MCX ZINC COPPER, Silver, Cardamom, Menthaoil Updates
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Firm physical demand buoys Zinc
27/09/2016 14:57
ZINC: UP TREND
Zinc futures rose during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market.
Further, a surge in German business confidence eased worries over a slowdown in Europe’s biggest economy, lifting the demand outlook for metals. The gauge measuring business confidence in Germany rose to the highest level since May 2014 at 109.5 in September 2016 from a revised 106.3 in August 2016, the Ifo Institute said in a report on Monday.
At the MCX, zinc futures for September 2016 contract is trading at Rs 153.45 per kg, up by 0.89 per cent, after opening at Rs 151.60, against a previous close of Rs 152.10. It touched the intra-day high of Rs 153.90 (at 14:55 PM).
Weak US economic data bites Copper
27/09/2016 14:51
COPPER: DOWN TREND
Copper futures fell during noon trade in the domestic market on Tuesday as investors and speculators exit positions in the industrial metal as soft US data raised concerns over the health of the world’s biggest economy, clouding demand prospects for copper.
While a regional manufacturing gauge in the US remained in contraction territory in September, sale of new homes slipped in August, signaling slower third quarter economic growth.
US new home sales fell 7.6 per cent to a 609,000 annualized pace in August 2016, while the Dallas Fed Manufacturing Index stood at -3.7 this month, staying in the negative territory for the twenty-first month on the trot.
At the MCX, copper futures for November 2016 contract is trading at Rs 324.1 per kg, down by 0.80 per cent, after opening at Rs 325.75, against a previous close of Rs 326.7. It touched the intra-day low of Rs 323.85 (at 14:45 PM).
LME Inventories Data: Sep 27, 2016
27/09/2016 14:24
Copper stocks +7350 MT to 371475, Aluminum Stocks -10175 MT to 2125850 MT, Nickel Stocks -504 MT to 361860 MT, Zinc Stocks -525 MT to 441475 MT, Lead Stocks (0) MT to 191250MT.
White metal loses sheen on weak global cues
27/09/2016 13:51
SILVER: DOWN TREND
Silver futures were trading lower during the afternoon trade in the domestic market on Tuesday as equity markets bounced back after investors awarded the first US presidential debate to Democrat Hillary Clinton over Republican Donald Trump.
Opinion polls showed Clinton ahead by 4 per cent points, with 41 per cent of likely voters.
The prices for silver decline at futures trade due to a weak trend in the precious metals overseas as the dollar erased losses, dimming the precious metals’ appeal as an alternative investment, led to drop in silver prices at the futures trade in domestic markets.
At the MCX, silver futures for December 2016 contract is trading at Rs 46,343 per kg, down by 0.34 per cent, after opening at Rs 46,311, against a previous close of Rs 46,501. It touched the intra-day low of Rs 46,247 (at 13:45 hours).
Cardamom tad lower in noon trade
27/09/2016 13:04
CARDAMOM: DOWN TREND
Cardamom futures were trading on a flat note, with a negative bias, in the domestic market on Tuesday as investors and speculators turned cautious over booking fresh positions in the agri-commodity amid soft physical demand for cardamom from major consuming industries in the domestic spot market.
However, restricted supplies amid lower physical arrivals from the major cardamom producing regions in the country trimmed the losses in domestic cardamom prices.
At the MCX, cardamom futures for October 2016 contract is trading at Rs 1,147.2 per kg, down by 0.02 per cent, after opening at Rs 1,152.40, against a previous close of Rs 1,147.40. It touched the intra-day low of Rs 1,133.6 (at 12:59 PM).
Mentha Oil tanks nearly 2% on weak demand
27/09/2016 13:04
MENTHAOIL: DOWN TREND
Mentha oil futures tumbled during noon trade in the domestic market on Tuesday as investors and speculators exit positions in the agri-commodity amid weak physical demand for mentha oil from major consuming industries in the domestic spot market.
Further, abundant supplies amid higher physical arrivals from the major mentha oil producing regions in the country also exerted downward pressure on domestic mentha oil prices.
At the MCX, mentha oil futures for September 2016 contract were trading at Rs 855 per kg, down by 1.83 per cent after opening at Rs 869, against the previous closing price of Rs 870.90. It touched the intra-day low of Rs 854.1 (at 13:03 PM).
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Firm physical demand buoys Zinc
27/09/2016 14:57
ZINC: UP TREND
Zinc futures rose during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market.
Further, a surge in German business confidence eased worries over a slowdown in Europe’s biggest economy, lifting the demand outlook for metals. The gauge measuring business confidence in Germany rose to the highest level since May 2014 at 109.5 in September 2016 from a revised 106.3 in August 2016, the Ifo Institute said in a report on Monday.
At the MCX, zinc futures for September 2016 contract is trading at Rs 153.45 per kg, up by 0.89 per cent, after opening at Rs 151.60, against a previous close of Rs 152.10. It touched the intra-day high of Rs 153.90 (at 14:55 PM).
Weak US economic data bites Copper
27/09/2016 14:51
COPPER: DOWN TREND
Copper futures fell during noon trade in the domestic market on Tuesday as investors and speculators exit positions in the industrial metal as soft US data raised concerns over the health of the world’s biggest economy, clouding demand prospects for copper.
While a regional manufacturing gauge in the US remained in contraction territory in September, sale of new homes slipped in August, signaling slower third quarter economic growth.
US new home sales fell 7.6 per cent to a 609,000 annualized pace in August 2016, while the Dallas Fed Manufacturing Index stood at -3.7 this month, staying in the negative territory for the twenty-first month on the trot.
At the MCX, copper futures for November 2016 contract is trading at Rs 324.1 per kg, down by 0.80 per cent, after opening at Rs 325.75, against a previous close of Rs 326.7. It touched the intra-day low of Rs 323.85 (at 14:45 PM).
LME Inventories Data: Sep 27, 2016
27/09/2016 14:24
Copper stocks +7350 MT to 371475, Aluminum Stocks -10175 MT to 2125850 MT, Nickel Stocks -504 MT to 361860 MT, Zinc Stocks -525 MT to 441475 MT, Lead Stocks (0) MT to 191250MT.
White metal loses sheen on weak global cues
27/09/2016 13:51
SILVER: DOWN TREND
Silver futures were trading lower during the afternoon trade in the domestic market on Tuesday as equity markets bounced back after investors awarded the first US presidential debate to Democrat Hillary Clinton over Republican Donald Trump.
Opinion polls showed Clinton ahead by 4 per cent points, with 41 per cent of likely voters.
The prices for silver decline at futures trade due to a weak trend in the precious metals overseas as the dollar erased losses, dimming the precious metals’ appeal as an alternative investment, led to drop in silver prices at the futures trade in domestic markets.
At the MCX, silver futures for December 2016 contract is trading at Rs 46,343 per kg, down by 0.34 per cent, after opening at Rs 46,311, against a previous close of Rs 46,501. It touched the intra-day low of Rs 46,247 (at 13:45 hours).
Cardamom tad lower in noon trade
27/09/2016 13:04
CARDAMOM: DOWN TREND
Cardamom futures were trading on a flat note, with a negative bias, in the domestic market on Tuesday as investors and speculators turned cautious over booking fresh positions in the agri-commodity amid soft physical demand for cardamom from major consuming industries in the domestic spot market.
However, restricted supplies amid lower physical arrivals from the major cardamom producing regions in the country trimmed the losses in domestic cardamom prices.
At the MCX, cardamom futures for October 2016 contract is trading at Rs 1,147.2 per kg, down by 0.02 per cent, after opening at Rs 1,152.40, against a previous close of Rs 1,147.40. It touched the intra-day low of Rs 1,133.6 (at 12:59 PM).
Mentha Oil tanks nearly 2% on weak demand
27/09/2016 13:04
MENTHAOIL: DOWN TREND
Mentha oil futures tumbled during noon trade in the domestic market on Tuesday as investors and speculators exit positions in the agri-commodity amid weak physical demand for mentha oil from major consuming industries in the domestic spot market.
Further, abundant supplies amid higher physical arrivals from the major mentha oil producing regions in the country also exerted downward pressure on domestic mentha oil prices.
At the MCX, mentha oil futures for September 2016 contract were trading at Rs 855 per kg, down by 1.83 per cent after opening at Rs 869, against the previous closing price of Rs 870.90. It touched the intra-day low of Rs 854.1 (at 13:03 PM).
