Mcx Commodity Market News : Morning Session - 8.9.2016
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Oil spikes 2% on surprise US supply draw
08/09/2016 11:30
Crude oil futures jumped by nearly 2 per cent during late morning trade in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity after a report showed that US crude oil storage levels unexpectedly fell last week, easing worries over a global supply glut. The Industry-funded American Petroleum Institute (API) said that US crude oil stockpiles fell by 12.1 million barrels in the week ended September 2, 2016. The EIA will release separate US inventory data later in the session. Meanwhile, traders are awaiting some concrete measures from producers to help stabilize prices with Russia and Saudi Arabia set to establish a working group to monitor the market. Iran said that it will back efforts targeted at bringing about fair prices. At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,078 per barrel, up by 1.92 per cent, after opening at Rs 3,022, against a previous close of Rs 3,020. It touched the intra-day high of Rs 3,082 (at 11:23 AM).
Lead futures in reverse gear on muted demand
08/09/2016 11:02
Lead futures were trading lower during the morning trade in the domestic market on Thursday as investors and speculators cut down their bets in the industrial metal due to 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. At the MCX, lead futures for September 2016 contract is trading at Rs 127 per kg, down by 0.24 per cent, after opening at Rs 127.20, against a previous close of Rs 127.30. It touched the intra-day low of Rs 126.80 (at 11:02 hours).
Aluminium futures little changed on sluggish demand
08/09/2016 10:59
Aluminium futures were little changed during the morning trade in the domestic market on Thursday as participants were indulged in trimming their positions amidst muted physical demand for aluminium in the domestic spot market. Further, sluggish demand for aluminium at the domestic spot market was on the back 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 105.35 per kg, down by 0.05 per cent, after opening at Rs 105.40, against a previous close of Rs 105.40. It touched the intra-day low of Rs 105.10 (at 10:56 hours).
Zinc futures flat on subdued demand
08/09/2016 10:57
Zinc futures were flat during the morning trade in the domestic market on Thursday as investors and speculators remained on the sidelines amid muted demand from consuming industries at the domestic spot markets. Further, a decline in demand for zinc at the domestic spot market was due to 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 flat at Rs 154 per kg after opening at Rs 154.25, against a previous close of Rs 154. It touched the intra-day low of Rs 153.75 (at 10:56 hours).
Pickup in demand lifts nickel futures by 0.27%
08/09/2016 10:53
Nickel futures were trading higher during the morning trade in the domestic market on Thursday as investors and speculators build up fresh positions amid rise in demand from alloy-makers at the domestic spot market. Further, an increase in domestic demand from alloy-makers at the domestic spot market, supported the uptrend in nickel prices at futures trade. At the MCX, nickel futures for September 2016 contract is trading at Rs 680.90 per kg, up by 0.27 per cent, after opening at Rs 680, against a previous close of Rs 679.10. It touched the intra-day high of Rs 681.40 (at 10:49 hours).
Mentha oil futures slide on muted demand
08/09/2016 10:50
Mentha oil futures were trading lower during the morning trade in the domestic market on Thursday as participants remained on the sidelines in the agri-commodity amid slide in physical demand from major consuming industries for mentha oil in the domestic spot market. Further, a drop in demand for mentha oil futures was attributed to trimming of positions 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 910 per kg, down by 0.09 per cent after opening at Rs 908.60, against the previous closing price of Rs 910.80. It touched the intra-day low of Rs 908.20 (at 10:49 hours).
Uptick in demand lifts cardamom futures by 0.94%
08/09/2016 10:46
Cardamom futures were trading higher during the morning trade in the domestic market on Thursday as investors and speculators build up fresh positions in the agri-commodity amid surge in physical demand for cardamom in the domestic spot market. Further, insufficient stocks position amid restricted supplies from producing regions, supported the uptrend in domestic cardamom prices. At the MCX, cardamom futures for September 2016 contract is trading at Rs 1,142 per kg, up by 0.94 per cent, after opening at Rs 1,138.80, against a previous close of Rs 1,131.40. It touched the intra-day high of Rs 1,142 (at 10:44 hours).
