Mcx Commodity Market News : Morning Session - 30.08.2016
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Cardamom slips on soft physical demand
30/08/2016 12:51
CARDAMOM: DOWN TREND
Cardamom futures fell during noon trade in the domestic market on Tuesday as investors and speculators exit positions in the agri-commodity amid weak physical demand for cardamom from major consuming industries in the domestic spot market.
Further, abundant supplies amid higher physical arrivals from the major cardamom producing regions also exerted downward pressure on prices.
At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,138.2 per kg, down by 0.88 per cent, after opening at Rs 1,141.2, against a previous close of Rs 1,148.3. It touched the intra-day low of Rs 1,123.2 (at 12:45 PM).
Mentha oil logs slim gains
30/08/2016 12:51
MENTHAOIL: DOWN TREND
Mentha oil futures were trading flat, with a positive bias during noon trade in the domestic market on Tuesday helped by firm physical demand for mentha oil from major consuming industries in the domestic spot market.
However, the gains in the agri-commodity were curbed by abundant supplies amid higher physical arrivals from the major mentha oil producing regions in the country.
At the MCX, mentha oil futures for August 2016 contract were trading at Rs 881.5 per kg, up by 0.09 per cent after opening at Rs 879, against the previous closing price of Rs 880.7. It touched the intra-day high of Rs 885 (at 12:49 PM).
Madhya Bharat Agro launches Rs 13.84 cr IPO
30/08/2016 12:26
Madhya Bharat Agro Products has said that it has launched a Rs 13.84 crore initial public offer (IPO) on August 29.
The company will issue over 57.90 lakh equity shares at the issue price of Rs 24 apiece. The share sale will close on September 2.
The Bhilwara based company said in a statement today that it plans to list its shares on NSE Emerge platform.
The company had earned profit after tax of Rs 9.45 crore in 2015-16 and the net-worth of the company is about Rs 90 crore, the statement added.
Madhya Bharat Agro products Ltd. (MBAPL) is one of the major private sector fertilizer manufacturer. MBAPL is dealing in manufacturing of BRP with installed production capacity of 99000 TPA (Licensed capacity -99000 TPA), SSP with installed capacity of 180000 TPY (Licensed capacity 240000 TPY) and Sulphuric Acid with installed capacity of 36000 TPY (having licensed capacity is 99000 TPY).
Copper tad lower on oversupply fears
30/08/2016 12:16
COPPER: DOWN TREND
Copper futures were trading with slim losses during noon trade in the domestic market on Tuesday amid concerns that slowing economic growth in China, the world’s biggest metals consumer, may hit demand and a surge in stockpiles signaled concerns of an overflooded market.
Barclays said that inventories tracked by exchanges in Shanghai, London and New York rose for five straight days last week to the highest level since May.
However, the metal was supported by an improved demand outlook from the US as consumer spending climbed for a fourth straight month in July.
At the MCX, copper futures for August 2016 contract is trading at Rs 308.30 per kg, down by 0.02 per cent, after opening at Rs 309.40, against a previous close of Rs 308.35. It touched the intra-day low of Rs 308 (at 12:11 PM).
Bullion in reverse gear on Fed rate hike fears
30/08/2016 12:07
BULLIONS: DOWN TREND
Gold futures fell during noon trade in the domestic market on Tuesday tracking a bearish trend overseas as a stronger dollar curbed the lure for the bullion as an alternative asset.
Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand.
Further, robust US economic data bolstered the case for interest rate tightening in September, dimming the lure for the yellow metal as a store of value. US consumer spending climbed for a fourth straight month, up by 0.3 per cent in July from June.
At the MCX, gold futures for October 2016 contract is trading at Rs 30,967 per 10 grams, down by 0.35 per cent, after opening at Rs 31,045, against a previous close of Rs 31,075. It touched the intra-day low of Rs 30,962(at 12:04 PM).
Flattish trade in oil
30/08/2016 11:05
CRUDEOIL: UPTREND
Crude oil futures were trading little changed during morning trade in the domestic market on Tuesday as signs of a pickup in the US economy bolstered the demand outlook for the fuel. US consumer spending climbed for a fourth straight month, up by 0.3 per cent in July from June. However, the gains in the energy commodity were restricted by worries that major producers may fail to agree on measures to stabilize output. Crude may also take a hit from a potential hike in US interest rates in the near-term which may push up the dollar, making dollar-denominated commodities more expensive to foreign buyers. At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,176 per barrel, up by 0.09 per cent, after opening at Rs 3,184, against a previous close of Rs 3,173. It touched the intra-day high of Rs 3,184 (at 11:01 AM).
