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Fed rate hike fears hit Gold
01/09/2016 16:43
GOLD: UP TREND
Gold futures fell during evening trade in the domestic market on Thursday as investors and speculators exit positions in the yellow metal after strong US private jobs data bolstered the case for the US Federal Reserve to raise interest rates before the end of the current year, dimming the lure for the bullion as a store of value.
The US private sector added 177,000 jobs in August, compared to July’s 194,000, ADP reported on Wednesday.
Analysts were expecting US private employment to grow at 175,000 in August.
At the MCX, gold futures for October 2016 contract is trading at Rs 30,672 per 10 grams, down by 0.17 per cent, after opening at Rs 30,750, against a previous close of Rs 30,724. It touched the intra-day low of Rs 30,641 (at 16:44 PM).
Nickel futures gain on upsurge in demand
01/09/2016 16:35
NICKEL: UP TREND
Nickel futures were trading higher during the evening trade in the domestic market on Thursday as speculators widened their bets on uptick in demand from alloy-makers at the domestic spot market and a firming trend overseas.
Further, fresh positions created by traders led by pick-up in demand from alloy-makers at the spot market and a better trend in metals at the LME after China's official factory gauge unexpectedly rose last month to the highest level in almost 2 years, signaling an improved demand outlook in the world's top metal user, supported the uptrend in nickel prices at futures trade. At the MCX, nickel futures for September 2016 contract is trading at Rs 659.70 per kg, up by 0.38 per cent, after opening at Rs 661, against a previous close of Rs 657.20. It touched the intra-day high of Rs 667.20 (at 16:31 hours).
Uptick in demand lifts lead futures by 0.82%
01/09/2016 15:49
LEAD: UP TREND
Lead futures were trading higher during the evening trade in the domestic market on Thursday as traders widened their bets in the industrial metal driven by pickup in physical demand for lead from battery-makers in the domestic spot market and a firming trend overseas.
Further, a rise in demand from battery-makers in the domestic spot market along with firming trend in the base metals pack at the LME after China's official factory gauge unexpectedly rose last month to the highest level in almost 2 years, supported prices of lead in the spot market. At the MCX, lead futures for September 2016 contract is trading at Rs 128.70 per kg, up by 0.82 per cent, after opening at Rs 127.40, against a previous close of Rs 127.65. It touched the intra-day high of Rs 129 (at 15:45 hours
Natural gas lower ahead of US inventory data
01/09/2016 15:15
NATURALGAS: DOWN TREND
Natural Gas futures fell by more than 1 per cent during noon trade in the domestic market on Thursday as investors and speculators exit positions in the energy commodity ahead of US supplies data later in the session which will offer cues over the health of the demand for the fuel in the world’s biggest gas consuming nation.
US natural gas stockpiles rose 11 billion cubic feet in the week ended August 19, 2016, the EIA reported last Thursday.
At the MCX, Natural gas futures for September 2016 contract were trading at Rs 192.4 per mmbtu, down by 1.03 per cent, after opening at Rs. 193.1, against the previous closing price of Rs. 194.4. It touched the intra-day low of Rs. 192.2. (At 15:12 PM).
Aluminium in reverse gear on diminishing demand
01/09/2016 14:59
ALUMINIUM: UP TREND
Aluminium futures were trading lower during the afternoon trade in the domestic market on Thursday as participants cut down their bets amidst sluggish physical demand for aluminium in the domestic spot market.
Further, a decrease in demand for aluminium at the domestic spot market was on the back of trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade.
At the MCX, aluminium futures for September 2016 contract is trading at Rs 107.55 per kg, down by 0.46 per cent, after opening at Rs 108.25, against a previous close of Rs 108.05. It touched the intra-day low of Rs 107.50 (at 15:00 hours).
Cardamom posts mild gains on firm physical demand
01/09/2016 14:54
CARDAMOM: UP TREND
Cardamom futures logged slim gains during noon trade in the domestic market on Thursday amid strong physical demand for cardamom 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 cardamom producing regions in the country.
At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,140 per kg, up by 0.11 per cent, after opening at Rs 1,138, against a previous close of Rs 1,138.80. It touched the intra-day high of Rs 1,158 (at 14:49 PM).
Weak physical demand hits Mentha Oil
01/09/2016 14:54
MENTHAOIL: DOWN TREND
Mentha oil futures tanked almost 1 per cent during noon trade in the domestic market on Thursday as investors and speculators exit positions in the agri-commodity amid weak physical demand for mentha oil from major consuming industries in the domestic spot market.
Further, abundant supplies amid higher physical arrivals from the major mentha oil producing regions also exerted downward pressure on prices.
At the MCX, mentha oil futures for September 2016 contract were trading at Rs 896.3 per kg, down by 0.99 per cent after opening at Rs 906.70, against the previous closing price of Rs 905.30. It touched the intra-day low of Rs 895.2 (at 14:49 PM).
China factory data buoys Copper
01/09/2016 14:44
COPPER: UP TREND
Copper futures rose during noon trade in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal as robust China factory data bolstered the demand outlook for copper in the world’s second biggest economy.
China’s manufacturing expanded at the quickest pace in almost two years with the official manufacturing PMI rising to 50.4 in August from 49.9 in July. A reading above 50 signals expansion in manufacturing activity over the previous month.
Meanwhile, the US private sector added 177,000 jobs in August, compared to July’s 194,000, while pending home sale index rose 1.3 per cent in July from June, signaling an improved demand outlook for metals.
At the MCX, copper futures for November 2016 contract is trading at Rs 314.3 per kg, up by 0.46 per cent, after opening at Rs 314.2, against a previous close of Rs 312.85. It touched the intra-day high of Rs 315.4 (at 14:40 PM).
Oil gets a boost from Saudi comments
01/09/2016 13:45
CRUDEOIL: UP TREND
Crude oil futures rose during noon trade in the domestic market on Thursday as investors cheered comments from Saudi Arabia, the largest OPEC crude producer, which stressed that it won’t bolster production to full capacity, to help stabilize a market that is combating a glut of supplies.
Marking a second straight gain, US crude inventories jumped 2.28 million barrels to 525.9 million barrels last week, the EIA said on Wednesday.
Oil also received support from signs of a pickup in China’s economy as the country’s manufacturing expanded at the quickest pace in almost two years with the official manufacturing PMI rising to 50.4 in August from 49.9 in July. A reading above 50 signals expansion in manufacturing activity over the previous month.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,008 per barrel, up by 0.17 per cent, after opening at Rs 3,004, against a previous close of Rs 3,003. It touched the intra-day high of Rs 3,027(at 13:36 PM).
White metal in reverse gear
01/09/2016 13:42
SILVER: UP TREND
Silver futures were trading lower during the afternoon trade in the domestic market on Thursday as investors and speculators trimmed their bets in the precious metal amid expectations that the US Fed will hike interest rates this year in the world’s biggest economy.
The pullback follows comments by US Fed officials that the central bank could raise interest rates more than once in coming months, provided US economic data remains solid.
Stronger greenback makes silver costlier for those holding other currencies, thus dimnishing demand. At the MCX, silver futures for September 2016 contract is trading at Rs 43,930 per kg, down by 0.13 per cent, after opening at Rs 44,179, against a previous close of Rs 43,988. It touched the intra-day low of Rs 43,921 (at 13:40 hours
Yellow metal loses sheen on Fed rate outlook
01/09/2016 12:27
GOLD: DOWN TREND
Gold futures were trading lower during the noon trade in the domestic market on Thursday as investors and speculators cut down their bets in the precious metal on dollar strengthening amid expectations that the US Fed will hike interest rates this year in the world’s biggest economy.
The pullback follows comments by US Fed officials that the central bank could raise interest rates more than once in coming months, provided US economic data remains solid.
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 30,694 per 10 grams, down by 0.10 per cent, after opening at Rs 30,750, against a previous close of Rs 30,724. It touched the intra-day low of Rs 30,681 (at 12:14 hours).
Madhya Bharat IPO oversubscribes 1.08 times on day 2
01/09/2016 12:06
Madhya Bharat Agro Products has said that its IPO has oversubscribed 1.08 times on day 2.
Madhya Bharat Agro Products it had launched a Rs 13.84 crore initial public offer (IPO) on August 29. Hem Securities ltd the biggest merchant banker in the SME IPO segment is the lead manager to the issue of Madhya Bharat Agro Products Ltd.
The issue, which oversubscribed 1.08 times, has received bids for 62.40 Lakh equity shares against IPO size of 57.90 Lakh shares.
The Company is mainly engaged in manufacturing of Single Super Phosphate (SSP), Beneficiated Rock Phosphate (BRP) and Sulphuric Acid. The company is part of the Ostwal Group of Industries (OGI) and Ostwal Phoschem India Limited, Krishana Phoschem Limited (KPL) and Seasons International Private Limited are its sister concerns. The issue comprises offer for sale of equity shares aggregating upto Rs 13.90 crore.
