MCX Aluminium,Crudeoil Update : 27.09.2016
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27/09/2016 11:02
Aluminium futures were trading lower during the morning trade in the domestic market on Tuesday as participants trimmed their positions amidst muted physical demand for aluminium in the domestic spot market. Further, drop in demand for aluminium at the domestic spot market was led by cut down of positions by participants in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for September 2016 contract is trading at Rs 109.40 per kg, down by 0.45 per cent, after opening at Rs 109.55, against a previous close of Rs 109.90. It touched the intra-day low of Rs 109.40 (at 11:01 hours).
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27/09/2016 11:13
Steel minister Chaudhary Birendra Singh stressed on making state-run steel maker SAIL's subsidiaries Salem and VISL Bhadrawati competitive, reported PTI. Singh was reviewing the working of SAIL's marketing setup in southern region and SAIL joint venture with Kerala government -- SAIL-SCL Kerala Ltd, SAIL said in a statement. "Minister stressed the need of making units of SAIL like Salem Steel Plant and VISL Bhadravati competitive. He added that action plans have to be taken to make the joint venture units like SAIL-SCL Kerala Ltd viable," it added. There is good scope of consumption of steel in the state of Kerala as well as in the other parts of the country. SAIL and Kerala government should work together to promote steel consumption, Singh suggested as per the media reports. The Minister also recommended that a committee of representatives from Steel Ministry, Kerala government and SAIL be formed to find ways and means of improving capacity utilisation of the JV. Kerala's Additional Chief Secretary Paul Antony pointed out that sales volume of TMT from the JV will improve as the state government is in the process of ensuring support for the JV.
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Oil slips as OPEC meet eyed27/09/2016 11:25
Crude oil futures fell during late morning trade in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity ahead of an informal meeting of top oil producers to discuss measures to stabilize oil prices including a possible production freeze, to help ease a global supply glut. Analysts see slim chances of producers agreeing to a deal to curb output with Iran on Monday downplaying the prospects of such a move but others including the UAE and Algeria seemed more confident. At the MCX, crude oil futures for October 2016 contract is trading at Rs 3,061 per barrel, down by 0.71 per cent, after opening at Rs 3,062, against a previous close of Rs 3,083. It touched the intra-day low of Rs 3,058. (At 11:19 AM).
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