Mcx Commodity Market News : Morning Session - 29.08.2016
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Crude oil rises as crude production freeze likely
29/08/2016 08:29
CRUDEOIL: UP TREND
Crude oil futures closed higher in the domestic market on Friday as Saudi Oil Minister Khalid Al-Falih said a crude production freeze by major producers would be positive and indicate contentment within their ranks with the current market supply situation.
The developments kept oil futures in technical bull market territory, with both benchmarks having risen by over 20% since their last low point on 2 August.
At the MCX, Crude oil futures for September 2016 contract closed at Rs. 3198 per barrel, up by 1.27 per cent, after opening at Rs. 3168, against the previous closing price of Rs. 3158. It touched the intra-day high of Rs. 3248.
Silver rises on strong global cues
29/08/2016 08:28
GOLD: UP TREND
Silver futures closed higher in the domestic market on Friday as traders created speculative positions taking positive cues from the global market.
Market analysts said a firm 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 44,015, per 1 kg, up by 0.82 per cent after opening at Rs 43,822, against the previous closing price of Rs 43,659. It touched the intra-day high of Rs 44,723.
Gold up on firm overseas cues
29/08/2016 08:27
GOLD: UP TREND
Gold futures closed higher in the domestic market on Friday as traders indulged in creating fresh positions tracking a firm trend overseas.
Analysts attributed the rise in gold futures to fresh positions created by participants in tandem with a firm trend overseas.
At the MCX, Gold futures for October 2016 contract closed at Rs 31,010, per 10 gram, up by 0.27 per cent after opening at Rs 30,910, against the previous closing price of Rs 30,928. It touched the intra-day high of Rs 31,320.
