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Silver higher as US jobs data eyed
02/09/2016 14:52
SILVER: UP TREND
Silver futures climbed during noon trade in the domestic market on Friday as investors and speculators awaited the US jobs data for August to be released today which may offer further cues over the timing of the US Federal Reserve’s next interest rate hike.
Non-farm payrolls in the US may have increased by a strong 180,000 in August after a 255,000 rise in July.
Silver fell in the international market as a stronger dollar curbed the lure for the precious metal as an alternative investment. Stronger greenback makes silver more expensive for those holding other currencies, thus dimming demand.
At the MCX, silver futures for September 2016 contract is trading at Rs 44,392 per kg, up by 0.21 per cent, after opening at Rs 44,528, against a previous close of Rs 44,298. It touched the intra-day high of Rs 44,549 (at 14:50 PM).
US factory contraction hits Lead
02/09/2016 14:47
LEAD: UP TREND
Lead futures fell during noon trade in the domestic market on Friday as investors and speculators exit positions in the industrial metal amid weak physical demand for lead from battery-makers in the domestic spot market.
Further, a renewed contraction in US manufacturing dimmed the demand outlook for metals. Marking the biggest drop in more than two years, the US manufacturing index fell 3.2 points to 49.4 in August, with a reading below 50 signaling contraction.
At the MCX, lead futures for September 2016 contract is trading at Rs 129.45 per kg, down by 0.23 per cent, after opening at Rs 129.95, against a previous close of Rs 129.75. It touched the intra-day low of Rs 129.20 (at 14:35 PM).
Nickel bulls rule the roost
02/09/2016 14:28
NICKEL: UP TREND
Nickel futures rose during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for nickel, from alloy-makers, in the domestic spot market.
However, the gains in the base metal were curbed by downbeat US economic data which clouded the demand outlook for nickel. A gauge measuring US manufacturing shrank the most in over two years, down 3.2 points to 49.4 in August while US jobless claims rose 2,000 to 263,000 last week.
At the MCX, nickel futures for September 2016 contract is trading at Rs 667.2 per kg, up by 0.39 per cent, after opening at Rs 668, against a previous close of Rs 664.6. It touched the intra-day high of Rs 671.2 (at 14:23 PM).
Natural Gas higher despite US storage rise
02/09/2016 14:18
NATURALGAS: UP TREND
Natural gas futures were trading on a positive note during noon trade in the domestic market on Friday as investors and speculators shrugged off a bigger-than-expected rise in US gas supplies last week.
The EIA said that US natural gas storage rose 51 billion cubic feet to 3.401 trillion cubic feet in the week ended August 26, against an expected rise of 41 billion cubic feet, addition of 11 billion cubic feet in the prior week, 96 billion cubic feet a year earlier and a five-year average of 67 billion cubic feet.
At the MCX, Natural gas futures for September 2016 contract were trading at Rs 187.5 per mmbtu, up by 0.11 per cent, after opening at Rs. 187.5, against the previous closing price of Rs. 187.3. It touched the intra-day high of Rs. 188.3. (At 14:14 PM)
Zinc flat on uncertain Euro area outlook
02/09/2016 14:10
ZINC: UP TREND
Zinc futures were trading unchanged during noon trade in the domestic market on Friday as investors and speculators exit positions in the industrial metal amid weak physical demand for zinc in the domestic spot market.
Further, manufacturing activity in the Euro area expanded at the slowest pace in three months in August with the PMI falling to 51.7 from 52 in July, signaling a weakening pace of growth in the 19-member economy, clouding the demand outlook for metals.
At the MCX, zinc futures for September 2016 contract is trading at Rs 156.65 per kg, unchanged, after opening at Rs 156.90, against a previous close of Rs 156.65. (At 14:07 PM).
Soft physical demand bites Mentha Oil
02/09/2016 13:57
MENTHAOIL: DOWN TREND
Mentha oil futures fell during noon trade in the domestic market on Friday 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 884.4 per kg, down by 0.48 per cent after opening at Rs 888, against the previous closing price of Rs 888.70. It touched the intra-day low of Rs 883.7 (at 13:40 PM).
Cardamom flat in noon trade
02/09/2016 13:56
CARDAMOM: DOWN TREND
Cardamom futures were trading flat during noon trade in the domestic market on Friday as investors and speculators shied away from booking fresh 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 in the country also weighed on cardamom prices.
At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,132 per kg, up by 0.04 per cent, after opening at Rs 1,138.80, against a previous close of Rs 1,131.60. It touched the intra-day high of Rs 1,138.8 (at 13:40 PM).
White metal shines on overseas cues
02/09/2016 13:54
SILVER: UP TREND
Silver futures were trading higher during the afternoon trade in the domestic market on Friday as investors and speculators widened their bets in the precious metal amid weaker US dollar and a firming trend in precious metals overseas.
Further, building up of fresh bets by participants in the spot markets was mainly in-line with a firm trend in precious metals overseas, supported silver prices at futures trade in domestic market.
Weaker greenback makes silver cheaper for those holding other currencies, thus rising demand. At the MCX, silver futures for September 2016 contract is trading at Rs 44,460 per kg, up by 0.37 per cent, after opening at Rs 44,528, against a previous close of Rs 44,298. It touched the intra-day high of Rs 44,549 (at 13:45 hours).
Copper bulls in command
02/09/2016 13:45
COPPER: UP TREND
Copper futures rose during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for copper in the domestic spot market.
Further, an improving demand outlook from China, the world’s biggest metals consuming nation, also buoyed copper as the country’s manufacturing bounced back into expansion territory with the PMI at an almost two-year high of 50.4 in August.
At the MCX, copper futures for November 2016 contract is trading at Rs 312.85 per kg, up by 0.24 per cent, after opening at Rs 313.1, against a previous close of Rs 312.1. It touched the intra-day high of Rs 314 (at 13:40 PM).
Bullion retreats before US August jobs numbers
02/09/2016 12:41
BULLION: UP TREND
Gold futures were trading with modest losses during noon trade in the domestic market on Friday as traders resorted to a cautious approach ahead of the US jobs data which may determine whether the world’s top central bank moves to tighten interest rates as early as this month.
Non-farm payrolls in the US may have increased by a strong 180,000 in August after a 255,000 rise in July, signaling a healthy job market recovery in the world’s biggest economy that may prompt the Fed to hike borrowing costs before the end of the year, dimming the lure for the yellow metal as a store of value.
At the MCX, gold futures for October 2016 contract is trading at Rs 30,728 per 10 grams, down by 0.14 per cent, after opening at Rs 30,919, against a previous close of Rs 30,772. It touched the intra-day low of Rs 30,711 (at 12:39 PM).
