Mcx Commodity Market News : Morning Session - 03.08.2016
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Copper lower on China slowdown fears
03/08/2016 11:52
COPPER : Down Trend
Copper futures were trading in the red during late morning trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid fears that an economic slowdown in China, the world’s biggest metals consumer, may curb consumption. China’s services activity slowed in July as the PMI fell from an 11-month high of 52.7 in June to 51.7, with a reading above 50 signaling expansion. US consumer spending climbed 0.4 per cent in June from May signaling improved demand outlook for metal-made household goods, trimming losses in copper futures. At the MCX, copper futures for August 2016 contract is trading at Rs 326.25 per kg, down by 0.12 per cent, after opening at Rs 326.70, against a previous close of Rs 326.65. It touched the intra-day low of Rs 325.90. (At 11:47 AM).
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Muted demand drags down nickel futures
03/08/2016 11:48
NICKEL : Down Trend
Nickel futures were trading lower during the morning trade in the domestic market on Wednesday as investors and speculators trimmed their bets amid a decline in demand from alloy-makers at the domestic spot market.
Further, a fall in domestic demand from alloy-makers at the domestic spot markets, influenced the down trend in nickel prices at the futures trade. At the MCX, nickel futures for August 2016 contract is trading at Rs 715.60 per kg, down by 0.11 per cent, after opening at Rs 717.10, against a previous close of Rs 716.40. It touched the intra-day low of Rs 713.60 (at 11:47 hours).
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Oil gets a boost from US stockpile draw
03/08/2016 11:23
CRUDEOIL : Up Trend
Crude oil futures rose during late morning trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity after US crude oil inventories fell last week, easing concerns over a worsening global supply glut. The Industry-funded American Petroleum Institute (API) on Tuesday reported that US crude oil inventories fell by 1.3 million barrels in the week ended July 29, 2016. The Energy Information Administration (EIA) will release separate US inventory data on Wednesday. Meanwhile, a Bloomberg news survey showed that the OPEC, a cartel which accounts for about 70 per cent of global supplies, cut its crude output by 80,000 barrels per day in July due to militant attacks in Nigeria and the continued dispute over control of Libya’s oil and exports. At the MCX, crude oil futures for August 2016 contract is trading at Rs 2,659 per barrel, up by 0.72 per cent, after opening at Rs 2,655, against a previous close of Rs 2,640. It touched the intra-day high of Rs 2,668. (At 11:18 AM).
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Mentha oil futures slide on sluggish demand
03/08/2016 10:51
MENTHAOIL : Down Trend
Mentha oil futures were trading lower during the morning trade in the domestic market on Wednesday as investors and speculators trimmed their bets in the agri-commodity amid a fall in physical demand from major consuming industries for mentha oil in the domestic spot market. At the MCX, Mentha oil futures for August 2016 contract were trading at Rs 932.80 per kg, down by 0.52 per cent after opening at Rs 927.80, against the previous closing price of Rs 937.70. It touched the intra-day low of Rs 926.60 (at 10:47 hours).
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Cardamom futures fall on muted demand
03/08/2016 10:47
CARDAMOM : Up Trend
Cardamom futures were trading lower during the morning trade in the domestic market on Wednesday as investors cut down their bets in the agri-commodity amid a fall in physical demand for cardamom in the domestic spot market. Further, sufficient supplies amid higher physical arrivals from the major cardamom producing belts in the country too exerted downward pressure on domestic cardamom prices. At the MCX, Cardamom futures for August 2016 contract is trading at Rs 942.60 per kg, down by 0.24 per cent, after opening at Rs 952.90, against a previous close of Rs 944.90. It touched the intra-day low of Rs 941 (at 10:47 hours).
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Yellow metal rises as dollar weakens
03/08/2016 10:44
GOLD : Up Trend
Gold futures were trading marginally higher during the morning trade in the domestic market on Wednesday as traders built up fresh positions as a weaker dollar bolstered the lure for the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus boosting gold demand. Further, soft US economic data raised speculation that the US Federal Reserve may hold off further tightening of interest rates in the near-term, bolstering the lure for gold as a store of value. At the MCX, gold futures for August 2016 contract is trading at Rs 31,800 per 10 grams, up by 0.08 per cent, after opening at Rs 31,809, against a previous close of Rs 31,775. It touched the intra-day high of Rs 31,809 (at 10:36 hours).
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Crude oil down on ongoing glut fears
03/08/2016 08:54
l : Down Trend
Crude oil futures closed lower in the domestic market on Tuesday as ongoing fuel oversupply and stuttering economic growth weighed on markets. Oil markets have been dogged by oversupply that started in the crude sector more than two years ago and which has since spread to refined products, leaving storage tanks filled to the brink, and unsold fuel stored on ships. At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2642 per barrel, down by 1.45 per cent, after opening at Rs. 2690, against the previous closing price of Rs. 2681. It touched the intra-day low of Rs. 2631.
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Silver up on firm overseas cues
03/08/2016 08:53
SILVER: Up Trend
Silver futures closed higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal tracking a bullish trend overseas as a weaker dollar bolstered the lure for the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus boosting silver demand. Further, soft US economic data raised speculation that the US Federal Reserve may hold off further tightening of interest rates in the near-term, bolstering the lure for silver as a store of value. At the MCX, Silver futures for September 2016 contract closed at Rs 48,090, per 1 kg, up by 0.78 per cent after opening at Rs 47,679, against the previous closing price of Rs 47,717. It touched the intra-day high of Rs 48,445.
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Gold rises on weak dollar
03/08/2016 08:53
GOLD : Up Trend
Gold futures closed higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the yellow metal as a weaker dollar bolstered the lure for the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus boosting gold demand. Further, soft US economic data raised speculation that the US Federal Reserve may hold off further tightening of interest rates in the near-term, bolstering the lure for gold as a store of value. At the MCX, Gold futures for August 2016 contract closed at Rs 31,795, per 10 gram, up by 0.83 per cent after opening at Rs 31,496, against the previous closing price of Rs 31,534. It touched the intra-day high of Rs 31,839.
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