Mcx Commodity News for GOLD, SILVER, CRUDEOIL : Morning Session - 16.9.2016

Mcx Commodity Market News : Morning Session - 16.9.2016

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Crude oil in reverse gear as Libya, Nigeria supplies return
16/09/2016 10:24
CRUDEOIL: DOWN TREND
Crude oil futures were trading lower in the domestic market on Friday as investors and speculators exited positions in the energy commodity on worries that US rig counts would continue to rise and that returning Libyan and Nigerian exports would stoke a global supply glut.
US drillers added 7 oil rigs in the week to September 9, bringing the total rig count to 414, the most since February.
Also, returning supply from Libya and Nigeria will hamper a rebalancing of the global crude market, weighed on the sentiment.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 2,918 per barrel, down by 1.02 per cent, after opening at Rs 2,925, against a previous close of Rs 2,948. It touched the intra-day low of Rs 2,915 (at 10:08 hours).

Silver futures rise on speculation
16/09/2016 10:04
SILVER: DOWN TREND
Silver futures closed higher in the domestic market on Thursday as investors and speculators extended their positions in the precious metal amid speculation about the pace and timing of future US interest rate hike.
The US economic data showed that the retail sales fell more than expected last month, while the number of Americans filing for unemployment benefits rose less than expected last week. This made investors less confident that Fed policy makers will raise interest rates when they meet next week, but many say a rate hike in December is possible. At the MCX, silver futures for December 2016 contract closed at Rs 45,686 per kg, up by 0.18 per cent, after opening at Rs 45,569, against a previous close of Rs 45,605. It touched the intra-day high of Rs 46,071.


Gold loses sheen ahead of Fed meet next week
16/09/2016 09:54
GOLD: DOWN TREND
Gold futures closed lower in the domestic market on Thursday after a mixed bag of the US economic data that prompted selling ahead of the next week's US Fed’s policy meeting on Sept. 20-21.
The reports showed that the retail sales fell more than expected last month, while the number of Americans filing for unemployment benefits rose less than expected last week. This made investors less confident that Fed policy makers will raise interest rates when they meet next week.
At the MCX, gold futures for October 2016 contract ended at Rs 30,925 per 10 grams, down by 0.36 per cent, after opening at Rs 31,058, against a previous close of Rs 31,038. It touched the intra-day low of Rs 30,792.