Mcx Commodity Market News : Evening Session - 18.10.2016
Free Mcx Commodity Trend Update ( Call - 9094047040)
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Keep Refresh for Fresh Tips
Gold rises on weak dollar
18/10/2016 16:53
Gold futures were trading higher during the evening trade in the domestic market on Tuesday as investors and speculators widened their positions in the precious metal as the US dollar weakened, while rebounding equities capped gains.
Analysts attributed the recovery in gold prices to weakness in US dollar which measures the greenback against a basket of currencies, and strong Asian equities though risk appetite was low as weak US markets prompted investors to stay on the sidelines.
At the MCX, gold futures for December 2016 contract is trading at Rs 29780 per 10 grams, up by 0.25 per cent, after opening at Rs 29750, against a previous close of Rs 29705. It touched the intra-day high of Rs 29810 (at 16:58 hours).
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Aluminium futures gain 0.18% as demand picks up
18/10/2016 16:50
Aluminium futures were trading higher during the evening trade in the domestic market on Tuesday as investors and speculators widened their positions in the industrial metal amidst upsurge in physical demand for aluminium in the domestic spot market.
Further, a rise in demand for aluminium at the domestic spot market was led by building up of positions by investors in the spot markets, supported aluminium prices at futures trade.
At the MCX, aluminium futures for October 2016 contract is trading at Rs 111.20 per kg, up by 0.18 per cent, after opening at Rs 111, against a previous close of Rs 111. It touched the intra-day high of Rs 111.70 (at 16:48 hours).
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Crude oil up on firm global cues
18/10/2016 16:38
Crude oil futures were trading higher during the evening trade in the domestic market on Tuesday as investors and speculators widened their positions in the energy commodity as some analysts said that markets might not be quite as oversupplied as suggested by many, with global inventories rising less than expected ahead of the high-demand winter heating season in the northern hemisphere.
Also, a drop in US dollar away from 7-month highs the previous day also supported crude, as a lower greenback makes fuel purchases cheaper for countries using other currencies.
At the MCX, crude oil futures for October 2016 contract is trading at Rs 3361 per barrel, up by 1.14 per cent, after opening at Rs 3348, against a previous close of Rs 3323. It touched the intra-day high of Rs 3368 (at 16:40 hours).
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Cardamom futures surge 0.89% on spot demand
18/10/2016 16:14
Cardamom futures were trading higher during the evening trade in the domestic market on Tuesday as investors and speculators widened their bets in the agri-commodity amid pick up in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, too supported the uptrend in the domestic cardamom prices. At the MCX, cardamom futures for November 2016 contract is trading at Rs 1140 per kg, up by 0.89 per cent, after opening at Rs 1134, against a previous close of Rs 1129.90. It touched the intra-day high of Rs 1146 (at 16:10 hours).
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Niti Aayog moots independent regulators for steel, mines sector
18/10/2016 15:06
Government think-tank Niti Aayog has favoured creating independent regulators for steel and mining sectors in the country in a bid to make both industries profitable, reported PTI.
The premier policy-making body has also pitched for a new and dynamic steel policy to bring the over USD 100 billion industry back on track as well as meet the target of 300 million tonnes (mt) capacity by 2025.
"Since steel is a deregulated sector, there is need for an independent regulator for effective regulation, which the sector presently lacks," Aayog said in a working paper.
"Also, in the mining sector, though NMDC should act as a regulator, it itself is engaged in iron ore mining, which may create conflict of interest. Therefore, a new independent regulator is required in the mining sector as well."
About the deteriorating financial health of steel firms, Niti Aayog said firms have a huge debt load over the past couple of years due to the combined effect of supply and demand factors.
"Situation is quite critical as they are not even able to service their interest cost. There was an aggregate debt of Rs 45,160 crore on the iron and steel industry in 2014, according to the corporate debt restructuring cell progress report, which has increased to Rs 53,580 crore in March, 2016," it added.
The working paper -- prepared by Niti Aayog Member V K Saraswat and Niti Aayog professional Ripunjaya Bansal -- said share of stressed advances has reached 25 per cent, of which 19 per cent are restructured standard advances and 7 per cent are non-performing assets (NPAs).
It said the government has provided financial support to steel firms earlier in 1999 and 2003 while it is trying to support through RBI's strategic debt restructuring scheme currently.
"Therefore, the steel sector, which has a long gestation period, needs long-term finance like pension funds, which have the capacity to withstand cyclical volatility of profits unlike funding from banks, external commercial borrowing (ECB) or capital markets," the paper suggested.
According to the think-tank, mere changes in the National Steel Policy, 2012, will not benefit the sector, which over the last few years has been flooded with cheap imports from China, Korea and Japan impacting its sales and profit. This has also impacted its capacity to repay debt.
"There is need for a new and dynamic steel policy. Seeing the current situation of the steel sector, it may be unlikely to achieve the targets envisaged in the National Steel Policy 2012 i.e. a capacity of 300 mt and production of 275 mt by 2025," it added.
"To bring steel sector back on track, mere tinkering in the present policy would not bring out a transformational change that is required."
Aayog feels there is a need to examine the entire value chain associated with the industry -- from raw materials to production of finished products -- to discover the bottlenecks in the sector.
Free Mcx Commodity Trend Update ( Call - 9094047040)
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Keep Refresh for Fresh Tips
Gold rises on weak dollar
18/10/2016 16:53
Gold futures were trading higher during the evening trade in the domestic market on Tuesday as investors and speculators widened their positions in the precious metal as the US dollar weakened, while rebounding equities capped gains.
Analysts attributed the recovery in gold prices to weakness in US dollar which measures the greenback against a basket of currencies, and strong Asian equities though risk appetite was low as weak US markets prompted investors to stay on the sidelines.
At the MCX, gold futures for December 2016 contract is trading at Rs 29780 per 10 grams, up by 0.25 per cent, after opening at Rs 29750, against a previous close of Rs 29705. It touched the intra-day high of Rs 29810 (at 16:58 hours).
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Aluminium futures gain 0.18% as demand picks up
18/10/2016 16:50
Aluminium futures were trading higher during the evening trade in the domestic market on Tuesday as investors and speculators widened their positions in the industrial metal amidst upsurge in physical demand for aluminium in the domestic spot market.
Further, a rise in demand for aluminium at the domestic spot market was led by building up of positions by investors in the spot markets, supported aluminium prices at futures trade.
At the MCX, aluminium futures for October 2016 contract is trading at Rs 111.20 per kg, up by 0.18 per cent, after opening at Rs 111, against a previous close of Rs 111. It touched the intra-day high of Rs 111.70 (at 16:48 hours).
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Crude oil up on firm global cues
18/10/2016 16:38
Crude oil futures were trading higher during the evening trade in the domestic market on Tuesday as investors and speculators widened their positions in the energy commodity as some analysts said that markets might not be quite as oversupplied as suggested by many, with global inventories rising less than expected ahead of the high-demand winter heating season in the northern hemisphere.
Also, a drop in US dollar away from 7-month highs the previous day also supported crude, as a lower greenback makes fuel purchases cheaper for countries using other currencies.
At the MCX, crude oil futures for October 2016 contract is trading at Rs 3361 per barrel, up by 1.14 per cent, after opening at Rs 3348, against a previous close of Rs 3323. It touched the intra-day high of Rs 3368 (at 16:40 hours).
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Cardamom futures surge 0.89% on spot demand
18/10/2016 16:14
Cardamom futures were trading higher during the evening trade in the domestic market on Tuesday as investors and speculators widened their bets in the agri-commodity amid pick up in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, too supported the uptrend in the domestic cardamom prices. At the MCX, cardamom futures for November 2016 contract is trading at Rs 1140 per kg, up by 0.89 per cent, after opening at Rs 1134, against a previous close of Rs 1129.90. It touched the intra-day high of Rs 1146 (at 16:10 hours).
Click Here & Register To Get 2 days Trial Tips
Join Our Whatsapp No : 9841986753
Niti Aayog moots independent regulators for steel, mines sector
18/10/2016 15:06
Government think-tank Niti Aayog has favoured creating independent regulators for steel and mining sectors in the country in a bid to make both industries profitable, reported PTI.
The premier policy-making body has also pitched for a new and dynamic steel policy to bring the over USD 100 billion industry back on track as well as meet the target of 300 million tonnes (mt) capacity by 2025.
"Since steel is a deregulated sector, there is need for an independent regulator for effective regulation, which the sector presently lacks," Aayog said in a working paper.
"Also, in the mining sector, though NMDC should act as a regulator, it itself is engaged in iron ore mining, which may create conflict of interest. Therefore, a new independent regulator is required in the mining sector as well."
About the deteriorating financial health of steel firms, Niti Aayog said firms have a huge debt load over the past couple of years due to the combined effect of supply and demand factors.
"Situation is quite critical as they are not even able to service their interest cost. There was an aggregate debt of Rs 45,160 crore on the iron and steel industry in 2014, according to the corporate debt restructuring cell progress report, which has increased to Rs 53,580 crore in March, 2016," it added.
The working paper -- prepared by Niti Aayog Member V K Saraswat and Niti Aayog professional Ripunjaya Bansal -- said share of stressed advances has reached 25 per cent, of which 19 per cent are restructured standard advances and 7 per cent are non-performing assets (NPAs).
It said the government has provided financial support to steel firms earlier in 1999 and 2003 while it is trying to support through RBI's strategic debt restructuring scheme currently.
"Therefore, the steel sector, which has a long gestation period, needs long-term finance like pension funds, which have the capacity to withstand cyclical volatility of profits unlike funding from banks, external commercial borrowing (ECB) or capital markets," the paper suggested.
According to the think-tank, mere changes in the National Steel Policy, 2012, will not benefit the sector, which over the last few years has been flooded with cheap imports from China, Korea and Japan impacting its sales and profit. This has also impacted its capacity to repay debt.
"There is need for a new and dynamic steel policy. Seeing the current situation of the steel sector, it may be unlikely to achieve the targets envisaged in the National Steel Policy 2012 i.e. a capacity of 300 mt and production of 275 mt by 2025," it added.
"To bring steel sector back on track, mere tinkering in the present policy would not bring out a transformational change that is required."
Aayog feels there is a need to examine the entire value chain associated with the industry -- from raw materials to production of finished products -- to discover the bottlenecks in the sector.
