Mcx Commodity Market News : Morning Session - 7.9.2016
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Crude oil dips as expectations of production freeze fade
07/09/2016 08:52
CRUDEOIL: DOWN TREND
Crude oil futures closed lower in the domestic market on Tuesday as hopes waned for an agreement between two of the biggest oil producers to freeze output to tackle a global supply glut. Saudi Arabia said on Tuesday it would go along with a freeze in oil output if other producers agreed, but cautioned that Iran could foil any attempt to limit output. At the MCX, Crude oil futures for September 2016 contract closed at Rs. 2961 per barrel, down by 0.67 per cent, after opening at Rs. 2990, against the previous closing price of Rs. 2981. It touched the intra-day low of Rs. 2925.
Silver rises on downbeat US non-manufacturing report
07/09/2016 08:50
SILVER: UPTREND
Silver futures closed higher in the domestic market on Tuesday after the release of a very downbeat U.S. ISM non-manufacturing report for August. The weaker-than-expected ISM report comes on the heels of a slightly downbeat U.S. jobs report for August, which was released last Friday. This recent U.S. economic data plays right into the hands of the U.S. monetary policy doves, who do not want to see the Federal Reserve raise interest rates any time soon. Such a scenario would also be bullish for the precious metals markets. At the MCX, Silver futures for December 2016 contract closed at Rs 47,606, per 1 kg, up by 2.46 per cent after opening at Rs 46,465, against the previous closing price of Rs 46,463. It touched the intra-day high of Rs 47,694.
Gold rises on weak US dollar
07/09/2016 08:48
GOLD: UPTREND
Gold futures closed higher in the domestic market on Tuesday as a fall in the U.S. service-sector index to its weakest level in over six years appeared to diminish the likelihood of a U.S. interest-rate hike this month, fueling a drop in the dollar. The debate over the speed and aggressiveness of Fed interest-rate changes has been pinned to each economic release but the payrolls report carried additional weight for financial markets. Prospects for higher interest rates can boost the dollar and dull the appeal of greenback-priced gold. Rising rates also can turn off investors from precious metals, which don’t bear a yield. At the MCX, Gold futures for October 2016 contract closed at Rs 31,372, per 10 gram, up by 1.25 per cent after opening at Rs 30,995, against the previous closing price of Rs 30,985. It touched the intra-day high of Rs 31,410.
Free Mcx Commodity Trend Update ( Call - 9094047040)
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Crude oil dips as expectations of production freeze fade
07/09/2016 08:52
CRUDEOIL: DOWN TREND
Crude oil futures closed lower in the domestic market on Tuesday as hopes waned for an agreement between two of the biggest oil producers to freeze output to tackle a global supply glut. Saudi Arabia said on Tuesday it would go along with a freeze in oil output if other producers agreed, but cautioned that Iran could foil any attempt to limit output. At the MCX, Crude oil futures for September 2016 contract closed at Rs. 2961 per barrel, down by 0.67 per cent, after opening at Rs. 2990, against the previous closing price of Rs. 2981. It touched the intra-day low of Rs. 2925.
Silver rises on downbeat US non-manufacturing report
07/09/2016 08:50
SILVER: UPTREND
Silver futures closed higher in the domestic market on Tuesday after the release of a very downbeat U.S. ISM non-manufacturing report for August. The weaker-than-expected ISM report comes on the heels of a slightly downbeat U.S. jobs report for August, which was released last Friday. This recent U.S. economic data plays right into the hands of the U.S. monetary policy doves, who do not want to see the Federal Reserve raise interest rates any time soon. Such a scenario would also be bullish for the precious metals markets. At the MCX, Silver futures for December 2016 contract closed at Rs 47,606, per 1 kg, up by 2.46 per cent after opening at Rs 46,465, against the previous closing price of Rs 46,463. It touched the intra-day high of Rs 47,694.
Gold rises on weak US dollar
07/09/2016 08:48
GOLD: UPTREND
Gold futures closed higher in the domestic market on Tuesday as a fall in the U.S. service-sector index to its weakest level in over six years appeared to diminish the likelihood of a U.S. interest-rate hike this month, fueling a drop in the dollar. The debate over the speed and aggressiveness of Fed interest-rate changes has been pinned to each economic release but the payrolls report carried additional weight for financial markets. Prospects for higher interest rates can boost the dollar and dull the appeal of greenback-priced gold. Rising rates also can turn off investors from precious metals, which don’t bear a yield. At the MCX, Gold futures for October 2016 contract closed at Rs 31,372, per 10 gram, up by 1.25 per cent after opening at Rs 30,995, against the previous closing price of Rs 30,985. It touched the intra-day high of Rs 31,410.
