Mcx Commodity Market News : Morning Session - 29.08.2016
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Output fears drag crude oil futures by 1%
29/08/2016 12:15
CRUDEOIL : DOWN TREND
Crude oil futures were trading lower during the noon trade in the domestic market on Monday as investors and speculators cut down their bets in the energy commodity on dollar strengthening and after key OPEC producers downplayed the prospects of limiting output at a meeting next month.
Iranian oil minister on Friday said that his country wanted its share of the crude market to return to the levels seen before the Western nuclear sanctions were imposed on it 13 years ago.
The comments suggest that Tehran might not join possible efforts by OPEC and Russia to cap production at the gathering in Algeria.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,162 per barrel, down by 1 per cent, after opening at Rs 3,190, against a previous close of Rs 3,194. It touched the intra-day low of Rs 3,160 (at 12:08 hours).
Yellow metal loses sheen on dollar strengthening
29/08/2016 12:04
GOLD: DOWN TREND
Gold futures were trading lower during the noon trade in the domestic market on Monday as investors and speculators cut down their bets in the precious metal on US dollar strengthening after hawkish comments from US Fed Chair Janet Yellen who left the door open to an interest rate hike this year in the world’s biggest economy.
US Federal Reserve Chair Janet Yellen said on Friday that the case for raising US interest rates has strengthened in recent months due to improvements in the labour market and expectations for moderate economic growth.
Stronger greenback makes the yellow metal costlier for those holding other currencies, thus dimnishing demand.
At the MCX, gold futures for October 2016 contract is trading at Rs 30,949 per 10 grams, down by 0.13 per cent, after opening at Rs 30,940, against a previous close of Rs 30,990. It touched the intra-day low of Rs 30,879 (at 11:53 hours).
Pickup in demand lifts lead futures
29/08/2016 10:58
LEAD: UPTREND
Lead futures were trading higher during the morning trade in the domestic market on Monday as investors and speculators widened their bets in the industrial metal led by spurt in physical demand for lead, from battery-makers, in the domestic spot market.
Further, a rise in demand from battery-makers in the domestic spot market, supported prices of lead at the domestic spot markets. At the MCX, lead futures for August 2016 contract is trading at Rs 125.40 per kg, up by 0.12 per cent, after opening at Rs 125.65, against a previous close of Rs 125.25. It touched the intra-day high of Rs 125.65 (at 10:56 hours).
Aluminium futures gain on uptick in demand
29/08/2016 10:52
ALUMINIUM: UPTREND
Aluminium futures were trading marginally higher during the morning trade in the domestic market on Monday as participants indulged in building up of fresh positions amidst increase in physical demand for aluminium in the domestic spot market.
Further, uptick in demand for aluminium at the domestic spot market was mainly on account of widening of fresh bets by participants in the spot markets, supported aluminium prices at futures trade.
At the MCX, aluminium futures for August 2016 contract is trading at Rs 109.65 per kg, up by 0.09 per cent, after opening at Rs 109.65, against a previous close of Rs 109.55. It touched the intra-day high of Rs 109.85 (at 10:51 hours).
Zinc futures up on spot demand
29/08/2016 10:48
ZINC: UPTREND
Zinc futures were trading higher during the morning trade in the domestic market on Monday as investors and speculators build up fresh positions amid a surge in demand from consuming industries at the domestic spot markets.
Further, an increase in demand for zinc at the domestic spot market was led by widening of fresh positions by traders in the spot markets, supported zinc prices at futures trade. At the MCX, zinc futures for August 2016 contract is trading at Rs 155.90 per kg, up by 0.10 per cent, after opening at Rs 156.45, against a previous close of Rs 155.75. It touched the intra-day high of Rs 156.45 (at 10:45 hours).
Uptick in demand lifts nickel futures by 0.33%
29/08/2016 10:43
NICKEL: UPTREND
Nickel futures were trading higher during the morning trade in the domestic market on Monday as investors and speculators build up fresh positions amid uptick in demand from alloy-makers at the domestic spot market.
Further, an increase in domestic demand from alloy-makers at the domestic spot markets, supported the uptrend in nickel prices at futures trade. At the MCX, nickel futures for August 2016 contract is trading at Rs 659 per kg, up by 0.33 per cent, after opening at Rs 657.30, against a previous close of Rs 656.80. It touched the intra-day high of Rs 660.20 (at 10:41 hours).
Mentha oil futures drop 0.46% on sluggish demand
29/08/2016 10:39
MENTHAOIL: UPTREND
Mentha oil futures were trading lower during the morning trade in the domestic market on Monday as participants cut down their bets in the agri-commodity amid sluggish physical demand from major consuming industries for mentha oil in the domestic spot market.
Further, fall 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 883 per kg, down by 0.46 per cent after opening at Rs 887.80, against the previous closing price of Rs 887.10. It touched the intra-day low of Rs 881 (at 10:35 hours).
Cardamom trading tad lower
29/08/2016 10:32
CARDAMOM: DOWN TREND
Cardamom futures were trading marginally lower during the morning trade in the domestic market on Monday as investors and speculators remained on the side lines in the agri-commodity amid muted physical demand for cardamom in the domestic spot market. Further, abundant supplies amid higher physical arrivals from the major cardamom producing regions, too influenced the downtrend in domestic cardamom prices. At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,173 per kg, down by 0.09 per cent, after opening at Rs 1,171.10, against a previous close of Rs 1,174.10. It touched the intra-day low of Rs 1,167 (at 10:26 hours).
