Commodity News: Aluminium futures in reverse gear today

 Aluminium futures were trading further down during the morning trade in the domestic market on Monday as participants remained on the sidelines amidst decrease in physical demand for aluminium in the domestic spot market.

Moreover, a slide in demand for grey metal at the domestic spot market was led by cutting down of positions by participants in the spot markets, influenced aluminium rates at futures trade.

At the MCX, aluminium futures for September 2016 contract is trading at Rs 104.80 per kg, downward by 0.33 %, after opening at Rs 104.90, against a last close of Rs 105.15. It touched the intra-day low of Rs 104.55.

Read More-  Aluminium Updates

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Base Metal Tips: Aluminium dips amid muted domestic demand

Base Metal Tips: Aluminum futures were trading lower in the local market on Tuesday after traders reduced their exposure amid muted domestic demand and weak trend in base metals at the London Metal Exchange. At the MCX, Aluminum futures for June 2016 contract is trading at Rs 107.10/kg, down by 0.23 per cent, after opening at Rs 107, against a previous close of Rs 107.35. It touched the intra-day low of Rs 106.90

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MCX Gold Tips: Yellow metal down on weak global cues

MCX Gold Tips: Gold futures were trading lower during the afternoon trade in the domestic market on Tuesday as traders trimmed their positions amid weak trend in universal markets. Traders indulged in profit booking at existing levels amid global weakness in precious metals, too weighed on bullion futures. At the MCX, Gold futures for August 2016 contract is trading at Rs 30,360/kg, down by 0.13%, after opening at Rs 30,350, against a previous close of Rs 30,399. It touched the intra-day low of Rs 30,270.

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Commodity Tips: Oil slips 0.76% on Brexit worries

Commodity Tips: Crude oil futures were trading lower during the noon trade in the domestic market on Tuesday mirroring a sell-off across fellow Indian peers on speculation about a pick-up in production while global worries over Britain's possible exit from EU.

The fall in crude oil cost were in line with a sell-off on equities markets from Asia to the Americas on worries about the universal economy, Britain's future in the European Union and producers bringing more rigs back online.

At the MCX, Crude oil futures for June 2016 agreement is trading at Rs 3,250 per barrel, down by 0.76 per cent, after opening at Rs 3,251, against the last closing price of Rs 3,275. It touched the intra-day low of Rs 3,245

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Bullion Tips: Yellow metal up as dollar weakens

Bullion Tips: Gold futures were trading higher during the noon trade in the domestic market on Monday helped by weakness in dollar and fall in Asian stocks ahead of key central bank meetings this week and Britain's referendum on its EU membership on June 23.

As Weaker greenback makes gold cheaper for those holding other currencies, thus bolstering demand.

At the MCX, Gold futures for August 2016 contract is trading at Rs 30,305 per kg, up by 0.73 per cent, after opening at Rs 30,094, against a previous close of Rs 30,084. It touched the intra-day high of Rs 30,378

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Base Metal Tips: Aluminium rises on strong demand

Base Metal Tips: Aluminum futures were trading higher in the Indian market on Monday as participants strengthened their positions, supported by a strong demand in the spot market. Market analysts said that a firming trend in the base metal at the domestic spot markets, mainly affect the aluminum prices in futures trade here. At the MCX, Aluminum futures for June 2016 contract is trading at Rs 105.65 per kg, up by 0.52 per cent, after opening at Rs 105, against a previous close of Rs 105.10. It touched the intra-day high of Rs 105.75

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MCX Gold Tips: Gold edges higher on Brexit worries

MCX Gold Tips: Gold futures closed higher in the domestic market on Friday supported by weaker Asian stocks as investors turned towards safe haven-assets ahead of this week's central bank meetings and Britain's June 23 referendum on its European Union membership. Investors all but ruled out a rate hike at the Federal’s June 14-15 meeting after U.S. employment data earlier this month showed the economy added just 38,000 jobs previous month, the smallest increase since September 2010. The CME Group's Federal Watch tool indicated on Friday that there is a 1.9% chance the FOMC will raise rates in its June meeting this week. The probability of at least 1 rate hike in 2016 stood at 58.8%. At the MCX, Gold futures for August 2016 contract closed at Rs 30,130, per 10 gram, up by 0.64 per cent after opening at Rs 29,901, against the previous closing price of Rs 29,937. It touched the intra-day high of Rs 30.141.

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MCX Gold Tips: Gold rises as Fed Rate hike seems unlikely

MCX Gold Tips: Gold futures closed higher during in the Indian market on Thursday finding support from expectations that the Federal Reserve will keep United State interest rates on hold in the coming months. The Fed which meets next week is highly unlikely to announce a rate hike given previous week’s insipid jobs data. Meanwhile, a gauge of US consumer optimism slid to 48.2 for June from 48.7 in May, further raising calls for a delay in monetary tightening. The possibility that the United Kingdom may leave the European Union, inviting universal market and economic volatility, also bolstered the yellow metal. At the MCX, Gold futures for August 2016 agreement closed at Rs 29,926, per 10 gram, up by 1 per cent after opening at Rs 29,710, against the last closing price of Rs 29,629. It touched the intra-day high of Rs 29,970.

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Commodity Tips: Oil prices fall as dollar rebound

Commodity Tips: Crude oil futures were trading lower during the afternoon trade in the domestic market on Friday as a stronger dollar weighed on commodity prices.

The fall in crude oil cost were in line with a sell-off on equities markets from Asia to the US fueled by worries about the state of the global economy.

The greenback was boosted by better than expected US unemployment no., making oil more expensive and dampening demand.

At the MCX, Crude oil futures for June 2016 contract is trading at Rs 3,356 per barrel, down by 0.50%, after opening at Rs 3,372, against the previous closing price of Rs 3,373. It touched the intra-day low of Rs 3,348.

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Commodity Tips: Copper rises on better China trade data

Commodity Tips: Copper futures closed higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal after a stabilization in China’s exports and imports signaled an improved demand outlook in the worth of the world’s biggest metals consuming nation. China’s exports fell by 4.1per cent in dollar terms, year on year, in May 2016, against an predicted drop by analysts of 6.8 per cent, while imports declined by only 0.4 per cent, the minimal drop since late 2014, signaling an easing slowdown in the world’s second biggest economy. At the MCX, Copper futures for June 2016 contract closed at Rs 304.20 per 1 kg, up by 0.28 per cent, after opening at Rs. 304.75, against the last closing price of Rs. 303.35. It touched the intra-day high of Rs. 307.

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MCX Base Metal Tips: Lead Bulls rule the roost

MCX Base Metal Tips: Lead futures jumped 2 per cent during noon 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 lead, from battery-makers in the domestic spot market.

Stabilization in China’s exports and imports signaled an improved demand outlook in the economy of the world’s biggest metals consuming nation.

China’s exports fell by 4.1per cent in dollar terms, year on year, in May 2016, against an estimated drop by analysts of 6.8 per cent.

At the MCX, Lead futures, for the June 2016 contract, is trading at Rs 115.9 per kg, up by 2.02 per cent, after opening at Rs 113.65, against a previous close of Rs 113.6. It touched an intra-day high of Rs 116.

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Base Metal Tips: Zinc soars on robust physical demand

Base Metal Tips: Zinc futures jumped more than 1 per cent during noon 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 zinc in the domestic spot market.

Further, an upward revision in Q1 Euro Area GDP to 0.6 per cent from 0.5 per cent earlier and a smaller than expected drop in China’s May exports also buoyed the demand outlook for the metal.

Zinc futures for June 2016 contract, at MCX, were trading at Rs 135 per kg, up by 1.54 per cent after opening at Rs. 133.15, against the previous closing price of Rs. 132.95. It touched the intra-day high of Rs. 135.10.

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Commodity Tips: Copper higher on improved China trade data

Commodity Tips: Copper futures advanced during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal after a stabilization in China’s exports and imports signaled an improved demand outlook in the economy of the world’s biggest metals consuming nation.

China’s exports fell by 4.1per cent in dollar terms, year on year, in May 2016, against an estimated drop by analysts of 6.8 per cent, while imports declined by only 0.4 per cent, the smallest drop since late 2014, signaling an easing slowdown in the world’s second biggest economy.

At the MCX, Copper futures for June 2016 contract were trading at Rs 304.25 per 1 kg, up by 0.38 per cent, after opening at Rs. 304.75, against the previous closing price of Rs. 303.35. It touched the intra-day high of Rs. 305.50 till the trading.

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MCX Base Metal Tips: Firm physical demand buoys Zinc

MCX Base Metal Tips: Zinc futures jumped during noon trade in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market.

Traders shrugged off a plunge in German factory orders in April which raised concerns over the growth outlook in Europe’s biggest economy. Bookings for German factory shipments tumbled by 2 per cent in April from the previous month led by a drop in investment demand from outside the 19-member Euro area.

Zinc futures for June 2016 contract, at MCX, were trading at Rs 134.55 per kg, up by 0.67 per cent after opening at Rs. 134.65, against the previous closing price of Rs. 133.65. It touched the intra-day high of Rs. 135.25 till the trading.

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MCX Gold Tips: Gold rises on weak US job data

MCX Gold Tips: Gold futures were trading higher during the morning trade in the domestic market on Monday after May unemployment data showed that United State economy created the least number of jobs in almost six years. The Fed monetary policy and moves in the greenback will continue to be the main drivers of gold during the week . Investors, however, also will be looking closely at the latest United State economic data, overseas precious-metals demand and developments tied to the United Kingdom’s potential exit from the European Union to help gauge demand, and prices, for gold. At the MCX, Gold futures for August 2016 contract is trading at Rs 29,426 per 10 gram, up by 0.13 per cent after opening at Rs 29,370, against the previous closing price of Rs 29,387. It touched the intra-day high of Rs 29,455.

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Commodity Tips: Crude oil regains bite

Commodity Tips: Crude oil futures jumped by 1 per cent during late morning trade in the domestic market on Monday tracking a firm trend overseas as a softer dollar following Friday’s dismal US jobs data bolstered the appeal of the energy commodity as an alternative asset.

Softer greenback makes oil cheaper for those holding other currencies, thus lifting demand.

The dollar was languishing at the lowest levels in nearly a month after data showed that American employers added the fewest jobs since September 2010 in May 2016, pushing back bets of a US Federal Reserve interest rate hike at least until September.

At the MCX, Crude oil futures for June 2016 contract were trading at Rs. 3,286 per barrel, up by 1.01 per cent, after opening at Rs. 3,280, against the previous closing price of Rs. 3,253. It touched the intra-day high of Rs. 3,295.

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Commodity Tips: Crude oil gains 0.15% after OPEC meeting

Commodity Tips: Crude oil prices rose by 0.15% on Friday following an OPEC meeting that failed to agree on output targets, but which was seen as supportive as Saudi Arabia pledged not to flood the market with more fuel. The Organization of the Petroleum Exporting Countries failed to agree to a clear oil-output strategy on Thursday as Iran insisted on raising production to regain market share lost during years of sanctions, which were lifted in January. At the MCX, crude oil futures for June 2016 agreement were trading at Rs. 3,319 per barrel, up by 0.15 per cent, after opening at Rs. 3,312 against the previous closing price of Rs. 3,314. It touched the intra-day high of Rs. 3,320 till the trading.

Further, strong demand in Asia was also reflected by a jump in refining margins especially for diesel and jet fuel. Overall Asian refining margins have not been doing well this year, due to oversupply of products and the rising price of crude, but diesel and jet fuel production profits have jumped.

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MCX Gold Tips: Gold drops prior to Fed meeting

MCX Gold Tips: Gold prices fell as investors remained cautious ahead of this month's Federal Reserve review of interest rates. Investors have digested strong suggestions from the Fed Reserve that it will raise short-term interest rates at some point this summer. Any rate hikes by the Fed this year are viewed as bearish for gold, which struggles to compete with high-yield bearing assets in rising rate environments. Prices also fell as the European Central Bank and OPEC ended a pair of closely-watched meetings on Thu without enacting any major policy changes.

However, a weaker dollar raised the appeal of gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus increasing demand.

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Commodity Tips: Cardamom drops 0.09% on waning demand

Commodity Tips: Cardamom prices fell by 0.09 per cent on Friday at the Multi Commodity Exchange (MCX) due to the adequate stocks chance in the physical market on account of higher supply from the producing belts of Chandausi in Uttar Pradesh. At MCX, Cardamom futures for June 2016 agreements were trading at Rs. 810 per kg, down by 0.09 per cent, after opening at Rs. 810 against the last closing price of Rs. 810.70. It touched the intra-day low of Rs. 807 till the trading. Sentiment weakened further as the traders booked profits at the prevailing levels in the midst of a subdued demand for the commodity.

Kerala (70%), Karnataka (20%) and Tamil Nadu (10%) are the cardamom growing states in India while about 90% of the produce is consumed within the nation. The important markets for cardamom in India are Vandanmendu, Kumily, Bodinayakanur, Thekkady, Kumbum and Pattiveeran Patti in Kerala.

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Commodity Tips: Crude oil slips on API build

Commodity Tips: Crude oil prices fell by 0.42 per cent on Thursday as US industry estimates of stocks showed a surprise build. The American Petroleum Institute's weekly crude inventory Q4 showed an unexpected build of 2.35 million barrels in crude oil, well off the 3.1 million barrels decline seen. Distillates stocks dropped 1.15 million barrels, more than the 400,000 barrels fall seen and gasoline stock declined 1.48 million barrels, slightly more than expected.

At the MCX, crude oil futures for June 2016 contract were trading at Rs. 3,294 per barrel, down by 0.42 per cent, after opening at Rs. 3,307 against the previous closing price of Rs. 3,308. It touched the intra-day low of Rs. 3,290 till the trading.

Sentiment weakened further after Russian energy officials abandoned plans to take part in a comprehensive OPEC-Non-OPEC production freeze that has been in the works since the middle of February.

More closely-watched data from the US Department of Energy is due on Thursday, 1 day later than normal this week due to the Memorial Day holiday.

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