Mcx Commodity Market News : Evening Session - 30.9.2016
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Subdued demand drags down copper futures by 0.17%
30/09/2016 14:14
Copper futures were trading lower during the afternoon trade in the domestic market on Friday as participants trimmed their bets in the industrial metal amid sluggish physical demand for copper, in the domestic spot market. Further, fall in prices for copper was attributed to cut down of bets by speculators in the domestic markets following subdued demand from consuming industries.
At the MCX, copper futures for November 2016 contract is trading at Rs 325.45 per kg, down by 0.17 per cent, after opening at Rs 325.20, against a previous close of Rs 326. It touched the intra-day low of Rs 324.15 (at 14:08 hours).
Yellow metal in reverse gear
30/09/2016 13:52
Gold futures were little changed during the afternoon trade in the domestic market on Friday as investors and speculators remained on the sidelines in the precious metal in the domestic spot markets despite mixed US data which released on Friday.
Meanwhile, participants awaited the release of the US personal spending and consumer sentiment data, as well as report on manufacturing activity in the Chicago area for further indications on the strength of the economy.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,150 per 10 grams, down by 0.05 per cent, after opening at Rs 31100, against a previous close of Rs 31165. It touched the intra-day low of Rs 31056 (at 13:43 hours).
Surgical strikes haven’t affected gold prices in India: Moily
30/09/2016 13:09
Chairman, Parliamentary Standing Committee on Finance, M. Veerappa Moily has said that India surgical strikes on Pakistan have not affected gold prices in India at an ASSOCHAM event on Thursday.
“Need policies for promoting gold as investment of the country; shall suggest appropriate policies to standing committee. The domestic saving coming down drastically and the gold can play an important role in the economy of the country,” said Moily while inaugurating an ASSOCHAM 9th International Gold Summit & Excellence Awards.
Due to its high liquidity, financing against gold has caught on very well with banks. With huge base of stable and growing depositors coupled with larger number of loan seekers, banks have become a vibrant hub for gold activities-both for purchase as well as lending. The importance of Banks in this activity cannot be undermined and as the demand for gold grows, it will increase the importance and effectiveness of banking sector -largely for its trust as well as affordable lending rates.
He said that gold has been considered as a safe haven asset throughout history as it has been viewed as a store of value and a means of exchange for millennia. It is essentially a currency that cannot be manipulated by the interest rate policies of the government and has traditionally been used as a hedge against inflation or a falling dollar. The sentiment towards the yellow metal remains very high irrespective of the rise/fall in prices and this love for the commodity has made the nation heavily reliant on imports of commodities. Petroleum crude accounts for about 34 percent of the total inward shipments, followed by gold and silver (12 percent of the total imports), machinery (10 percent), electronic goods (7 percent) and pearls, precious and semi-precious stones (5 percent), added Moily.
The Indian gems and jewellery sector is among the most competitive in the world, contributing to 65 per cent by value, 85 per cent by carat and 92 per cent by number of pieces globally, and accounting for more than USD 36 billion of total Indian exports as in 2014-15.In recognition of the business excellence demonstrated by entrepreneurs who make up this industry.
India is one of the largest importers of gold in the world. India accounts for nearly one-third of the total world demand for Gold. At more than 20,000 tonnes, Indian households hold the largest stock of gold in the world, noted Moily.
He also said that as per estimates, India is the world’s largest buyer of Gold followed by China and both countries account for over half of the global demand. India has an estimated private gold stock of 20,000 tonnes worth USD 1 trillion, while it mines only around 1.5 tonnes. About 35 per cent of the Gold demand in India is for investment purpose and is held in the form of bars and coins.
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30/09/2016 14:14
Copper futures were trading lower during the afternoon trade in the domestic market on Friday as participants trimmed their bets in the industrial metal amid sluggish physical demand for copper, in the domestic spot market. Further, fall in prices for copper was attributed to cut down of bets by speculators in the domestic markets following subdued demand from consuming industries.
At the MCX, copper futures for November 2016 contract is trading at Rs 325.45 per kg, down by 0.17 per cent, after opening at Rs 325.20, against a previous close of Rs 326. It touched the intra-day low of Rs 324.15 (at 14:08 hours).
Yellow metal in reverse gear
30/09/2016 13:52
Gold futures were little changed during the afternoon trade in the domestic market on Friday as investors and speculators remained on the sidelines in the precious metal in the domestic spot markets despite mixed US data which released on Friday.
Meanwhile, participants awaited the release of the US personal spending and consumer sentiment data, as well as report on manufacturing activity in the Chicago area for further indications on the strength of the economy.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,150 per 10 grams, down by 0.05 per cent, after opening at Rs 31100, against a previous close of Rs 31165. It touched the intra-day low of Rs 31056 (at 13:43 hours).
Surgical strikes haven’t affected gold prices in India: Moily
30/09/2016 13:09
Chairman, Parliamentary Standing Committee on Finance, M. Veerappa Moily has said that India surgical strikes on Pakistan have not affected gold prices in India at an ASSOCHAM event on Thursday.
“Need policies for promoting gold as investment of the country; shall suggest appropriate policies to standing committee. The domestic saving coming down drastically and the gold can play an important role in the economy of the country,” said Moily while inaugurating an ASSOCHAM 9th International Gold Summit & Excellence Awards.
Due to its high liquidity, financing against gold has caught on very well with banks. With huge base of stable and growing depositors coupled with larger number of loan seekers, banks have become a vibrant hub for gold activities-both for purchase as well as lending. The importance of Banks in this activity cannot be undermined and as the demand for gold grows, it will increase the importance and effectiveness of banking sector -largely for its trust as well as affordable lending rates.
He said that gold has been considered as a safe haven asset throughout history as it has been viewed as a store of value and a means of exchange for millennia. It is essentially a currency that cannot be manipulated by the interest rate policies of the government and has traditionally been used as a hedge against inflation or a falling dollar. The sentiment towards the yellow metal remains very high irrespective of the rise/fall in prices and this love for the commodity has made the nation heavily reliant on imports of commodities. Petroleum crude accounts for about 34 percent of the total inward shipments, followed by gold and silver (12 percent of the total imports), machinery (10 percent), electronic goods (7 percent) and pearls, precious and semi-precious stones (5 percent), added Moily.
The Indian gems and jewellery sector is among the most competitive in the world, contributing to 65 per cent by value, 85 per cent by carat and 92 per cent by number of pieces globally, and accounting for more than USD 36 billion of total Indian exports as in 2014-15.In recognition of the business excellence demonstrated by entrepreneurs who make up this industry.
India is one of the largest importers of gold in the world. India accounts for nearly one-third of the total world demand for Gold. At more than 20,000 tonnes, Indian households hold the largest stock of gold in the world, noted Moily.
He also said that as per estimates, India is the world’s largest buyer of Gold followed by China and both countries account for over half of the global demand. India has an estimated private gold stock of 20,000 tonnes worth USD 1 trillion, while it mines only around 1.5 tonnes. About 35 per cent of the Gold demand in India is for investment purpose and is held in the form of bars and coins.
