Free Commodity News : 07.07.2016
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White metal in reverse gear on profit-booking
07/07/2016 17:11
Silver futures were trading lower during evening trade in the domestic market on Thursday as traders booked profits at prevailing levels tracking a weak trend in precious metals overseas.
Analysts said the decline in silver prices in the futures trade was attributed to a fall in demand for safe haven assets tracking a weak trend overseas.
At the MCX, Silver futures for September 2016 contract is trading at Rs 47,409 per 10 grams
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Gems, jewellery exports up 25.5% during Apr-May
07/07/2016 16:28
Exports of gems and jewellery grew 25.5 per cent to USD 5.78 billion during the first two months of the current fiscal, largely driven by demand in India's major markets like the US, said the media report.
In April-May last year, exports from the sector were USD 4.60 billion, according to the data from Gems and Jewellery Export Promotion Council (GJEPC).
Gems and jewellery contribute to about 14 per cent to the country's overall exports.
The rise during the two-month period was mainly supported by silver exports at USD 673.60 million up 176.18 per cent from USD 243.90 million a year ago, reported PTI.
Exports of cut and polished diamonds increased to USD 3.75 billion during April-May, from USD 3.4 billion a year ago.
In 2015-16, the exports dipped 11.7 per cent to USD 31.98 billion.
"The decline in exports was mainly affected by slowdown in Europe, Japan and China. However, the US is picking up slowly, which is helping in registering positive growth in the sector," an official said.
However, shipments of gold jewellery contracted 10 per cent to USD 535 million during the two months under review.
Exports of gold medallion and coins too dipped marginally to USD 343 million, from USD 346 million in April-May 2015-16.
The government is hoping that incentives such as 3 per cent interest subsidy and enhanced rate for duty drawback would further help contain the decline in exports.
According to GJEPC data, imports of rough diamonds rose by 26.35 per cent to USD 3.40 billion in April-May 2016. Imports of gold bars too grew by about 83 per cent to USD 933 million.
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Crude Oil zooms over 1% on fall in crude supplies
07/07/2016 16:25
Crude oil futures jumped over 1 per during evening trade in the domestic market on Thursday as traders cheered a decline in US crude inventories coupled with US dollar softening, buoyed crude oil at futures trade.
Analysts said that speculative positions created by traders after rise in crude prices in Asian markets, tracking a broad advance across equity markets amid weakness in dollar and after private data showed another drop in US inventories, influenced crude oil prices at futures trade.
At the MCX, Crude oil futures for July 2016 contract is trading at Rs 3,237 per barrel
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Mentha Oil higher on physical demand
07/07/2016 16:19
Mentha oil futures were trading tad higher during evening trade in the domestic market on Thursday as investors and speculators booked fresh positions in the agri-commodity amid firm physical demand for Mentha Oil from major consuming industries in the domestic spot market.
Further, lower supplies amid restricted physical arrivals from the major Mentha Oil producing regions also exerted upward pressure on domestic prices.
At MCX, Mentha oil futures for July 2016 contract, at MCX, were trading at Rs 836 per kg
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Gold traders cautious ahead of US jobs data
07/07/2016 16:16
Gold futures fell during evening trade in the domestic market on Thursday as investors and speculators stuck to a cautious approach ahead of the US June payrolls data set for release on Friday which may dictate the timing of the next US Fed rate hike.
Minutes from the Fed’s latest meeting, released on Wednesday, signaled that officials held interest rates unchanged amid uncertainty surrounding the job market outlook.
Analysts expect the US economy to have added 178,000 jobs in June.
At the MCX, gold futures for August 2016 contract is trading at Rs 31,985 per 10 grams
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Zinc in reverse gear on soft physical demand
07/07/2016 15:58
Zinc futures fell during noon trade in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market.
Further, German industrial output fell surprisingly in May, suffering the biggest slide in 21 months, signaling a slowdown in Europe’s biggest economy that may curb metal demand. Industrial production in Germany dropped 1.3 per cent in May 2016 over the previous month.
At the MCX, zinc futures for July 2016 contract is trading at Rs 142.35 per kg
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German factory weakness hits Copper
07/07/2016 15:52
Copper futures retreated during noon trade in the domestic market on Thursday as investors and speculators exited positions in the industrial metal as stalled German factory orders signaled a manufacturing slowdown in Europe’s biggest economy that may curb metal demand.
Germany factory orders were unchanged in May over April as rising global economic uncertainty hampered demand.
Further, inventories of copper hit a five-month high, signaling weak demand for the base metal.
At the MCX, Copper futures for August 2016 contract is trading at Rs 322.90 per kg
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Lead futures climb on base metal gains
07/07/2016 14:14
Lead futures were trading higher during the afternoon trade in the domestic market on Thursday as investors enlarged their positions led by rise in physical demand for Lead in the domestic spot market and gains in base metals overseas.
The uptick in demand from battery-makers in the domestic spot markets kept lead prices higher in futures trade.
At the MCX, Lead futures for July 2016 contract is trading at Rs 124.30 per kg
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White metal up on firm global cues 07/07/2016
Silver futures were trading higher during the noon trade in the domestic market on Thursday as traders widened their bets at prevailing levels tracking firm trend in precious metals overseas.
Analysts said investors sought a haven from the sliding financial markets in the wake of the Brexit vote.
At the MCX, Silver futures for September 2016 contract is trading at Rs 47,815 per 10 grams
