Tag: commodities

Copper futures down 0.16% on subdued demand

Copper futures down 0.16% on subdued demand

28/07/2017 16:35

Copper futures were trading lower during the evening trade in the domestic market on Friday as speculators booked profits at prevailing high levels amid low demand at spot markets.

Analysts attributed the fall to offloading of positions by speculators at prevailing higher levels coupled with subdued spot demand.

At the MCX, copper futures for August 2017 contract is trading at Rs 407.35 per kg, down by 0.16 per cent, after opening at Rs 407.05, against a previous close of Rs 408.00. It touched the intra-day low of Rs 403.50 (at 16:40 hours).

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Zinc futures up amid rising demand

Zinc futures up amid rising demand

24/07/2017 14:02

Zinc futures were trading higher during the afternoon trade in the domestic market on Monday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets.

Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market.

At the MCX, zinc futures for July 2017 contract is trading at Rs 178.90 per kg, up by 0.76 per cent, after opening at Rs 178.65, against a previous close of Rs 177.55. It touched the intra-day high of Rs 179.60 (at 14:10 hours).

Zinc futures rise on pickup in demand

Zinc futures rise on pickup in demand

19/07/2017 14:03

Zinc futures were trading higher during the afternoon trade in the domestic market on Wednesday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market.

At the MCX, zinc futures for July 2017 contract is trading at Rs 179.50 per kg, up by 0.17 per cent, after opening at Rs 178.65, against a previous close of Rs 179.20. It touched the intra-day high of Rs 179.65 (at 14:07 hours).

Crude oil dips 2.78% on rise in US output

Crude oil dips 2.78% on rise in US output

Crude oil futures plunged over 2 per cent during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity as news of a rise in US production added to earlier reports that OPEC output was also on the rise.

The news of surge in production outweighed positive sentiment from falling crude and gasoline inventories in the US.

At the MCX, crude oil futures for July 2017 contract is trading at Rs 2865 per barrel, down by 2.78 per cent, after opening at Rs 2933, against a previous close of Rs 2947. It touched the intra-day low of Rs 2863 (at 14:14 hours).


07/07/2017 14:17

Nickel futures keep head above water

Nickel futures keep head above water

03/07/2017 17:11

Nickel futures were trading higher during evening trade in the domestic market on Monday as investors and speculators extended their bets in the industrial metal on surging demand from alloy-makers at domestic markets.

The prices of metal also rose on global cues as the market fretted about shortages, dwindling stocks and expectations of strong demand from top consumer China.

At the MCX, nickel futures for July 2017 contract is trading at Rs 611.50 per kg, up by 0.74 per cent, after opening at Rs 608.30, against a previous close of Rs 607. It touched the intra-day high of Rs 612.60 (at 17:07 hours).

ICRA revises India’s cotton outlook to stable from negative

ICRA revises India’s cotton outlook to stable from negative

30/06/2017 12:00

Favourable weather conditions and remunerative prices are expected to improve the cotton supply situation in India in the next one year, ICRA said, revising its outlook for cotton to stable from negative.

The rating agency estimates the domestic cotton output to increase by around 6 per cent to 36 million bales in 2018.

“A few initial weeks of the cotton sowing season have already witnessed increased acreage vis-a-vis last year and the trend is expected to sustain. This is likely to be complemented by the forecast for normal monsoons, with the possibility of El Nino formation gradually waning,” ICRA said.

India’s cotton-spinning industry has been facing twin challenges of subdued demand and high cotton fibre prices as a result of tight cotton availability since the July 2016. Amid a decline in exports to China and subdued domestic demand following the demonetisation drive, the growth in total spun yarn production declined to a five-year low in 2016-17.

“The expectations of higher output in the upcoming cotton season supported by increased sowing and a favourable monsoon forecast is likely to create a downward bias in cotton prices from Q2 FY2018 onwards, vis-a-vis the peak levels witnessed during the past one year. This augurs well for the domestic cotton spinning industry,” said Jayanta Roy, Senior Vice- President and Group Head, Corporate Sector Ratings, ICRA.

According to the rating agency, despite the weakness in production and sales volumes, domestic cotton yarn prices continue to be firm following the high cotton prices. However, the possibility of a further increase in cotton yarn prices is low due to weak export prospects.

Mentha oil futures drop 2.49% on subdued demand

Mentha oil futures drop 2.49% on subdued demand

27/06/2017 17:44

Mentha oil futures fell over 2 per cent during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the agri-commodity amid subdued physical demand for mentha oil from major consuming industries in the domestic spot market.

Further, cut down of bets by traders in the spot market was due to a fall in physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on higher supplies from producing regions, influenced mentha oil prices at futures trade.

At the MCX, mentha oil futures for June 2017 contract is trading at Rs 886 per kg, down by 2.49 per cent, after opening at Rs 904, against a previous close of Rs 908.60. It touched the intra-day low of Rs 883.90 (at 17:46 hours).

Cardamom futures slip 2.29% on sluggish demand

Cardamom futures slip 2.29% on sluggish demand

20/06/2017 17:17

Cardamom futures fell over 2 per cent during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the agri-commodity on plunge in physical demand for cardamom in the domestic spot market. Further, sufficient supplies on higher physical arrivals from the major cardamom producing regions, influenced the downward trend in the domestic cardamom prices. At the MCX, cardamom futures for July 2017 contract is trading at Rs 1047 per kg, down by 2.29 per cent, after opening at Rs 1103.60, against a previous close of Rs 1071.50. It touched the intra-day low of Rs 1039 (at 17:17 hours).
Subdued physical demand bites mentha oil

Subdued physical demand bites mentha oil

16/06/2017 17:17

Mentha oil futures were trading lower during evening trade in the domestic market on Friday as investors and speculators exited their positions in the agri-commodity amid decline in physical demand for mentha oil from major consuming industries in the domestic spot market.

Further, trimming of positions by traders in the spot market was due to a fall in physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on higher supplies from producing regions, influenced mentha oil prices at futures trade.

At the MCX, mentha oil futures for June 2017 contract is trading at Rs 923.40 per kg, down by 0.46 per cent, after opening at Rs 935.70, against a previous close of Rs 927.70. It touched the intra-day low of Rs 921.20 (at 17:18 hours).

Indian steel sector poised to become 3rd largest producer in world: Min

Indian steel sector poised to become 3rd largest producer in world: Min

16/06/2017 16:48

India being one of the fastest growing economies in the world, and steel finding its extensive application in areas like construction, infrastructure, power, aerospace, industrial machinery and consumer products, the sector is poised to become second largest producer putting Indian steel prominently on the map of the global industry, says Chaudhary Birender Singh, the Union Minister of Steel.

“Indian steel sector has evolved as 3rd largest steel producer in world and is poised to become 2nd largest producer putting Indian steel prominently on the map of the global industry,” said Singh in a meeting of the recently constituted National Steel Consumers’ Council of Ministry of Steel in Bhubaneswar on Friday.

He mentioned that owing to the significance of the sector and dynamic scenario in steel sector, the government came up with National Steel Policy (NSP) 2017. With the roll out the New Steel Policy, it is envisaged that the industry will be steered with appropriate policy support in creating an environment for promoting domestic steel and thereby ensuring that production meets the anticipated pace of growth in demand, he stated.

Outlining the thrust areas of National Steel Policy he said, the NSP would focus on ensuring raw material security, import substitution, enhancing steel consumption, R&D of value added steel, increasing energy efficiency and sustainability, establishing India as cost-effective and quality steel destination, and reducing Carbon foot-print of the industry.

Singh also elaborated on the policy on preference to Domestically Manufactured Iron & Steel products (DMI & SP) which will cause increase in the consumption of domestic steel and help the Indian steel makers.

The steel minister mentioned that steel is one of the most important products in the modern world and forms the backbone to any industrial economy. The qualities and advantages of this material must be popularized for increasing the consumption of steel. Emphasizing on the low life cycle cost of steel, the minister said, it is a viable option for large construction, buildings or for individual users too. He said to enhance steel consumption, Steel Ministry has identified construction and manufacturing sectors like Rural development, Urban infrastructure, Roads & Highways, Railways etc. to be the key focus areas.