent, after opening at Rs 152.20, against a previous close of Rs 151.60. It touched the intra-day high of Rs 152.25 (at 10:29 hours).
Nickel futures rise on uptick in demand
08/08/2016 10:36
NICKEL : Up Trend
Nickel futures were trading higher during the morning trade in the domestic market on Monday as traders indulged in building up fresh positions amid an increase 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 721.40 per kg, up by 0.71 per cent, after opening at Rs 717.70, against a previous close of Rs 716.30. It touched the intra-day high of Rs 722 (at 10:29 hours).
Mentha oil futures slide on diminishing demand
08/08/2016 10:33
MENTHAOIL : Down Trend
Mentha oil futures were trading lower during the morning trade in the domestic market on Monday as speculators remained on the sidelones 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 922.30 per kg, down by 0.54 per cent after opening at Rs 923.60, against the previous closing price of Rs 927.30. It touched the intra-day low of Rs 918.60 (at 10:29 hours).
Cardamom futures zoom 1.10% on pick up in demand
08/08/2016 10:30
CARDAMOM : Up Trend
Cardamom futures were trading higher during the morning trade in the domestic market on Monday as investors and speculators indulged in fresh buying in the agri-commodity amid a surge 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 990 per kg, up by 1.10 per cent, after opening at Rs 995, against a previous close of Rs 979.20. It touched the intra-day high of Rs 995 (at 10:29 hours).
Crude oil dips on rising U.S oil rigs
08/08/2016 09:00
CRUDEOIL : Up Trend
Crude oil futures closed lower in the domestic market on Friday after data showed the number of U.S. oil rigs rose for a sixth straight week. Prices started moving lower as the upbeat jobs report lifted the U.S. dollar to one-week highs against most of its major counterparts. Oil prices typically weaken when the U.S. currency strengthens as the dollar-priced commodity becomes more expensive for holders of other currencies. At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2784 per barrel, down by 0.93 per cent, after opening at Rs. 2805, against the previous closing price of Rs. 2810. It touched the intra-day low of Rs. 2755.
Silver down on strong US job data
08/08/2016 08:59
SILVER : Down Trend
Silver futures closed lower in the domestic market on Friday after data showed the U.S. economy created more jobs than expected in July, raising the probability of an interest rate hike from the Federal Reserve in the coming months. Stocks also vaulted up after the employment report was released, signaling fading demand for havens and a spike in risk appetite. At the MCX, Silver futures for September 2016 contract closed at Rs 46,161, per 1 kg, down by 3.18 per cent after opening at Rs 47,605, against the previous closing price of Rs 47,677. It touched the intra-day low of Rs 46,154.
Gold dips on strong nonfarm-payrolls report
08/08/2016 08:58
GOLD : Down Trend
Gold futures closed lower in the domestic market on Friday following a stronger-than-expected nonfarm-payrolls report that might provide the Federal Reserve evidence to lift benchmark interest rates sooner than later. Stocks also vaulted up after the employment report was released, signaling fading demand for havens and a spike in risk appetite. At the MCX, Gold futures for August 2016 contract closed at Rs 31,090, per 10 gram, down by 1.68 per cent after opening at Rs 31,600, against the previous closing price of Rs 31,620. It touched the intra-day low of Rs 30.674.
