Mcx Commodity Market News : Morning Session - 31.08.2016
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Silver down on weak global cues
31/08/2016 08:52
SILVER: DOWN TREND
Silver futures closed lower in the domestic market on Tuesday as speculators cut down their bets amid a weak trend overseas. Market analysts said offloading of positions in tandem with a weak trend in precious metals in global markets kept pressure on silver prices at the futures trade. At the MCX, Silver futures for September 2016 contract closed at Rs 44,015, per 1 kg, down by 0.79 per cent after opening at Rs 44,219, against the previous closing price of Rs 44,367. It touched the intra-day low of Rs 43,916.
Crude oil dips on strong consumer confidence data
31/08/2016 08:52
CRDUEOIL: DOWN TREND
Crude oil futures closed lower in the domestic market on Tuesday as strong consumer confidence data helping to lift the dollar and traders awaited reports that are expected to show a weekly increase in U.S. crude inventories. The oil market is also starting to bet that major oil producers won’t reach a deal to stabilize output when the Organization of the Petroleum Exporting Countries holds an information meeting late next month, which further supported the decline. At the MCX, Crude oil futures for September 2016 contract closed at Rs. 3127 per barrel, down by 1.45 per cent, after opening at Rs. 3184, against the previous closing price of Rs. 3173. It touched the intra-day low of Rs. 3114.
Gold dips on Fed rate hike fears
31/08/2016 08:51
GOLD: DOWN TREND
Gold futures closed lower in the domestic market on Tuesday after comments from central bankers last week boosted speculation that U.S. interest rates may rise as soon as next month. Higher rates make bullion less competitive against interest-bearing assets. At the MCX, Gold futures for October 2016 contract closed at Rs 30,851, per 10 gram, down by 0.72 per cent after opening at Rs 31,045, against the previous closing price of Rs 31,075. It touched the intra-day low of Rs 30,805.
