Mcx Commodity Market News : Morning Session - 16.9.2016
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Sluggish demand drags down zinc futures by 0.24%
16/09/2016 11:50
ZINC: DOWN TREND
Zinc futures were trading lower during the late morning trade in the domestic market on Friday as investors and speculators trimmed their positions amid sluggish demand from consuming industries at the domestic spot markets.
Further, a decline in demand for zinc at the domestic spot market was due to cut down of bets by traders in the spot market, influenced zinc prices at futures trade. At the MCX, zinc futures for September 2016 contract is trading at Rs 148.45 per kg, down by 0.24 per cent, after opening at Rs 148.55, against a previous close of Rs 148.80. It touched the intra-day low of Rs 148.20 (at 11:47 hours).
Glut fears hit Crude oil
16/09/2016 11:24
CRUDEOIL: DOWN TREND
Crude oil futures plunged by more than 1 per cent during morning trade in the domestic market on Friday as investors and speculators exit positions in the energy commodity as a return of disrupted supplies and slowing demand growth threaten to prolong a supply glut.
Libya and Nigeria are planning to boost crude exports within weeks. Supplies from the two OPEC members had been curbed by domestic conflicts.
The IEA warned that the global oil surplus is expected to last longer than it had previously anticipated as output remains resilient while demand growth weakens.
Major oil producing nations will meet later this month amid speculation of an agreement on some measures to stabilize the market.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 2,912 per barrel, down by 1.22 per cent, after opening at Rs 2,925, against a previous close of Rs 2,948. It touched the intra-day low of Rs 2,910 (at 11:18 AM).
Nickel futures trade higher on improved demand
16/09/2016 11:05
NICKEL: DOWN TREND
Nickel futures were trading higher during the morning trade in the domestic market on Friday as investors and speculators build up fresh positions tracking improved demand from alloy-makers at the domestic spot market.
Further, a surge in domestic demand from alloy-makers at the domestic spot market, supported the uptrend in nickel prices at futures trade. At the MCX, nickel futures for September 2016 contract is trading at Rs 651.70 per kg, up by 0.43 per cent, after opening at Rs 649.50, against a previous close of Rs 648.90. It touched the intra-day high of Rs 651.80 (at 11:03 hours).
Mentha oil futures little changed on rising demand
16/09/2016 11:00
MENTHAOIL: UPTREND
Mentha oil futures were little changed during the morning trade in the domestic market on Friday as participants widened their bets in the agri-commodity amid surge in physical demand for mentha oil from major consuming industries in the domestic spot market.
Further, a rise in demand for mentha oil futures was attributed to enlarging of positions by traders in the spot market, supported prices of mentha oil at futures trade.
At the MCX, mentha oil futures for September 2016 contract is trading at Rs 901.50 per kg, up by 0.06 per cent after opening at Rs 901.40, against the previous closing price of Rs 901. It touched the intra-day high of Rs 902.90 (at 10:59 hours).
Cardamom futures up 0.50% on uptick in demand
16/09/2016 10:55
CARDAMOM: UPTREND
Cardamom futures were trading higher during the morning trade in the domestic market on Friday as investors and speculators build up fresh positions in the agri-commodity amid surge in physical demand for cardamom in the domestic spot market. Further, insufficient stocks position amid restricted supplies from producing regions, supported the uptrend in domestic cardamom prices. At the MCX, cardamom futures for October 2016 contract is trading at Rs 1,230 per kg, up by 0.50 per cent, after opening at Rs 1,227.3, against a previous close of Rs 1,223.9. It touched the intra-day high of Rs 1,234.5 (at 10:47 hours).
