Mcx Commodity Market News : Morning Session - 30.9.2016
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
Crude oil futures drop as doubts build over OPEC deal
30/09/2016 12:34
Crude oil futures were trading lower during the noon trade in the domestic market on Friday as investors and speculators trimmed their positions in the energy commodity tracking a weakness in fellow Asian peers.
The prices for oil continue to slide amid skepticism that the Organization of the Petroleum Exporting Countries would carry out a production cut deal it tentatively agreed to on Wednesday.
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.
At the MCX, crude oil futures for October 2016 contract is trading at Rs 3161 per barrel, down by 1.34 per cent, after opening at Rs 3190, against a previous close of Rs 3204. It touched the intra-day low of Rs 3157 (at 12:21 hours).
MIP leading to more imports of finished steel products: EEPC
30/09/2016 11:37
Engineering exporters' body EEPC India said the Minimum Import Price (MIP) on steel is resulting in an inversion of duty with imports of finished goods increasing at a far more rapid speed than raw material, reported PTI. "Any inversion in duty at this stage would be a big setback to the government's flagship programme of Make in India where the entire focus is on taking the country several notches up on the value and technology chain so that we become a factory of the world," EEPC India Chairman T S Bhasin said as per the media report. According to an analysis by EEPC India, imports for the finished goods in the form of products of steel and iron, measured by volume increased in the range of 22.5 per cent and 51 per cent between June and August this year. On the other hand, imports by way of steel and iron used purely for raw material dropped between 16 and 33 per cent in quantity terms between June and August. "With imports of steel and iron products increasing and raw material in the form of pure play steel and iron dropping, it is a clear case of inverted duty, something not good for India's drive on manufacturing," the body said as per the PTI report. Issuing a notification, the Directorate General of Foreign Trade had extended the minimum import price (MIP) on 66 steel products till October 4, 2016. The MIP ranges between USD 341-752 per tonne. The government earlier levied MIP on 173 steel products ranging from USD 341 to USD 752 per tonne on 5 February 2016, which was valid for six months from the date of the notification. "The user engineering industry especially the MSME units are facing difficulty because of sudden escalation in raw material price," the EEPC said. "Segments like auto and auto parts, industrial and electrical machinery, products of MSME sector, which in any case have low margins and are facing cut-throat competition are finding it difficult to be globally competitive," it said.
Lead futures drop 0.43% on sluggish demand
30/09/2016 11:12
Lead futures were trading lower during the morning trade in the domestic market on Friday as participants trimmed their positions in the industrial metal amid sluggish physical demand for lead, from battery-makers, in the domestic spot market. Further, a fall in demand from battery-makers in the domestic spot market, influenced prices of lead at the domestic spot markets. Thus, ahead of peak season battery makers typically start re-stocking metal in the September or October months. At the MCX, lead futures for September 2016 contract is trading at Rs 137.60 per kg, down by 0.43 per cent, after opening at Rs 137.50, against a previous close of Rs 138.20. It touched the intra-day low of Rs 137.30 (at 11:06 hours).
Muted demand drags down aluminium futures by 0.90%
30/09/2016 11:03
Aluminium futures were trading lower during the morning trade in the domestic market on Friday as participants trimmed their positions amid muted physical demand for aluminium in the domestic spot market. Further, a decline in demand for aluminium at the domestic spot market was on account of cut down of bets by participants in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for September 2016 contract is trading at Rs 110 per kg, down by 0.90 per cent, after opening at Rs 110.25, against a previous close of Rs 111. It touched the intra-day low of Rs 109.85 (at 11:01 hours).
Zinc futures slide 0.82% on diminishing demand
30/09/2016 10:58
Zinc futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators trimmed their bets in the industrial metal amid a decline in demand from consuming industries at the domestic spot markets. Further, participants cut down their positions in the industrial metal due to a fall in demand from consuming industries, influenced prices of zinc at futures trade. At the MCX, zinc futures for September 2016 contract is trading at Rs 156.30 per kg, down by 0.82 per cent, after opening at Rs 155.55, against a previous close of Rs 157.6. It touched the intra-day low of Rs 155.55 (at 10:56 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
30/09/2016 12:34
Crude oil futures were trading lower during the noon trade in the domestic market on Friday as investors and speculators trimmed their positions in the energy commodity tracking a weakness in fellow Asian peers.
The prices for oil continue to slide amid skepticism that the Organization of the Petroleum Exporting Countries would carry out a production cut deal it tentatively agreed to on Wednesday.
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.
At the MCX, crude oil futures for October 2016 contract is trading at Rs 3161 per barrel, down by 1.34 per cent, after opening at Rs 3190, against a previous close of Rs 3204. It touched the intra-day low of Rs 3157 (at 12:21 hours).
MIP leading to more imports of finished steel products: EEPC
30/09/2016 11:37
Engineering exporters' body EEPC India said the Minimum Import Price (MIP) on steel is resulting in an inversion of duty with imports of finished goods increasing at a far more rapid speed than raw material, reported PTI. "Any inversion in duty at this stage would be a big setback to the government's flagship programme of Make in India where the entire focus is on taking the country several notches up on the value and technology chain so that we become a factory of the world," EEPC India Chairman T S Bhasin said as per the media report. According to an analysis by EEPC India, imports for the finished goods in the form of products of steel and iron, measured by volume increased in the range of 22.5 per cent and 51 per cent between June and August this year. On the other hand, imports by way of steel and iron used purely for raw material dropped between 16 and 33 per cent in quantity terms between June and August. "With imports of steel and iron products increasing and raw material in the form of pure play steel and iron dropping, it is a clear case of inverted duty, something not good for India's drive on manufacturing," the body said as per the PTI report. Issuing a notification, the Directorate General of Foreign Trade had extended the minimum import price (MIP) on 66 steel products till October 4, 2016. The MIP ranges between USD 341-752 per tonne. The government earlier levied MIP on 173 steel products ranging from USD 341 to USD 752 per tonne on 5 February 2016, which was valid for six months from the date of the notification. "The user engineering industry especially the MSME units are facing difficulty because of sudden escalation in raw material price," the EEPC said. "Segments like auto and auto parts, industrial and electrical machinery, products of MSME sector, which in any case have low margins and are facing cut-throat competition are finding it difficult to be globally competitive," it said.
Lead futures drop 0.43% on sluggish demand
30/09/2016 11:12
Lead futures were trading lower during the morning trade in the domestic market on Friday as participants trimmed their positions in the industrial metal amid sluggish physical demand for lead, from battery-makers, in the domestic spot market. Further, a fall in demand from battery-makers in the domestic spot market, influenced prices of lead at the domestic spot markets. Thus, ahead of peak season battery makers typically start re-stocking metal in the September or October months. At the MCX, lead futures for September 2016 contract is trading at Rs 137.60 per kg, down by 0.43 per cent, after opening at Rs 137.50, against a previous close of Rs 138.20. It touched the intra-day low of Rs 137.30 (at 11:06 hours).
Muted demand drags down aluminium futures by 0.90%
30/09/2016 11:03
Aluminium futures were trading lower during the morning trade in the domestic market on Friday as participants trimmed their positions amid muted physical demand for aluminium in the domestic spot market. Further, a decline in demand for aluminium at the domestic spot market was on account of cut down of bets by participants in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for September 2016 contract is trading at Rs 110 per kg, down by 0.90 per cent, after opening at Rs 110.25, against a previous close of Rs 111. It touched the intra-day low of Rs 109.85 (at 11:01 hours).
Zinc futures slide 0.82% on diminishing demand
30/09/2016 10:58
Zinc futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators trimmed their bets in the industrial metal amid a decline in demand from consuming industries at the domestic spot markets. Further, participants cut down their positions in the industrial metal due to a fall in demand from consuming industries, influenced prices of zinc at futures trade. At the MCX, zinc futures for September 2016 contract is trading at Rs 156.30 per kg, down by 0.82 per cent, after opening at Rs 155.55, against a previous close of Rs 157.6. It touched the intra-day low of Rs 155.55 (at 10:56 hours).
