Mcx Commodity Market News : Evening Session : 29.07.2016
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Muted demand hurts lead futures 29/07/2016 16:52
Lead futures were trading lower during the evening trade in the domestic market on Friday as investors and speculators trimmed their bets in the industrial metal amid decline in physical demand for lead, from battery-makers, in the domestic spot market. Further, decrease in demand from battery makers in the spot market and offloading of positions due to expiry influenced lead prices at futures trade
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Crude oil futures down on supply glut concerns
29/07/2016 15:43
Crude oil futures fell during the afternoon trade in the domestic market on Friday as participants exited positions in the energy commodity amid fears that a slowing global economic recovery may exacerbate a global supply glut in crude and refined products. While Goldman Sachs said this week that it doesn’t expect a recovery in oil prices in the near-term, US inventories of crude oil rose for the first time in ten weeks and production too climbed, signaling a bearish outlook for the fuel.
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Low demand drags down copper futures by 0.50%
29/07/2016 15:07
Copper futures were trading lower during the afternoon trade in the domestic market on Friday as speculators trimmed their positions in the industrial metal amid fall in demand at the domestic spot markets. The prices of copper declines at futures trade led by a weak trend in base metals at the spot markets due to muted demand from consuming industries
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Uncertain US demand outlook weighs on Copper
29/07/2016 14:58
Copper futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid doubts surrounding the health of the US economy as a regional factory gauge returned to contraction and unemployment claims climbed, dimming the demand prospects for the metal.The number of Americans who filed to claim jobless benefits rose by 14,000 to 266,000 in the week ended July 23 while a gauge measuring manufacturing activity in the Kansas region fell to -6 in July from 2 in June, with a reading below 0 signaling contraction.
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Natural Gas lower despite bullish storage data
29/07/2016 14:16
Natural Gas futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the energy commodity tracking weakness overseas where prices fell on profit taking after a stellar rally in the previous session. The fuel had rallied 8 per cent in the international market on Thursday after a smaller than expected build in US storage levels signaled a pickup in demand for the fuel in the world’s biggest gas consuming nation.
The EIA reported that US gas supplies increased by 17 billion cubic feet to 3.294 trillion cubic feet in the week ended July 22, 2016, against an expected increase of 26 billion cubic feet, while stockpiles rose by 34 billion cubic feet in the prior week, 49 billion cubic feet a year earlier with the five-year average gain at 52 billion cubic feet.
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Cardamom bulls rule the roost
29/07/2016 13:39
Cardamom futures jumped by more than 1 per cent during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the agri-commodity amid a pickup in physical demand for cardamom in the domestic spot market.Further, restricted supplies amid lower physical arrivals from the major cardamom producing belts in the country also exerted upward pressure on domestic cardamom prices.
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Mentha Oil higher on firm physical demand
29/07/2016 13:01
Mentha oil futures rose during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the agri-commodity amid a pickup in physical demand for mentha oil from major consuming industries in the domestic spot market.Further, restricted supplies amid lower physical arrivals from the major mentha oil producing belts in the country also exerted upward pressure on domestic mentha oil prices.
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Yellow metal shines on global cues
29/07/2016 12:39
Gold futures were trading higher during the noon trade in the domestic market on Friday as traders widened their bets in the precious metal tracking positive cues from global markets. Traders indulged in widening their positions following a better trend in global markets after the US Fed reiterated a gradual approach to raising interest rates, sending the dollar lower thus raising demand for safe haven assets, buoyed the upside in gold futures.
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Gold logs mild gains after BOJ stimulus
29/07/2016 12:30
Gold futures were trading higher during noon trade on Friday after the Bank of Japan decided to expand its ETF program to 6 trillion yen annually, but left its target for annual government bond purchases unchanged at 80 trillion yen and maintained its policy rate at the same level, curbing gains in the precious metal, a hedge against the inflationary risk of monetary stimulus. Despite a cautious move on the stimulus front by the apex bank, the Bank of Japan highlighted downside risks to the Japanese economy, signaling that more stimulus could be on its way, if needed. The focus has also turned to US Q2 GDP data with growth expected to come in at 2.6 per cent annualized rate.
