Mcx Commodity Market News : Morning Session - 29.9.2016
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Oil jumps nearly 3% on OPEC deal
29/09/2016 11:27
Crude oil futures soared during late morning trade in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity after the OPEC agreed to cut output for the first time since 2008, easing worries of a global supply glut. The OPEC, a cartel which accounts for about 40 per cent of global crude supplies, at an informal meeting in Algiers on Wednesday, agreed in a preliminary deal to cut output to a range of 32.5 million to 33 million barrels per day. Iran will be exempt from capping output, while some details of the production cut are still to be worked out with the individual production cut targets for each country to be decided only in end-November when the OPEC meets. Meanwhile, US crude oil supplies fell for a fourth straight week with the EIA reporting a 1.9 million barrels draw to 502.7 million barrels for the week ended September 23, 2016. At the MCX, crude oil futures for October 2016 contract is trading at Rs 3,147 per barrel, up by 2.81 per cent, after opening at Rs 3,071, against a previous close of Rs 3,061. It touched the intra-day high of Rs 3,149. (At 11:18 AM).
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Aluminium futures climb 0.64% on spot demand
29/09/2016 11:03
Aluminium futures were trading higher during the morning trade in the domestic market on Thursday as participants widened their positions amidst uptick in physical demand for aluminium in the domestic spot market. Further, an increase in demand for aluminium at the domestic spot market was led by building up of fresh positions by participants in the spot markets, supported aluminium prices at futures trade. At the MCX, aluminium futures for September 2016 contract is trading at Rs 110.40 per kg, up by 0.64 per cent, after opening at Rs 110.10, against a previous close of Rs 109.70. It touched the intra-day high of Rs 110.45 (at 11:01 hours).
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Zinc futures up 0.58% on pickup in demand
29/09/2016 10:58
Zinc futures were trading higher during the morning trade in the domestic market on Thursday as investors and speculators widened their positions in the industrial metal amid an upsurge in demand from consuming industries at the domestic spot markets. Further, participants build up fresh positions in the industrial metal due to a surge in demand from consuming industries, supported prices of zinc at futures trade. At the MCX, zinc futures for September 2016 contract is trading at Rs 155.90 per kg, up by 0.58 per cent, after opening at Rs 155.50, against a previous close of Rs 155. It touched the intra-day high of Rs 156.20 (at 10:56 hours).
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Nickel futures rise on overseas cues
29/09/2016 10:53
Continuing its yesterday’s gaining momentum Nickel futures were trading higher during the morning trade in the domestic market on Thursday after the Philippines said that twenty more mines likely to be suspended for environmental violations, thus threatening supply from the world's top nickel ore exporter. The Philippines order came after officials vowed to pursue stricter standards than in global mining centers such as Canada and Australia. However, Manila has already halted ten mines in an audit. At the MCX, nickel futures for September 2016 contract is trading at Rs 714.20 per kg, up by 0.98 per cent, after opening at Rs 709, against a previous close of Rs 707.30. It touched the intra-day high of Rs 715.50 (at 10:48 hours).
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Mentha oil futures slide on muted demand
29/09/2016 10:45
Mentha oil futures were trading lower during the morning trade in the domestic market on Thursday as participants remained on the sidelines in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, trimming of positions by traders in the spot market due to decline in physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on significant supplies from producing regions, influencted mentha oil prices at futures trade. At the MCX, mentha oil futures for September 2016 contract were trading at Rs 862.30 per kg, down by 0.20 per cent after opening at Rs 862, against the previous closing price of Rs 864. It touched the intra-day low of Rs 855.10 (at 10:42 hours).
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Uptick in demand lifts cardamom futures by 0.59%
29/09/2016 10:39
Cardamom futures were trading higher during the morning trade in the domestic market on Thursday as investors and speculators build up fresh positions in the agri-commodity amid a rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies amid restricted physical arrivals from the major cardamom producing regions, too supported the uptrend in the domestic cardamom prices. At the MCX, cardamom futures for September 2016 contract is trading at Rs 110.35 per kg, up by 0.59 per cent, after opening at Rs 110, against a previous close of Rs 109.70. It touched the intra-day high of Rs 110.40 (at 10:38 hours).
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29/09/2016 11:27
Crude oil futures soared during late morning trade in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity after the OPEC agreed to cut output for the first time since 2008, easing worries of a global supply glut. The OPEC, a cartel which accounts for about 40 per cent of global crude supplies, at an informal meeting in Algiers on Wednesday, agreed in a preliminary deal to cut output to a range of 32.5 million to 33 million barrels per day. Iran will be exempt from capping output, while some details of the production cut are still to be worked out with the individual production cut targets for each country to be decided only in end-November when the OPEC meets. Meanwhile, US crude oil supplies fell for a fourth straight week with the EIA reporting a 1.9 million barrels draw to 502.7 million barrels for the week ended September 23, 2016. At the MCX, crude oil futures for October 2016 contract is trading at Rs 3,147 per barrel, up by 2.81 per cent, after opening at Rs 3,071, against a previous close of Rs 3,061. It touched the intra-day high of Rs 3,149. (At 11:18 AM).
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29/09/2016 11:03
Aluminium futures were trading higher during the morning trade in the domestic market on Thursday as participants widened their positions amidst uptick in physical demand for aluminium in the domestic spot market. Further, an increase in demand for aluminium at the domestic spot market was led by building up of fresh positions by participants in the spot markets, supported aluminium prices at futures trade. At the MCX, aluminium futures for September 2016 contract is trading at Rs 110.40 per kg, up by 0.64 per cent, after opening at Rs 110.10, against a previous close of Rs 109.70. It touched the intra-day high of Rs 110.45 (at 11:01 hours).
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29/09/2016 10:58
Zinc futures were trading higher during the morning trade in the domestic market on Thursday as investors and speculators widened their positions in the industrial metal amid an upsurge in demand from consuming industries at the domestic spot markets. Further, participants build up fresh positions in the industrial metal due to a surge in demand from consuming industries, supported prices of zinc at futures trade. At the MCX, zinc futures for September 2016 contract is trading at Rs 155.90 per kg, up by 0.58 per cent, after opening at Rs 155.50, against a previous close of Rs 155. It touched the intra-day high of Rs 156.20 (at 10:56 hours).
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29/09/2016 10:53
Continuing its yesterday’s gaining momentum Nickel futures were trading higher during the morning trade in the domestic market on Thursday after the Philippines said that twenty more mines likely to be suspended for environmental violations, thus threatening supply from the world's top nickel ore exporter. The Philippines order came after officials vowed to pursue stricter standards than in global mining centers such as Canada and Australia. However, Manila has already halted ten mines in an audit. At the MCX, nickel futures for September 2016 contract is trading at Rs 714.20 per kg, up by 0.98 per cent, after opening at Rs 709, against a previous close of Rs 707.30. It touched the intra-day high of Rs 715.50 (at 10:48 hours).
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29/09/2016 10:45
Mentha oil futures were trading lower during the morning trade in the domestic market on Thursday as participants remained on the sidelines in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, trimming of positions by traders in the spot market due to decline in physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on significant supplies from producing regions, influencted mentha oil prices at futures trade. At the MCX, mentha oil futures for September 2016 contract were trading at Rs 862.30 per kg, down by 0.20 per cent after opening at Rs 862, against the previous closing price of Rs 864. It touched the intra-day low of Rs 855.10 (at 10:42 hours).
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29/09/2016 10:39
Cardamom futures were trading higher during the morning trade in the domestic market on Thursday as investors and speculators build up fresh positions in the agri-commodity amid a rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies amid restricted physical arrivals from the major cardamom producing regions, too supported the uptrend in the domestic cardamom prices. At the MCX, cardamom futures for September 2016 contract is trading at Rs 110.35 per kg, up by 0.59 per cent, after opening at Rs 110, against a previous close of Rs 109.70. It touched the intra-day high of Rs 110.40 (at 10:38 hours).
