MCX Naturalgas, Lead, Gold, Nickell Updates : 28.09.2016
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Improved US demand outlook lifts Lead
28/09/2016 15:01
Lead futures rose during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for lead from battery-makers in the domestic spot market.
Further, a surge in US consumer confidence to a nine-year high in September 2016 and a pickup in US private sector growth signaled an improved outlook for metal demand in the world’s biggest economy. A combined gauge measuring US manufacturing and services rose to 52 this month from 51.5 in August, with a reading above 50 signaling expansion.
At the MCX, lead futures for September 2016 contract is trading at Rs 130.9 per kg, up by 0.85 per cent, after opening at Rs 130, against a previous close of Rs 129.80. It touched the intra-day high of Rs 131.25 (at 14:58 PM).
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28/09/2016 14:54
Natural gas futures tanked by more than 1 per cent during noon trade in the domestic market on Wednesday as investors and speculators exit positions in the energy commodity tracking weakness overseas amid caution ahead of Thursday’s US storage data which may indicate the state of the demand for the fuel in the world’s biggest gas consuming nation.
In the week ended September 16, 2016, gas supplies in the US rose by 52 billion cubic feet. Total US storage levels are 4 per cent higher than levels at this time a year ago and 7.5 per cent above the five-year average for this time of year.
At the MCX, natural gas futures for September 2016 contract is trading at Rs 200.6 per mmbtu, down by 1.43 per cent, after opening at Rs 203, against a previous close of Rs 203.5. It touched the intra-day low of Rs 200.3 (at 14:51 PM).
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28/09/2016 14:48
Gold futures were trading lower during the afternoon trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the precious metal in the domestic spot markets on a firmer dollar.
Further, the down fall in gold futures was in-line with a weak trend in global markets on a firmer dollar as investors, in yesterday’s debate, viewed that Democrat Hillary Clinton had won the first US presidential debate against Republican rival Donald Trump, dimming the appeal for metals as an alternative investment.
At the MCX, gold futures for October 2016 contract is trading at Rs 30,945 per 10 grams, down by 0.11 per cent, after opening at Rs 30,980, against a previous close of Rs 30,978. It touched the intra-day low of Rs 30,925 (at 14:39 hours).
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28/09/2016 14:47
Nickel futures rose during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for nickel, from alloy-makers, in the domestic spot market.
Meanwhile, fears that a crackdown on mines in Philippines, which is the world's top miner of nickel ore, may restrict global supplies pushed up prices.
Authorities in Philippines, which makes up for nearly a quarter of the world's mined nickel supply, said that 20 more mines may be suspended on environmental violation grounds, leaving only 11 in operation.
At the MCX, nickel futures for September 2016 contract is trading at Rs 706 per kg, up by 0.41 per cent, after opening at Rs 703, against a previous close of Rs 703.10. It touched the intra-day high of Rs 710 (at 14:38 PM).
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Improved US demand outlook lifts Lead
28/09/2016 15:01
Lead futures rose during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for lead from battery-makers in the domestic spot market.
Further, a surge in US consumer confidence to a nine-year high in September 2016 and a pickup in US private sector growth signaled an improved outlook for metal demand in the world’s biggest economy. A combined gauge measuring US manufacturing and services rose to 52 this month from 51.5 in August, with a reading above 50 signaling expansion.
At the MCX, lead futures for September 2016 contract is trading at Rs 130.9 per kg, up by 0.85 per cent, after opening at Rs 130, against a previous close of Rs 129.80. It touched the intra-day high of Rs 131.25 (at 14:58 PM).
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Natural gas bears rule the roost28/09/2016 14:54
Natural gas futures tanked by more than 1 per cent during noon trade in the domestic market on Wednesday as investors and speculators exit positions in the energy commodity tracking weakness overseas amid caution ahead of Thursday’s US storage data which may indicate the state of the demand for the fuel in the world’s biggest gas consuming nation.
In the week ended September 16, 2016, gas supplies in the US rose by 52 billion cubic feet. Total US storage levels are 4 per cent higher than levels at this time a year ago and 7.5 per cent above the five-year average for this time of year.
At the MCX, natural gas futures for September 2016 contract is trading at Rs 200.6 per mmbtu, down by 1.43 per cent, after opening at Rs 203, against a previous close of Rs 203.5. It touched the intra-day low of Rs 200.3 (at 14:51 PM).
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Yellow metal in reverse gear28/09/2016 14:48
Gold futures were trading lower during the afternoon trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the precious metal in the domestic spot markets on a firmer dollar.
Further, the down fall in gold futures was in-line with a weak trend in global markets on a firmer dollar as investors, in yesterday’s debate, viewed that Democrat Hillary Clinton had won the first US presidential debate against Republican rival Donald Trump, dimming the appeal for metals as an alternative investment.
At the MCX, gold futures for October 2016 contract is trading at Rs 30,945 per 10 grams, down by 0.11 per cent, after opening at Rs 30,980, against a previous close of Rs 30,978. It touched the intra-day low of Rs 30,925 (at 14:39 hours).
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Philippine supply fears prop up Nickel28/09/2016 14:47
Nickel futures rose during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for nickel, from alloy-makers, in the domestic spot market.
Meanwhile, fears that a crackdown on mines in Philippines, which is the world's top miner of nickel ore, may restrict global supplies pushed up prices.
Authorities in Philippines, which makes up for nearly a quarter of the world's mined nickel supply, said that 20 more mines may be suspended on environmental violation grounds, leaving only 11 in operation.
At the MCX, nickel futures for September 2016 contract is trading at Rs 706 per kg, up by 0.41 per cent, after opening at Rs 703, against a previous close of Rs 703.10. It touched the intra-day high of Rs 710 (at 14:38 PM).
