Mcx Commodity Market News : Morning Session - 25.08.2016
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Oil higher despite US stockpile surprise
25/08/2016 11:54
CRUDEOIL: Down Trend
Crude oil futures logged modest gains during morning trade in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity even as US storage levels witnessed an unexpected surge last week, exacerbating fears over a global supply glut.
The EIA said that US crude supplies climbed 2.5 million barrels to 523.6 million barrels in the week ended August 19, 2016, the highest seasonal level in decades.
Further, stockpiles in Cushing, the biggest US oil storage hub climbed 375,000 last week.
At the MCX, Crude oil futures for September 2016 contract is trading at Rs. 3156 per barrel, up by 0.25 per cent, after opening at Rs. 3142, against the previous closing price of Rs. 3148. It touched the intra-day high of Rs. 3165. (At 11:16 AM).
Copper futures up 0.24% on spot demand
25/08/2016 11:00
COPPER: Down Trend
Copper futures were trading higher during the morning trade in the domestic market on Thursday as investors and speculators build up fresh positions amid a rise in demand for industrial metal from major consuming industries. Also, the China leading index rose 0.7 per cent in July from June, when it advanced 0.5 per cent.
However, traders remained cautious ahead of Fed Chair Janet Yellen’s speech on Friday which may offer more clues over when the Fed plans to raise interest rates next. At the MCX, copper futures for August 2016 contract is trading at Rs 309.40 per kg, up by 0.24 per cent, after opening at Rs 309.25, against a previous close of Rs 308.65. It touched the intra-day high of Rs 309.65 (at 10:49 hours).
Yellow metal loses sheen ahead of Yellen speech
25/08/2016 10:47
GOLD: Down Trend
Gold futures were trading little changed during the morning trade in the domestic market on Thursday as investors and speculators cut down their positions in the precious metal amid a weakening global trend ahead of US Fed Chair Yellen’s speech later this week.
Further, the fall in prices for gold was in-line with a weak trend overseas as investors hope for clarity this week on the near-term path for interest rates, hurting demand for the precious metal as a safe-haven investment.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,034 per 10 grams, down by 0.04 per cent, after opening at Rs 31,029, against a previous close of Rs 31,046. It touched the intra-day low of Rs 31,014 (at 10:41 hours).
Mentha oil futures drop on subdued demand
25/08/2016 10:38
MENTHAOIL: Down Trend
Mentha oil futures were trading lower during the morning trade in the domestic market on Thursday as participants cut down their bets in the agri-commodity amid fall in physical demand from major consuming industries for mentha oil in the domestic spot market.
Further, a decline 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 898 per kg, down by 0.31 per cent after opening at Rs 900, against the previous closing price of Rs 900.80. It touched the intra-day low of Rs 890.10 (at 10:35 hours).
