Today Mcx Top Commodity Market News : Evening Session : 03.08.2016
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Zinc futures fall on muted demand 03/08/2016Zinc : Down Trend
Zinc futures were trading lower during the evening trade in the domestic market on Wednesday as traders cut down their bets due to a slide in demand from consuming industries at the domestic spot markets.
Further, a decrease in demand for zinc at the domestic spot market was due to cut down of bets by participants in the spot markets, influenced zinc prices at futures trade
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Crude oil futures zoom on US stockpile draw 03/08/2016
Crudeoil : Down Trend
Crude oil futures were trading higher during the evening trade in the domestic market on Wednesday as participants widened their positions in the energy commodity after the 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.
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Nickel in higher gear on firm physical demand 03/08/2016
Nickel :Down Trend
Nickel futures rose during evening trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for nickel from alloy-makers, in the spot market.
A pickup in the 19-member Euro Area economy also bolstered the demand outlook for the metal as a combined gauge measuring manufacturing and services in the Euro area climbed to 53.2 in July from 53.1 in June, with a reading above 50 signaling expansion.
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Lead futures slide on diminishing demand 03/08/2016
LEAD : Down Trend
Lead futures were trading lower during the afternoon trade in the domestic market on Wednesday as investors and speculators remained on the sideline amid fall in physical demand for lead, from battery-makers, in the domestic spot market.However, a pickup in the 19-member Euro Area economy bolstered the demand outlook for the metal, trimming losses in lead. A combined gauge measuring manufacturing and services in the Euro area climbed to 53.2 in July from 53.1 in June, with a reading above 50 signaling expansion.
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Gold up as Fed rate hike fears ebb 03/08/2016
Gold : Down Trend
Gold futures were trading higher during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal amid expectation that the US Federal Reserve may hold off tightening interest rates in the near-term as soft data suggested a tame recovery in the world’s biggest economy, bolstering the lure for the bullion as a store of value.
The US economy grew at a less than expected 1.2 per cent annualized rate in Q2 while data on Tuesday showed that inflation remains muted with the core US personal consumption expenditures (PCE) index, the Fed’s preferred gauge of inflation rising 1.6 per cent in June 2016, year-on-year, compared to the targeted 2 per cent.
However, losses in the international market as a stronger dollar curbed the lure for gold as an alternative asset, restricted gains in domestic bullion prices.
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Silver bulls rule the roost 03/08/2016
Silver : Down Trend
Silver futures climbed during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal amid rising speculation that the US Federal Reserve may put off an interest rate hike this year as soft data suggested a tame recovery in the world’s biggest economy, bolstering the lure for the bullion as a store of value.
The US economy grew at a less than expected 1.2 per cent annualized rate in Q2 while data on Tuesday showed that inflation remains muted with the core US personal consumption expenditures (PCE) index, the Fed’s preferred gauge of inflation rising 1.6 per cent in June 2016, year-on-year, compared to the targeted 2 per cent.
