Tag: MCX

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).

Yellow metal shines as dollar, US Treasury yields weaken

Yellow metal shines as dollar, US Treasury yields weaken

22/06/2017 14:17

Gold futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the precious metal after rising safe-haven demand on the back of easing greenback and weakness in US Treasury yields.

The US Treasury yield curve flattened to almost 10-year lows on Wednesday as investors evaluated the impact of hawkish Federal Reserve policy on the economy even as inflation measures are deteriorating.

At the MCX, gold futures for August 2017 contract is trading at Rs 28680 per 10 grams, up by 0.36 per cent, after opening at Rs 28645, against a previous close of Rs 28577. It touched the intra-day high of Rs 28716 (at 14:06 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.

Yellow metal little changed ahead of Fed decision

Yellow metal little changed ahead of Fed decision

14/06/2017 14:08

Gold futures were little changed during afternoon trade in the domestic market on Wednesday as investors and speculators awaited further cues on market direction ahead of the outcome of a US Fed’s policy meeting later in the day, which could provide further clues over the timing of interest rate hikes this year.

Further, the US central bank is widely expected to raise interest rates at its two-day meeting. Meanwhile, the focus will be on any fresh hints on the pace of further tightening in the months to come and next year, and any further details on its plans for trimming its balance sheet.

At the MCX, gold futures for August 2017 contract is trading at Rs 28920 per 10 grams, down by 0.08 per cent, after opening at Rs 29050, against a previous close of Rs 28944. It touched the intra-day low of Rs 28912 (at 14:01 hours).

Zinc futures slip 1% on global cues

13/06/2017 16:16

Zinc futures fell 1 per cent during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the industrial metal ahead of the US Fed’s policy meeting that kicks off later in the day, which could provide further clues over the timing of interest rate hikes this year.

Further, the central bank is widely expected to raise interest rates at its two-day meeting. Meanwhile, the focus will be on any fresh hints on the pace of further tightening in the months to come and next year, and any further details on its plans for trimming its balance sheet.

At the MCX, zinc futures for June 2017 contract is trading at Rs 157.75 per kg, down by 1 per cent, after opening at Rs 159.40, against a previous close of Rs 159.35. It touched the intra-day low of Rs 157.35 (at 16:17 hours).

Mentha oil futures climb 1.40% on upsurge in demand

Mentha oil futures climb 1.40% on upsurge in demand

09/06/2017 17:02

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

Further, widening of positions by traders in the spot market was led by a rise in physical demand for mentha oil from consuming industries at the domestic spot market against insufficient stocks position on restricted supplies from producing regions, supported mentha oil prices at futures trade.

At the MCX, mentha oil futures for June 2017 contract is trading at Rs 919.60 per kg, up by 1.40 per cent, after opening at Rs 912, against a previous close of Rs 906.90. It touched the intra-day high of Rs 927 (at 17:01 hours).

India’s crude steel output up 4.5% in Apr-May FY18

India’s crude steel output up 4.5% in Apr-May FY18

06/06/2017 16:56

India produced 16.391 million tonne (MT) of crude steel in the first two months of the current fiscal, up 4.5 per cent year-on-year.

It had produced 15.683 MT in the same period of last fiscal.

Output in May was 8.163 MT, up 2.2 per cent, from 7.989 MT a year ago, as per the latest Joint Plant Committee (JPC) report.

However, on month-on-month basis, it was down 0.8 per cent over April, when the country had produced 8.228 MT.

“SAIL, RINL, TSL, Essar, JSWL and JSPL together produced 9.292 MT during April-May 2017, which was a growth of 8 per cent over same period of last year,” it said, adding “the rest 7.099 MT came from the other producers”.

Production for sale of total finished steel during the two-month stood rose 6.7 per cent to 17.546 MT from 16.248 MT in same period of last year.

In May, the country registered 4.4 per cent rise its production for sale of total finished steel to 9.066 MT, from 8.681 MT last.

India has been doing good in terms of exports and maintained the momentum during the second consecutive month of the ongoing fiscal.

The export of total finished steel was 69 per cent up at 0.641 MT in May, as against 0.379 MT in same month last year. However when compared to April 2017, it is a contraction of 14 per cent.

The imports stood at 0.558 MT against 0.545 MT, up 2.4 per cent over the May 2016. On month-on-month basis, it grew 10 per cent.

During the April-May period, exports grew 102 per cent to 1.387 MT and imports fell 11.4 per cent to 1.062 MT.

The country remained a net exporter of total finished steel in May as well as the first two month period of 2017-18.

India’s consumption of total finished steel saw a growth of 4.2 per cent in April-May 2017 (13.785 mt) over same period of last year, under the influence of a rising production for sale.

The overall consumption in May was at 7.491 MT, up 19 per cent over April 2017 and was up by 1 per cent over May 2016.

India is the third largest producer of crude steel after China and Japan.

The government is taking various measures and initiatives to promote the domestic steel sector and raise capacity. On May 3, the Cabinet gave nod to a new policy which aims to achieve steel making capacity of 300 MT by 2030 with an additional investment of Rs 10 lakh crore.

The same day, the government approved a policy for providing preference to domestically manufactured iron and steel products in procurement by the government and its agencies.

Zinc futures in reverse gear on global cues

Zinc futures in reverse gear on global cues

06/06/2017 16:34

Zinc futures were trading lower during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the industrial metal on signs of slowing growth in China and the United States.

Besides, tracking weakness in the steel markets, too influenced zinc prices at futures trade.

US services sector activity slowed last month as new orders tumbled, while China’s economy likely to remain on a stable footing last month, supported by solid gains in trade and investment as economic ties with the US take a positive turn and infrastructure spending cushions domestic growth.

At the MCX, zinc futures for June 2017 contract is trading at Rs 160 per kg, down by 0.16 per cent, after opening at Rs 160.85, against a previous close of Rs 160.25. It touched the intra-day low of Rs 158.90 (at 16:27 hours).