Mcx Commodity Market News: Evening Session - 21.9.2016
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Cabinet approves winding up of Hindustan Diamond Company
21/09/2016 14:02
The government has given its approval for initiating the process of winding up of Hindustan Diamond Company Private Limited (HDCPL).
“The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for initiating the process of winding up of Hindustan Diamond Company Private Limited (HDCPL), a 50:50 joint venture of the Government of India and De Beers Centenary Mauritius Limited (DBCML),” Ministry of Commerce and Industry said in a statement.
The HDCPL was incorporated under the Companies Act, 1956 in 1978. The objective of formation of the Company was to supply rough diamonds to diamond processing industry in India, particularly to small and medium diamond jewellery exporters, who had no direct access to rough diamonds from Diamond Trading Company (DTC), London, the marketing arm of De Beers who held a very large chunk of world’s rough diamonds market.
The winding up of HDCPL is not likely to affect supply of rough diamonds to Indian diamantaires as Indian diamond industry has grown in these years and several Indian players are sightholders with top diamond producers now.
Also, with the objective to facilitate the constant supply of rough diamonds and to make India an International Diamond Trading Hub, the Government has created a Special Notified Zone (SNZ) at Bharat Diamond Bourse, Mumbai in 2015.
At present viewing operations are being carried out in the SNZ at Mumbai wherein Foreign Mining Companies (FMCs) only display their rough diamond lots to the Indian manufacturers and then take them back. Thereafter the sales are carried through e-auction from offices situated in other countries to Indian manufacturers. This facility has enabled even smaller Indian players to have direct access of supply of rough diamonds.
Zinc futures in reverse gear
21/09/2016 13:53
ZINC: DOWN TREND
Zinc futures were trading lower during the afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions amid decrease in demand from consuming industries at the domestic spot markets.
Investors remained on the sidelines as they keenly eyed the outcome of the US Federal Reserve’s two-day policy meet, which will be released lated in the day after the Bank of Japan adjusted its monetary policy. At the MCX, zinc futures for September 2016 contract is trading at Rs 152.75 per kg, down by 0.59 per cent, after opening at Rs 153.20, against a previous close of Rs 153.65. It touched the intra-day low of Rs 152.50 (at 13:43 hours).
Cardamom futures drop as demand eases
21/09/2016 13:51
CARDAMOM: DOWN TREND
Cardamom futures were trading lower during the afternoon trade in the domestic market on Wednesday as investors and speculators cut down their positions in the agri-commodity amid slide in the physical demand for cardamom in the domestic spot market. Further, sufficient supplies amid higher physical arrivals from the major cardamom producing regions, too influenced the downtrend in the domestic cardamom prices. At the MCX, cardamom futures for October 2016 contract is trading at Rs 1,143.90 per kg, down by 1.19 per cent, after opening at Rs 1,155.50, against a previous close of Rs 1,157.70. It touched the intra-day low of Rs 1,137 (at 13:38 hours).
Subdued demand drags down copper futures by 0.15%
21/09/2016 12:21
COPPER: DOWN TREND
Copper futures were trading lower during the noon trade in the domestic market on Wednesday as participants trimmed their bets in the industrial metal on decline in demand from domestic markets and tracking a weak trend overseas. Besides, muted demand from consuming industries in the spot market weighed on prices.
At the MCX, copper futures for November 2016 contract is trading at Rs 323.85 per kg, down by 0.15 per cent, after opening at Rs 324, against a previous close of Rs 324.35. It touched the intra-day low of Rs 323.40 (at 12:18 hours).
Crude oil futures climb over 2%
21/09/2016 12:14
CRUDEOIL: UPTREND
Crude oil futures were trading higher during the noon trade in the domestic market on Wednesday as investors and speculators widened their bets amid a mixed trend overseas.
The crude oil prices soared as participants keenly eyed the release of the US energy stockpiles data and an outcome of the US Federal Reserve’s on interest rates.
At the MCX, crude oil futures for October 2016 contract is trading at Rs 3,030 per barrel, up by 2.50 per cent, after opening at Rs 2,965, against a previous close of Rs 2,956. It touched the intra-day high of Rs 3,037 (at 12:07 hours).
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Cabinet approves winding up of Hindustan Diamond Company
21/09/2016 14:02
The government has given its approval for initiating the process of winding up of Hindustan Diamond Company Private Limited (HDCPL).
“The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for initiating the process of winding up of Hindustan Diamond Company Private Limited (HDCPL), a 50:50 joint venture of the Government of India and De Beers Centenary Mauritius Limited (DBCML),” Ministry of Commerce and Industry said in a statement.
The HDCPL was incorporated under the Companies Act, 1956 in 1978. The objective of formation of the Company was to supply rough diamonds to diamond processing industry in India, particularly to small and medium diamond jewellery exporters, who had no direct access to rough diamonds from Diamond Trading Company (DTC), London, the marketing arm of De Beers who held a very large chunk of world’s rough diamonds market.
The winding up of HDCPL is not likely to affect supply of rough diamonds to Indian diamantaires as Indian diamond industry has grown in these years and several Indian players are sightholders with top diamond producers now.
Also, with the objective to facilitate the constant supply of rough diamonds and to make India an International Diamond Trading Hub, the Government has created a Special Notified Zone (SNZ) at Bharat Diamond Bourse, Mumbai in 2015.
At present viewing operations are being carried out in the SNZ at Mumbai wherein Foreign Mining Companies (FMCs) only display their rough diamond lots to the Indian manufacturers and then take them back. Thereafter the sales are carried through e-auction from offices situated in other countries to Indian manufacturers. This facility has enabled even smaller Indian players to have direct access of supply of rough diamonds.
Zinc futures in reverse gear
21/09/2016 13:53
ZINC: DOWN TREND
Zinc futures were trading lower during the afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions amid decrease in demand from consuming industries at the domestic spot markets.
Investors remained on the sidelines as they keenly eyed the outcome of the US Federal Reserve’s two-day policy meet, which will be released lated in the day after the Bank of Japan adjusted its monetary policy. At the MCX, zinc futures for September 2016 contract is trading at Rs 152.75 per kg, down by 0.59 per cent, after opening at Rs 153.20, against a previous close of Rs 153.65. It touched the intra-day low of Rs 152.50 (at 13:43 hours).
Cardamom futures drop as demand eases
21/09/2016 13:51
CARDAMOM: DOWN TREND
Cardamom futures were trading lower during the afternoon trade in the domestic market on Wednesday as investors and speculators cut down their positions in the agri-commodity amid slide in the physical demand for cardamom in the domestic spot market. Further, sufficient supplies amid higher physical arrivals from the major cardamom producing regions, too influenced the downtrend in the domestic cardamom prices. At the MCX, cardamom futures for October 2016 contract is trading at Rs 1,143.90 per kg, down by 1.19 per cent, after opening at Rs 1,155.50, against a previous close of Rs 1,157.70. It touched the intra-day low of Rs 1,137 (at 13:38 hours).
Subdued demand drags down copper futures by 0.15%
21/09/2016 12:21
COPPER: DOWN TREND
Copper futures were trading lower during the noon trade in the domestic market on Wednesday as participants trimmed their bets in the industrial metal on decline in demand from domestic markets and tracking a weak trend overseas. Besides, muted demand from consuming industries in the spot market weighed on prices.
At the MCX, copper futures for November 2016 contract is trading at Rs 323.85 per kg, down by 0.15 per cent, after opening at Rs 324, against a previous close of Rs 324.35. It touched the intra-day low of Rs 323.40 (at 12:18 hours).
Crude oil futures climb over 2%
21/09/2016 12:14
CRUDEOIL: UPTREND
Crude oil futures were trading higher during the noon trade in the domestic market on Wednesday as investors and speculators widened their bets amid a mixed trend overseas.
The crude oil prices soared as participants keenly eyed the release of the US energy stockpiles data and an outcome of the US Federal Reserve’s on interest rates.
At the MCX, crude oil futures for October 2016 contract is trading at Rs 3,030 per barrel, up by 2.50 per cent, after opening at Rs 2,965, against a previous close of Rs 2,956. It touched the intra-day high of Rs 3,037 (at 12:07 hours).
