Mcx Commodity Market News : Morning Session - 6.9.2016
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
Oil rallies on Saudi-Russia pact
06/09/2016 11:21
CRUDEOIL: UPTREND
Crude oil futures jumped more than 1.5 per cent during morning trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity after Saudi Arabia and Russia, two of the world’s top oil producers, agreed to establish a working group to monitor the oil market and formulate recommendations to promote stability. Energy Ministers from the two countries are set to meet in Algeria in October and Vienna in November to hold discussions on how to cooperate under this new pact, with an output freeze remaining a favourable option. The news comes as some relief to energy traders, easing fears of a supply glut in the fuel. At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,027 per barrel, up by 1.54 per cent, after opening at Rs 2,990, against a previous close of Rs 2,981. It touched the intra-day high of Rs 3,027 (at 11:13 AM).
Sluggish demand drags lead futures by 0.50%
06/09/2016 11:01
LEAD : DOWN TREND
Lead futures were trading lower during the morning trade in the domestic market on Tuesday as investors and speculators trimmed their bets in the industrial metal due to decline in 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, supported prices of lead at the domestic spot markets. At the MCX, lead futures for September 2016 contract is trading at Rs 130.25 per kg, down by 0.50 per cent, after opening at Rs 130.30, against a previous close of Rs 130.90. It touched the intra-day low of Rs 130.10 (at 10:59 hours).
Aluminium futures up 0.43% on upsurge in demand
06/09/2016 10:50
ALUMINIUM: UPTREND
Aluminium futures were trading higher during the morning trade in the domestic market on Tuesday as participants indulged in building up of fresh positions amidst increase in physical demand for aluminium in the domestic spot market. Further, uptick in demand for aluminium at the domestic spot market was mainly on account of widening of fresh bets 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 105.30 per kg, up by 0.43 per cent, after opening at Rs 105.10, against a previous close of Rs 104.85. It touched the intra-day high of Rs 105.35 (at 10:49 hours).
Zinc futures slide 0.64% on sluggish demand
06/09/2016 10:45
ZINC : DOWN TREND
Zinc futures were trading lower during the morning trade in the domestic market on Tuesday as investors and speculators cut down their bets amid a drop in demand from consuming industries at the domestic spot markets. Further, a decrease in demand for zinc at the domestic spot market was led by trimming of positions by traders in the spot markets, influenced zinc prices at futures trade. At the MCX, zinc futures for September 2016 contract is trading at Rs 155.85 per kg, down by 0.64 per cent, after opening at Rs 156, against a previous close of Rs 156.85. It touched the intra-day low of Rs 155.50 (at 10:42 hours).
Uptick in demand lifts nickel futures by 0.54%
06/09/2016 10:41
NICKEL : UPTREND
Nickel futures were trading higher during the morning trade in the domestic market on Tuesday as investors and speculators build up fresh positions amid uptick in demand from alloy-makers at the domestic spot market. Further, an increase in domestic demand from alloy-makers at the spot markets, supported the uptrend in nickel prices at futures trade. At the MCX, nickel futures for September 2016 contract is trading at Rs 670.80 per kg, up by 0.54 per cent, after opening at Rs 670.70, against a previous close of Rs 667.20. It touched the intra-day high of Rs 671 (at 10:42 hours).
Mentha oil futures drop 0.69% on diminishing demand
06/09/2016 10:38
MENTHAOIL: UPTREND
Mentha oil futures were trading lower during the morning trade in the domestic market on Tuesday as participants indulged in trimming their positions in the agri-commodity amid fall in physical demand from major consuming industries for mentha oil in the domestic spot market. Further, a decline in demand for mentha oil futures was attributed to cut down of bets by traders in the spot market, influenced prices of mentha oil at futures trade. At the MCX, mentha oil futures for September 2016 contract were trading at Rs 888.50 per kg, down by 0.69 per cent after opening at Rs 891.70, against the previous closing price of Rs 894.70. It touched the intra-day low of Rs 886.80 (at 10:37 hours).
Muted demand drags cardamom futures by 0.58%
06/09/2016 10:32
CARDAMOM: DOWN TREND
Cardamom futures were trading lower during the morning trade in the domestic market on Tuesday as investors and speculators remained on the sidelines in the agri-commodity amid sluggish physical demand for cardamom in the domestic spot market. Further, sufficient supplies amid higher physical arrivals from the major cardamom producing regions, too influenced the downtrend in domestic cardamom prices. At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,109 per kg, down by 0.58 per cent, after opening at Rs 1,105, against a previous close of Rs 1,115.50. It touched the intra-day low of Rs 1,090 (at 10:32 hours).
Govt unlikely to extend MIP on steel products: Reports
06/09/2016 09:58
The Indian Government has said that it is unlikely to further extend the minimum import price(MIP) on certain steel products beyond October 4 as these items could be covered under anti-dumping duty. As per reports, by the next month, the commerce ministry will complete the anti-dumping investigations on the 66 steel products on which MIP has been imposed and extended till October 4. Commenting on the issue, a Government Official told the media, "Anti-dumping duties would cover those 66 items. After imposition of the anti-dumping duty, MIP is likely to be removed as MIP is a temporary measure." As per reports, the commerce ministry believes that WTO-compliant measures like anti-dumping duty should be used to overcome the issue of cheap imports of commodities like steel. Last month, the government extended the MIP on only 66 steel products for two months as against 173 items earlier. As per reports, the 66 products include semi-finished ones of iron or non-alloyed steel, flat-rolled products of different widths, bars and rods.
