Mcx Commodity Market News : Evening Session - 6.102016
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Mentha oil futures climb 1.19% as demand picks up
06/10/2016 17:08
Mentha oil futures were trading higher during the evening trade in the domestic market on Thursday as speculators widened their bets in the agri-commodity amid pick up in physical demand for mentha oil from major consuming industries in the domestic spot market.
Further, building up of positions by traders in the spot market led by a surge in demand for mentha oil from consuming industries at the domestic spot market against insufficient stocks position on restricted supplies from producing regions, supported mentha oil prices at futures trade.
At the MCX, mentha oil futures for October 2016 contract were trading at Rs 867.90 per kg, up by 1.19 per cent after opening at Rs 861.70, against the previous closing price of Rs 857.70. It touched the intra-day high of Rs 868 (at 17:06 hours).
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Uptick in demand lifts cardamom futures by 1.06%
06/10/2016 17:02
Cardamom futures were trading higher during the evening trade in the domestic market on Thursday as investors and speculators widened their bets in the agri-commodity amid a 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 the domestic cardamom prices. At the MCX, cardamom futures for October 2016 contract is trading at Rs 1135.10 per kg, up by 1.06 per cent, after opening at Rs 1142, against a previous close of Rs 1123.20. It touched the intra-day high of Rs 1142 (at 17:02 hours).
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Crude oil futures flat on weaker physical market
06/10/2016 16:58
Crude oil futures were trading flat during the evening trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the energy commodity after Saudi Arabia cut the price of its crudes to Asia for November in a sign that the global fuel glut persists.
However, a drop in the US crude inventories, restricted further fall in prices of crude oil in the domestic spot market at futures trade. At the MCX, crude oil futures for October 2016 contract is trading flat at Rs 3,321 per barrel after opening at Rs 3307, against a previous close of Rs 3321. It touched the intra-day low of Rs 3291 (at 16:49 hours).
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White metal loses sheen on weak overseas cues
06/10/2016 16:10
Silver futures were trading lower during the evening trade in the domestic market on Thursday as investors and speculators exited their positions in the precious metals amid a weak trend in global markets.
Further, trimming of positions by participants was in-line with a weak trend overseas amid rising bets that an improving US economy will push the US Fed to boost interest rates soon, thus reducing the appeal for silver as a safe haven asset for investors.
At the MCX, silver futures for December 2016 contract is trading at Rs 42,570 per kg, down by 0.11 per cent, after opening at Rs 42500, against a previous close of Rs 42615. It touched the intra-day low of Rs 42336 (at 16:07 hours).
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Govt remains committed to curb cheap steel imports: Ind-Ra
06/10/2016 15:44
The recent government action to extend the minimum import price (MIP) on 66 steel products by two months till 4 December 2016 shows the government’s desire to extend protection for a longer time, says India Ratings and Research (Ind-Ra).
Many of the 66 products are mostly subject to an anti-dumping investigation, which is likely to be completed over the next two months. Ind-Ra believes that once this is completed anti-dumping duty (ADD) is likely to be imposed on most of these products for an extended period.
The agency had highlighted the need for safeguards in June 2016 in the report ‘Steel Production May Not Rise in FY17, In the Absence of MIP’.Ind-Ra notes that in August 2016, GoI reduced the items under MIP to 66 from 173 and imposed an ADD on most of the excluded items, namely on hot rolled flat products and cold rolled flat products.
During April-August 2016, India’s steel imports declined by 34.5 per cent yoy to 3.01m tonne. Ind-Ra expects GoI to continue to protect domestic steel players from cheap imports. Over FY15-FY16, GoI took various quantitative and qualitative steps to curb the increase in imports into India, however it is only post the imposition of MIP on 5 February 2016, the domestic steel industry heaved a sigh of relief.
The scope of ADD is restricted to the originating countries named and is therefore narrower in scope than MIP, its impact however when applicable is the same as MIP. The ADD imposed on steel products are not fixed and will be calculated at a rate which is equivalent to the difference between the amount identified in the notification and the landed value of the goods covered under ADD, provided the landed value is less than the amount specified.
Under General Agreement on Tariffs and Trade (GATT) ADD is a more acceptable protection measure provided against dumping of products. GATT provides member countries with the liberty to protect the domestic industry from external injuries; however it is against the restriction of fair trade.
The absence of safeguard measures either in the form of MIP or ADD on value added flat rolled products of alloy or non-alloy steel, clad, plated or coated will lead to a surge in imports. As raw material for these value added products, mainly flat products, are already under ADD and therefore domestic producers will be compromised if the end product is allowed to be imported freely at cheaper prices internationally. Ind-Ra expects the protection for the steel industry in the form of ADD or MIP to continue even beyond December 2016.
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Copper futures slide on weak global cues
06/10/2016 14:43
Copper futures were trading lower during the afternoon trade in the domestic market on Thursday as participants exited their positions in the industrial metal on low physical demand for copper form consuming industries coupled with weak overseas cues. Further, the slide in prices for copper was attributed to a weak global trend where metal weakened and a decrease in demand form consuming industries at the domestic spot markets, too influenced copper prices at futures trade.
At the MCX, copper futures for November 2016 contract is trading at Rs 321.30 per kg, down by 0.22 per cent, after opening at Rs 322.10, against a previous close of Rs 322. It touched the intra-day low of Rs 319.80 (at 14:37 hours).
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Mentha oil futures climb 1.19% as demand picks up
06/10/2016 17:08
Mentha oil futures were trading higher during the evening trade in the domestic market on Thursday as speculators widened their bets in the agri-commodity amid pick up in physical demand for mentha oil from major consuming industries in the domestic spot market.
Further, building up of positions by traders in the spot market led by a surge in demand for mentha oil from consuming industries at the domestic spot market against insufficient stocks position on restricted supplies from producing regions, supported mentha oil prices at futures trade.
At the MCX, mentha oil futures for October 2016 contract were trading at Rs 867.90 per kg, up by 1.19 per cent after opening at Rs 861.70, against the previous closing price of Rs 857.70. It touched the intra-day high of Rs 868 (at 17:06 hours).
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Uptick in demand lifts cardamom futures by 1.06%
06/10/2016 17:02
Cardamom futures were trading higher during the evening trade in the domestic market on Thursday as investors and speculators widened their bets in the agri-commodity amid a 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 the domestic cardamom prices. At the MCX, cardamom futures for October 2016 contract is trading at Rs 1135.10 per kg, up by 1.06 per cent, after opening at Rs 1142, against a previous close of Rs 1123.20. It touched the intra-day high of Rs 1142 (at 17:02 hours).
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Crude oil futures flat on weaker physical market
06/10/2016 16:58
Crude oil futures were trading flat during the evening trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the energy commodity after Saudi Arabia cut the price of its crudes to Asia for November in a sign that the global fuel glut persists.
However, a drop in the US crude inventories, restricted further fall in prices of crude oil in the domestic spot market at futures trade. At the MCX, crude oil futures for October 2016 contract is trading flat at Rs 3,321 per barrel after opening at Rs 3307, against a previous close of Rs 3321. It touched the intra-day low of Rs 3291 (at 16:49 hours).
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White metal loses sheen on weak overseas cues
06/10/2016 16:10
Silver futures were trading lower during the evening trade in the domestic market on Thursday as investors and speculators exited their positions in the precious metals amid a weak trend in global markets.
Further, trimming of positions by participants was in-line with a weak trend overseas amid rising bets that an improving US economy will push the US Fed to boost interest rates soon, thus reducing the appeal for silver as a safe haven asset for investors.
At the MCX, silver futures for December 2016 contract is trading at Rs 42,570 per kg, down by 0.11 per cent, after opening at Rs 42500, against a previous close of Rs 42615. It touched the intra-day low of Rs 42336 (at 16:07 hours).
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Govt remains committed to curb cheap steel imports: Ind-Ra
06/10/2016 15:44
The recent government action to extend the minimum import price (MIP) on 66 steel products by two months till 4 December 2016 shows the government’s desire to extend protection for a longer time, says India Ratings and Research (Ind-Ra).
Many of the 66 products are mostly subject to an anti-dumping investigation, which is likely to be completed over the next two months. Ind-Ra believes that once this is completed anti-dumping duty (ADD) is likely to be imposed on most of these products for an extended period.
The agency had highlighted the need for safeguards in June 2016 in the report ‘Steel Production May Not Rise in FY17, In the Absence of MIP’.Ind-Ra notes that in August 2016, GoI reduced the items under MIP to 66 from 173 and imposed an ADD on most of the excluded items, namely on hot rolled flat products and cold rolled flat products.
During April-August 2016, India’s steel imports declined by 34.5 per cent yoy to 3.01m tonne. Ind-Ra expects GoI to continue to protect domestic steel players from cheap imports. Over FY15-FY16, GoI took various quantitative and qualitative steps to curb the increase in imports into India, however it is only post the imposition of MIP on 5 February 2016, the domestic steel industry heaved a sigh of relief.
The scope of ADD is restricted to the originating countries named and is therefore narrower in scope than MIP, its impact however when applicable is the same as MIP. The ADD imposed on steel products are not fixed and will be calculated at a rate which is equivalent to the difference between the amount identified in the notification and the landed value of the goods covered under ADD, provided the landed value is less than the amount specified.
Under General Agreement on Tariffs and Trade (GATT) ADD is a more acceptable protection measure provided against dumping of products. GATT provides member countries with the liberty to protect the domestic industry from external injuries; however it is against the restriction of fair trade.
The absence of safeguard measures either in the form of MIP or ADD on value added flat rolled products of alloy or non-alloy steel, clad, plated or coated will lead to a surge in imports. As raw material for these value added products, mainly flat products, are already under ADD and therefore domestic producers will be compromised if the end product is allowed to be imported freely at cheaper prices internationally. Ind-Ra expects the protection for the steel industry in the form of ADD or MIP to continue even beyond December 2016.
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Join Our Whatsapp No : 9841986753
Copper futures slide on weak global cues
06/10/2016 14:43
Copper futures were trading lower during the afternoon trade in the domestic market on Thursday as participants exited their positions in the industrial metal on low physical demand for copper form consuming industries coupled with weak overseas cues. Further, the slide in prices for copper was attributed to a weak global trend where metal weakened and a decrease in demand form consuming industries at the domestic spot markets, too influenced copper prices at futures trade.
At the MCX, copper futures for November 2016 contract is trading at Rs 321.30 per kg, down by 0.22 per cent, after opening at Rs 322.10, against a previous close of Rs 322. It touched the intra-day low of Rs 319.80 (at 14:37 hours).
