Mcx Commodity Market News : Evening Session
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Copper futures up on overseas cues
24/10/2016 14:33
Copper futures were trading higher during the afternoon trade in the domestic market on Monday as participants widened their positions in the industrial metal after supply in China’s domestic market tightened, more than offsetting a stronger dollar and expectations of ample supply next year.
Further, investors globally eyed the slew of data this week that may yield more insight into metals demand, including 3rd quarter US GDP and PMI data from several developed economies, too supported copper prices at futures trade.
At the MCX, copper futures for November 2016 contract is trading at Rs 311.80 per kg, up by 0.27 per cent, after opening at Rs 311.85, against a previous close of Rs 310.95. It touched the intra-day high of Rs 312.90 (at 14:28 hours).
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Oil higher on output freeze hopes
24/10/2016 14:26
Crude oil futures rose during noon trade in the domestic market on Monday as investors and speculators hoped that a production freeze pact may ease a global supply glut in the energy commodity, helping bring stability in the market.
Energy Ministers from Saudi Arabia and other Gulf-oil producing nations met with their Russian counterpart as they worked out measures to stabilize crude markets.
The OPEC is keen on Russia, the biggest Non-OPEC supplier, supporting its proposal to freeze output, to help lift prices.
The gains in the fuel were limited by a rise in US oil drilling count to an eight-month high last week, raising concerns over higher production in the near-term.
The number of rigs drilling for oil in the US climbed by 14 to 533 last week, Baker Hughes said.
At the MCX, crude oil futures for November 2016 contract is trading at Rs 3412 per barrel, up by 0.29 per cent, after opening at Rs 3393, against a previous close of Rs 3402. It touched the intra-day high of Rs 3416 (at 14:16 PM).
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Yellow metal loses sheen on Fed rate hike prospects
24/10/2016 12:38
Gold futures were trading lower during the noon trade in the domestic market on Monday as investors and speculators exited their positions in the precious metal amid uncertainty about the timing of an interest hike by the US Fed, while a stronger dollar added pressure on bullion.
Further, the 3rd quarter growth figures from the US and Fed policymakers speeches due this week will be keenly eyed by the participants for clues on a possible interest rate hike.
At the MCX, gold futures for December 2016 contract is trading at Rs 29,864 per 10 grams, down by 0.27 per cent, after opening at Rs 29,905, against a previous close of Rs 29,946. It touched the intra-day low of Rs 29,829 (at 12:29 hours).
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Crude oil futures in reverse gear
24/10/2016 12:24
Crude oil futures were trading lower during the noon trade in the domestic market on Monday as investors and speculators exited their positions in the energy commodity after Iraq said that it wanted to be exempt from any deal by the producer cartel OPEC to cut production to prop up market, and also as US drillers stepped up work.
OPEC plans to reduce production to a range of 32.5 million to 33 million bpd, down from 33.39 million bpd in September but it would be harder to achieve if Iraq doesn’t participate as it is OPEC’s second biggest producer after Saudi Arabia.
At the MCX, crude oil futures for November 2016 contract is trading at Rs 3394 per barrel, down by 0.24 per cent, after opening at Rs 3393, against a previous close of Rs 3402. It touched the intra-day low of Rs 3389 (at 12:00 hours).
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Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Keep Refresh for Fresh Tips
Copper futures up on overseas cues
24/10/2016 14:33
Copper futures were trading higher during the afternoon trade in the domestic market on Monday as participants widened their positions in the industrial metal after supply in China’s domestic market tightened, more than offsetting a stronger dollar and expectations of ample supply next year.
Further, investors globally eyed the slew of data this week that may yield more insight into metals demand, including 3rd quarter US GDP and PMI data from several developed economies, too supported copper prices at futures trade.
At the MCX, copper futures for November 2016 contract is trading at Rs 311.80 per kg, up by 0.27 per cent, after opening at Rs 311.85, against a previous close of Rs 310.95. It touched the intra-day high of Rs 312.90 (at 14:28 hours).
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Oil higher on output freeze hopes
24/10/2016 14:26
Crude oil futures rose during noon trade in the domestic market on Monday as investors and speculators hoped that a production freeze pact may ease a global supply glut in the energy commodity, helping bring stability in the market.
Energy Ministers from Saudi Arabia and other Gulf-oil producing nations met with their Russian counterpart as they worked out measures to stabilize crude markets.
The OPEC is keen on Russia, the biggest Non-OPEC supplier, supporting its proposal to freeze output, to help lift prices.
The gains in the fuel were limited by a rise in US oil drilling count to an eight-month high last week, raising concerns over higher production in the near-term.
The number of rigs drilling for oil in the US climbed by 14 to 533 last week, Baker Hughes said.
At the MCX, crude oil futures for November 2016 contract is trading at Rs 3412 per barrel, up by 0.29 per cent, after opening at Rs 3393, against a previous close of Rs 3402. It touched the intra-day high of Rs 3416 (at 14:16 PM).
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Yellow metal loses sheen on Fed rate hike prospects
24/10/2016 12:38
Gold futures were trading lower during the noon trade in the domestic market on Monday as investors and speculators exited their positions in the precious metal amid uncertainty about the timing of an interest hike by the US Fed, while a stronger dollar added pressure on bullion.
Further, the 3rd quarter growth figures from the US and Fed policymakers speeches due this week will be keenly eyed by the participants for clues on a possible interest rate hike.
At the MCX, gold futures for December 2016 contract is trading at Rs 29,864 per 10 grams, down by 0.27 per cent, after opening at Rs 29,905, against a previous close of Rs 29,946. It touched the intra-day low of Rs 29,829 (at 12:29 hours).
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Crude oil futures in reverse gear
24/10/2016 12:24
Crude oil futures were trading lower during the noon trade in the domestic market on Monday as investors and speculators exited their positions in the energy commodity after Iraq said that it wanted to be exempt from any deal by the producer cartel OPEC to cut production to prop up market, and also as US drillers stepped up work.
OPEC plans to reduce production to a range of 32.5 million to 33 million bpd, down from 33.39 million bpd in September but it would be harder to achieve if Iraq doesn’t participate as it is OPEC’s second biggest producer after Saudi Arabia.
At the MCX, crude oil futures for November 2016 contract is trading at Rs 3394 per barrel, down by 0.24 per cent, after opening at Rs 3393, against a previous close of Rs 3402. It touched the intra-day low of Rs 3389 (at 12:00 hours).
