Mcx Commodity Market News : Morning Session - 7.9.2016
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Oil Bulls rule the roost
07/09/2016 11:16
CRUDEOIL: UPTREND
Crude oil futures jumped more than 1 per cent during morning trade on Wednesday as investors and speculators booked fresh positions in the energy commodity amid optimism that the Saudi-Russia accord may lead to stability in the market and help ease a supply glut. Saudi Arabia and Russia, two of the top oil producers in the world, have said that they would establish a working group that will keep a close watch on the oil market and come up with measures to promote stability in prices. At the MCX, crude oil futures for September 2016 contract is trading at Rs 2,996 per barrel, up by 1.08 per cent, after opening at Rs 2,981, against a previous close of Rs 2,964. It touched the intra-day high of Rs 3,006 (at 11:12 AM).
Lead futures up 0.43% on rising demand
07/09/2016 11:01
LEAD: UPTREND
Lead futures were trading higher during the morning trade in the domestic market on Wednesday as investors and speculators widened their bets in the industrial metal due to upsurge in physical demand for lead, from battery-makers, in the domestic spot market. Further, a rise 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 129.10 per kg, up by 0.43 per cent, after opening at Rs 128.90, against a previous close of Rs 128.55. It touched the intra-day high of Rs 129.20 (at 11:01 hours).
Uptick in demand lifts aluminium futures by 0.52%
07/09/2016 10:57
ALUMINIUM: UPTREND
Aluminium futures were trading higher during the morning trade in the domestic market on Wednesday 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 105.55 per kg, up by 0.52 per cent, after opening at Rs 105.40, against a previous close of Rs 105. It touched the intra-day high of Rs 105.65 (at 10:57 hours).
Zinc futures zoom on rising demand
07/09/2016 10:54
ZINC: UPTREND
Zinc futures were trading higher during the morning trade in the domestic market on Wednesday as investors and speculators build up fresh bets amid a surge in demand from consuming industries at the domestic spot markets. Further, an increase in demand for zinc at the domestic spot market was led by widening 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 154.55 per kg, up by 0.62 per cent, after opening at Rs 154.25, against a previous close of Rs 153.60. It touched the intra-day high of Rs 154.60 (at 10:49 hours).
Pickup in demand lifts nickel futures by 0.33%
07/09/2016 10:51
NICKEL: UPTREND
Nickel futures were trading higher during the morning trade in the domestic market on Wednesday as investors and speculators build up fresh positions amid pickup 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 673.40 per kg, up by 0.33 per cent, after opening at Rs 671.90, against a previous close of Rs 671.20. It touched the intra-day high of Rs 673.70 (at 10:49 hours).
Muted demand drags mentha oil futures
07/09/2016 10:49
MENTHAOIL: DOWN TREND
Mentha oil futures were trading lower during the morning trade in the domestic market on Wednesday 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 903 per kg, down by 0.18 per cent after opening at Rs 905.10, against the previous closing price of Rs 904.60. It touched the intra-day low of Rs 901.50 (at 10:49 hours).
Cardamom futures up 0.36% on pickup in demand
07/09/2016 10:46
CARDAMOM: UPTREND
Cardamom futures were trading higher during the morning trade in the domestic market on Wednesday as investors and speculators build up fresh positions in the agri-commodity amid 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 domestic cardamom prices. At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,143 per kg, up by 0.36 per cent, after opening at Rs 1,143, against a previous close of Rs 1,138.90. It touched the intra-day high of Rs 1,143 (at 10:46 hours).