Mcx Commodity Market News: Evening Session - 7.9.2016
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Copper futures zoom on global cues
07/09/2016 16:32
COPPER: UP TREND
Copper futures were trading higher during the evening trade in the domestic market on Wednesday as participants widened their bets in the industrial metal on pickup in demand as lower-than-expected US economic data pushed the US dollar lower. The US services index fell to 51.4 in August, the lowest since February 2010, from 55.5 in July, pointing to fading economic growth that dragged on the greenback and further diminished prospects for a ner term US interest rate hike.
At the MCX, copper futures for November 2016 contract is trading at Rs 313.70 per kg, up by 0.85 per cent, after opening at Rs 313, against a previous close of Rs 311.05. It touched the intra-day high of Rs 314.45 (at 16:24 hours).
Nickel rallies over 1% in noon trade
07/09/2016 15:28
NICKEL: UP TREND
Nickel futures rose by more than 1 per cent during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid robust physical demand for nickel, from alloy-makers, in the domestic spot market.
Continued speculation of dwindling supplies from Philippines in the wake of a government crackdown on illegal mines exacerbated concerns of a shortage of the metal, while an improving demand outlook from China amid signs of a stabilizing economic slowdown, also offered support to prices.
At the MCX, nickel futures for September 2016 contract is trading at Rs 678.9 per kg, up by 1.15 per cent, after opening at Rs 671.90, against a previous close of Rs 671.20. It touched the intra-day high of Rs 679.6 (at 15:25 PM).
Crude oil futures zoom on global cues
07/09/2016 15:16
CRUDEOIL: UP TREND
Crude oil futures were trading higher during the afternoon trade in the domestic market on Wednesday as investors and speculators widened their bets in the energy commodity on dollar weakning and amidst optimism that the Saudi-Russia accord may lead to stability in the market and help ease a supply glut.
Saudi Arabia and Russia, two of the top oil producers in the world, have said that they would establish a working group that will keep a close watch on the oil market and come up with measures to promote stability in prices.
Weaker greenback makes crude less expensive for those holding other currencies, thus rising demand.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,006 per barrel, up by 1.42 per cent, after opening at Rs 2,981, against a previous close of Rs 2,964. It touched the intra-day high of Rs 3,016 (at 15:11 hours).
Silver in reverse gear on Fed Williams’ comments
07/09/2016 14:54
SILVER: DOWN TREND
Silver futures fell during noon trade in the domestic market on Wednesday as investors and speculators exit positions in the precious metal after a top US Federal Reserve official favoured a sooner rather than later interest rate hike, dimming the lure for the bullion as a store of value.
San Francisco Fed President John Williams said that the US economy was in good shape despite the recent disappointing data, keeping the door open for further policy tightening over the coming months.
At the MCX, silver futures for December 2016 contract is trading at Rs 47,391 per kg, down by 0.45 per cent, after opening at Rs 47,512, against a previous close of Rs 47,607. It touched the intra-day low of Rs 47,115 (at 14:53 PM).
Copper bulls hog the limelight
07/09/2016 14:35
COPPER: UP TREND
Copper futures jumped by more than 1 per cent during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal tracking firm global cues as weak US and Euro area data signaled a prolonged period of loose monetary policies to support economic growth, improving demand prospects.
A US services index fell to 51.4 in August, the lowest since February 2010, from 55.5 in July, while Euro area private sector growth fell to the lowest in 19 months as a combined manufacturing and services gauge declined to 52.9 from 53.2 in July, with a reading above 50 signaling expansion.
At the MCX, copper futures for November 2016 contract is trading at Rs 314.25 per kg, up by 1.03 per cent, after opening at Rs 313, against a previous close of Rs 311.05. It touched the intra-day high of Rs 314.45. (at 14:28 PM).
White metal loses sheen on global cues
07/09/2016 13:46
SILVER: DOWN TREND
Silver futures were trading lower during the afternoon trade in the domestic market on Wednesday as investors and speculators cut short their bets in the precious metal tracking weak cues from overseas markets.
Also, profit-booking at prevailing levels by speculators too weighed on silver prices.
Stronger greenback makes silver costlier for those holding other currencies, thus diminishing demand. At the MCX, silver futures for December 2016 contract is trading at Rs 47,300 per kg, down by 0.64 per cent, after opening at Rs 47,512, against a previous close of Rs 47,607. It touched the intra-day low of Rs 47,115 (at 13:44 hours).
Gold flat on US rate hike uncertainty
07/09/2016 13:44
GOLD: DOWN TREND
Gold futures were trading flat, with a negative bias on Wednesday during noon trade in the domestic market as investors shied away from booking fresh positions in the yellow metal amid uncertainty surrounding the timing of the next US Federal Reserve interest rate hike.
San Francisco Fed President John Williams said that the US economy was in good shape despite the recent disappointing data as he backed the case for a rate hike sooner rather than later, curbing the lure for the bullion as a store of value.
While US payrolls data underwhelmed in August, services growth plunged to a six-year low.
Gold, a non-interest bearing asset, tends to lose sheen in a rising interest rate scenario.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,360 per 10 grams, down by 0.06 per cent, after opening at Rs 31,440, against a previous close of Rs 31,378. It touched the intra-day low of Rs 31,351 (at 13:38 PM).
Mentha oil slips on soft physical demand
07/09/2016 12:57
MENTHAOIL: DOWN TREND
Mentha oil futures fell during noon trade in the domestic market on Wednesday 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 domestic prices.
At the MCX, mentha oil futures for September 2016 contract were trading at Rs 901 per kg, down by 0.40 per cent after opening at Rs 905.10, against the previous closing price of Rs 904.60. It touched the intra-day low of Rs 899.4 (at 12:57 PM).
Cardamom lower on weak physical demand
07/09/2016 12:56
CARDAMOM: DOWN TREND
Cardamom futures fell during noon trade in the domestic market on Wednesday as investors and speculators exit positions in the agri-commodity amid soft 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 exerted downward pressure on domestic cardamom prices.
At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,136 per kg, down by 0.25 per cent, after opening at Rs 1,143, against a previous close of Rs 1,138.90. It touched the intra-day low of Rs 1,136 (at 12:54 PM).
Yellow metal little changed on overseas cues
07/09/2016 12:49
GOLD: DOWN TREND
Gold futures were little changed during the afternoon trade in the domestic market on wednesday as investors and speculators enlarged their positions in the precious metal on dollar weakning amid increased expectations that the US Fed may not hike interest rates in September in the world’s biggest economy after weaker-than-expected US jobs growth in August.
Weaker greenback makes the yellow metal cheaper for those holding other currencies, thus rising demand.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,391 per 10 grams, up by 0.04 per cent, after opening at Rs 31,440, against a previous close of Rs 31,378. It touched the intra-day high of Rs 31,466 (at 12:46 hours).
Free Mcx Commodity Trend Update ( Call - 9094047040)
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Keep Refresh for Fresh Tips
Copper futures zoom on global cues
07/09/2016 16:32
COPPER: UP TREND
Copper futures were trading higher during the evening trade in the domestic market on Wednesday as participants widened their bets in the industrial metal on pickup in demand as lower-than-expected US economic data pushed the US dollar lower. The US services index fell to 51.4 in August, the lowest since February 2010, from 55.5 in July, pointing to fading economic growth that dragged on the greenback and further diminished prospects for a ner term US interest rate hike.
At the MCX, copper futures for November 2016 contract is trading at Rs 313.70 per kg, up by 0.85 per cent, after opening at Rs 313, against a previous close of Rs 311.05. It touched the intra-day high of Rs 314.45 (at 16:24 hours).
Nickel rallies over 1% in noon trade
07/09/2016 15:28
NICKEL: UP TREND
Nickel futures rose by more than 1 per cent during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid robust physical demand for nickel, from alloy-makers, in the domestic spot market.
Continued speculation of dwindling supplies from Philippines in the wake of a government crackdown on illegal mines exacerbated concerns of a shortage of the metal, while an improving demand outlook from China amid signs of a stabilizing economic slowdown, also offered support to prices.
At the MCX, nickel futures for September 2016 contract is trading at Rs 678.9 per kg, up by 1.15 per cent, after opening at Rs 671.90, against a previous close of Rs 671.20. It touched the intra-day high of Rs 679.6 (at 15:25 PM).
Crude oil futures zoom on global cues
07/09/2016 15:16
CRUDEOIL: UP TREND
Crude oil futures were trading higher during the afternoon trade in the domestic market on Wednesday as investors and speculators widened their bets in the energy commodity on dollar weakning and amidst optimism that the Saudi-Russia accord may lead to stability in the market and help ease a supply glut.
Saudi Arabia and Russia, two of the top oil producers in the world, have said that they would establish a working group that will keep a close watch on the oil market and come up with measures to promote stability in prices.
Weaker greenback makes crude less expensive for those holding other currencies, thus rising demand.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,006 per barrel, up by 1.42 per cent, after opening at Rs 2,981, against a previous close of Rs 2,964. It touched the intra-day high of Rs 3,016 (at 15:11 hours).
Silver in reverse gear on Fed Williams’ comments
07/09/2016 14:54
SILVER: DOWN TREND
Silver futures fell during noon trade in the domestic market on Wednesday as investors and speculators exit positions in the precious metal after a top US Federal Reserve official favoured a sooner rather than later interest rate hike, dimming the lure for the bullion as a store of value.
San Francisco Fed President John Williams said that the US economy was in good shape despite the recent disappointing data, keeping the door open for further policy tightening over the coming months.
At the MCX, silver futures for December 2016 contract is trading at Rs 47,391 per kg, down by 0.45 per cent, after opening at Rs 47,512, against a previous close of Rs 47,607. It touched the intra-day low of Rs 47,115 (at 14:53 PM).
Copper bulls hog the limelight
07/09/2016 14:35
COPPER: UP TREND
Copper futures jumped by more than 1 per cent during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal tracking firm global cues as weak US and Euro area data signaled a prolonged period of loose monetary policies to support economic growth, improving demand prospects.
A US services index fell to 51.4 in August, the lowest since February 2010, from 55.5 in July, while Euro area private sector growth fell to the lowest in 19 months as a combined manufacturing and services gauge declined to 52.9 from 53.2 in July, with a reading above 50 signaling expansion.
At the MCX, copper futures for November 2016 contract is trading at Rs 314.25 per kg, up by 1.03 per cent, after opening at Rs 313, against a previous close of Rs 311.05. It touched the intra-day high of Rs 314.45. (at 14:28 PM).
White metal loses sheen on global cues
07/09/2016 13:46
SILVER: DOWN TREND
Silver futures were trading lower during the afternoon trade in the domestic market on Wednesday as investors and speculators cut short their bets in the precious metal tracking weak cues from overseas markets.
Also, profit-booking at prevailing levels by speculators too weighed on silver prices.
Stronger greenback makes silver costlier for those holding other currencies, thus diminishing demand. At the MCX, silver futures for December 2016 contract is trading at Rs 47,300 per kg, down by 0.64 per cent, after opening at Rs 47,512, against a previous close of Rs 47,607. It touched the intra-day low of Rs 47,115 (at 13:44 hours).
Gold flat on US rate hike uncertainty
07/09/2016 13:44
GOLD: DOWN TREND
Gold futures were trading flat, with a negative bias on Wednesday during noon trade in the domestic market as investors shied away from booking fresh positions in the yellow metal amid uncertainty surrounding the timing of the next US Federal Reserve interest rate hike.
San Francisco Fed President John Williams said that the US economy was in good shape despite the recent disappointing data as he backed the case for a rate hike sooner rather than later, curbing the lure for the bullion as a store of value.
While US payrolls data underwhelmed in August, services growth plunged to a six-year low.
Gold, a non-interest bearing asset, tends to lose sheen in a rising interest rate scenario.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,360 per 10 grams, down by 0.06 per cent, after opening at Rs 31,440, against a previous close of Rs 31,378. It touched the intra-day low of Rs 31,351 (at 13:38 PM).
Mentha oil slips on soft physical demand
07/09/2016 12:57
MENTHAOIL: DOWN TREND
Mentha oil futures fell during noon trade in the domestic market on Wednesday 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 domestic prices.
At the MCX, mentha oil futures for September 2016 contract were trading at Rs 901 per kg, down by 0.40 per cent after opening at Rs 905.10, against the previous closing price of Rs 904.60. It touched the intra-day low of Rs 899.4 (at 12:57 PM).
Cardamom lower on weak physical demand
07/09/2016 12:56
CARDAMOM: DOWN TREND
Cardamom futures fell during noon trade in the domestic market on Wednesday as investors and speculators exit positions in the agri-commodity amid soft 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 exerted downward pressure on domestic cardamom prices.
At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,136 per kg, down by 0.25 per cent, after opening at Rs 1,143, against a previous close of Rs 1,138.90. It touched the intra-day low of Rs 1,136 (at 12:54 PM).
Yellow metal little changed on overseas cues
07/09/2016 12:49
GOLD: DOWN TREND
Gold futures were little changed during the afternoon trade in the domestic market on wednesday as investors and speculators enlarged their positions in the precious metal on dollar weakning amid increased expectations that the US Fed may not hike interest rates in September in the world’s biggest economy after weaker-than-expected US jobs growth in August.
Weaker greenback makes the yellow metal cheaper for those holding other currencies, thus rising demand.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,391 per 10 grams, up by 0.04 per cent, after opening at Rs 31,440, against a previous close of Rs 31,378. It touched the intra-day high of Rs 31,466 (at 12:46 hours).
