Zinc futures were trading lower during the afternoon trade in the domestic market on Wednesday as speculators trimmed positions amid easing demand in the spot market. Analysts said offloading of positions by participants on the back of tepid demand in the spot markets, mainly led to decline in zinc prices at futures trade.
At the MCX, zinc futures for September 2017 contract was trading at Rs 194.90 per kg, down by 0.56 per cent, after opening at Rs 195.75, against a previous close of Rs 196. It touched the intra-day low of Rs 194.50. (at 14:07 hours).
Aluminium futures were trading lower during the noon trade in the domestic market on Wednesday as speculators engaged in reducing their exposure amid subdued demand from consuming industries in the spot market. Analysts said that tepid demand from consuming industries in the physical market mainly kept aluminium prices lower at futures trade.
At the MCX, aluminium futures for September 2017 contract is trading at Rs 134.80 per kg, down by 0.52 per cent, after opening at Rs 134.75, against a previous close of Rs 135.50. It touched the intra-day low of Rs 134.55 (at 14:30 hours).
Oil prices eased on Wednesday, dampened by reports of rising U.S. crude stockpiles, but retaining some of the gains made in in the previous session after OPEC said it expected higher demand for its crude next year.
U.S. West Texas Intermediate (WTI) was down 5 cents, or 0.1 percent, at $48.18 a barrel at 0650 GMT after rising earlier in the day. The contract rose 0.3 percent on Tuesday.
International benchmark Brent crude was down 11 cents, or 0.2 percent, at $54.16 a barrel, having settled up 0.8 percent in the previous session.
The difference between Brent and WTI, known as the spread, was at $5.46 in the favour of the global benchmark, as Hurricanes Harvey and Irma continued to impact demand for both crude and oil products in the U.S.
“The market is still trying to assess … the positioning on Brent and the positioning on WTI and that’s reflected in the price spread,” said Virendra Chauhan, oil analyst at Energy Aspects in Singapore.
Wednesday’s drop came after a rise the day before when the Organization of Petroleum Exporting Countries (OPEC) forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices.
Analysts have warned current U.S. stocks data may not give a full picture in coming weeks because of weather disruption, but industry group the American Petroleum Institute reported late on Tuesday that U.S. crude stockpiles rose nearly twice expected levels last week. Refineries cut output following Hurricane Harvey, while gasoline and distillate inventories fell.
Crude inventories rose by 6.2 million barrels in the week to Sept. 8 to 468.8 million, nearly double analysts’ expectations of an increase of 3.2 million barrels.
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GOLD OCT R2 30023 R1 29966 PIVOT 29911 S1 29864 S2 29811
SILVER DEC R2 41597 R1 41417 PIVOT 41257 S1 41117 S2 41097
CRUDE OIL SEP R2 3130 R1 3106 PIVOT 3085 S1 3062 S2 3060
NATURAL GAS SEP R2 194.5 R1 194 PIVOT 192.2 S1 190.4 S2 189
COPPER NOV R2 438.4 R1 434.8 PIVOT 431.5 S1 428.2 S2 425.2
NICKEL SEP R2 769.7 R1 761.7 PIVOT 754.7 S1 747.7 S2 740.7
ZINC SEP R2 199.6 R1 198.1 PIVOT 196.4 S1 194.5 S2 193.3
LEAD SEP R2 148.1 R1 146.5 PIVOT 145 S1 143.5 S2 141.9
ALUMINIUIM SEP R2 134.1 R1 132.9 PIVOT 132 S1 131.1 S2 128.9
Nickel futures were trading lower during the afternoon trade in the domestic market on Wednesday as investors and speculators exited their bets in the industrial metal on the back of ease in demand.
At the MCX, nickel futures for September 2017 contract is trading at Rs 749.70 per kg, down by 1.46 per cent, after opening at Rs 757, against a previous close of Rs 760.80. It touched the intra-day low of Rs 747.20. (at 13:04 hours).
Copper futures were trading lower during the noon trade in the domestic market on Wednesday amid a weak trend at the London Metal Exchange (LME) amid subdued demand at the domestic markets.
Analysts said besides a weak trend in base metals overseas as inventories in LME warehouses jumped and the dollar steadied at higher levels, muted demand from consuming industries at the domestic markets, kept pressure on copper prices in futures trade here.
At the MCX, copper futures for November 2017 contract was trading at Rs 427.60 per kg, down by 0.75 per cent, after opening at Rs 430.55, against a previous close of Rs 430.85. It touched the intra-day low of Rs 427.2 (at 12:40 hours).
Gold prices rose by in futures trade today afternoon as speculators raised their bets amid a firm global trend. Widening of positions by participants, driven by firm global trend, mainly influenced gold futures prices, said market analysts.
At the MCX, gold futures for October 2017 contract was trading at Rs 29965 per kg, up by 0.07 per cent, after opening at Rs 29999, against a previous close of Rs 29943. It touched the intra-day high of Rs 29999 (at 12:20 hours).