Mcx Commodity Market News : Morning Session - 26.9.2016
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Natural Gas bulls rule the roost
26/09/2016 14:28
NATURALGAS: UPTREND
Natural gas futures jumped during noon trade in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity amid a bullish global trend where prices bounced back from a two-session slump caused by worries of oversupplies.
Natural gas supplies in the US rose by 52 billion cubic feet in the week ended September 16, 2016 to 3.551 trillion cubic feet, 4 per cent higher than levels at this time a year ago and 7.5 per cent above the five-year average for this time of year.
At the MCX, natural gas futures for September 2016 contract is trading at Rs 198.9 per mmbtu, up by 1.38 per cent, after opening at Rs 196.6, against a previous close of Rs 196.2. It touched the intra-day high of Rs 199.6 (at 13:24 PM).
Zinc in reverse gear on US factory woes
26/09/2016 14:20
ZINC: DOWN TREND
Zinc futures tumbled by more than 1 per cent during noon trade in the domestic market on Monday as investors and speculators exit positions in the industrial metal amid soft physical demand for zinc in the domestic spot market.
Further, a slowdown in US manufacturing raised concerns over the health of the world’s biggest economy, dimming the demand outlook for metals. A gauge measuring US manufacturing fell to 51.4 in September compared to 52 in August, with a reading above 50 signaling expansion.
At the MCX, zinc futures for September 2016 contract is trading at Rs 149.7 per kg, down by 1.16 per cent, after opening at Rs 151.05, against a previous close of Rs 151.45. It touched the intra-day low of Rs 149.45 (at 14:19 PM).
Copper futures drop 0.78% on muted demand, global cues
26/09/2016 14:13
COPPER: DOWN TREND
Copper futures were trading lower during the afternoon trade in the domestic market on Monday as participants remained on the sidelines in the industrial metal on low demand from consuming industries in the domestic spot markets amid a weak trend in base metals overseas. Besides, offloading of positions by traders on the back of a weak trend in global markets and fall in demand from domestic consuming industries, influenced copper prices at futures trade.
At the MCX, copper futures for November 2016 contract is trading at Rs 325.25 per kg, down by 0.78 per cent, after opening at Rs 327, against a previous close of Rs 327.80. It touched the intra-day low of Rs 325.15 (at 14:11 hours).
White metal loses sheen on weak global cues
26/09/2016 14:07
SILVER: DOWN TREND
Silver futures were trading lower during the afternoon trade in the domestic market on Monday as investors and speculators trimmed their positions in the precious metals at the domestic spot markets amid a weakening trend overseas.
The prices for silver decline at futures trade due to a weak trend in the precious metals overseas as the dollar erased losses, dimming the precious metals’ appeal as an alternative investment, led to drop in silver prices at the futures trade in domestic markets.
At the MCX, silver futures for December 2016 contract is trading at Rs 46,411 per kg, down by 0.87 per cent, after opening at Rs 46,800, against a previous close of Rs 46,817. It touched the intra-day low of Rs 46,340 (at 14:02 hours).
Upbeat physical demand buoys Mentha Oil
26/09/2016 13:10
MENTHAOIL: UPTREND
Mentha Oil futures rose during noon trade in the domestic market on Monday as investors and speculators booked fresh positions in the agri-commodity amid firm physical demand for mentha oil from major consuming industries in the domestic spot market.
Further, restricted supplies amid lower physical arrivals from the major mentha oil producing regions in the country also exerted upward pressure on domestic mentha oil prices.
At the MCX, mentha oil futures for September 2016 contract were trading at Rs 879.4 per kg, up by 0.24 per cent after opening at Rs 878.30, against the previous closing price of Rs 877.30. It touched the intra-day high of Rs 881.70 (at 13:10 PM).
