Mcx update : Copper surges on supply cuts

mcx copper tips

Copper futures soared by over 2.5 per-cent in the native market on Friday last week as investors, observers and speculators booked fresh positions in the industrial metal as investors & speculators cheered the announcements from leading copper producers who told that, they would cut outcome as requirement eases in China, the world’s largest copper consumer.

Further more, China’s lending data topped estimates as credit growth picked up in Nov, easing fears over an economic slowdown in the world’s biggest metals consuming nation, brightening the requirement overview for copper. New local currency loans issued by China’s banks and financial institutions came in at 709 billion Yuan in November, up from Oct's 15-month low of 513.6 billion Yuan.

Copper may expand gains today as China’s industrial outcome, retail sales & fixed-asset investment numbers for Nov, came in better than the expectations bolstering outlook.

At the MCX, Copper futures for February 2016 contract closed at Rs 318.75 per kg, up by 2.69 per cent after opening at Rs 310.7, as compared to the previous ending price of Rs 310.4. It attained the intra-day high of 321.65.

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AGRO OUTLOOK REPORT FOR 03 SEPTEMBER 2014

Agro Outlook

D A I L Y B U Z Z

CHANA
Chana prices fell 0.54 per cent to Rs 2,923 per quintal in futures trade today after speculators trimmed positions, triggered by increased supplies from producing regions in the spot markets. 

At the National Commodity and Derivative Exchange, chana for delivery in October declined by Rs 16, or 0.54 per cent to Rs 2,923 per quintal with an open interest of 1,00,600 lots. 

Similarly, the commodity for delivery in September moved down by Rs 12, or 0.42 per cent to Rs 2,848 per quintal in 92,330 lots. 

CARDAMOM
Cardamom futures traded higher by 0.40 per cent to Rs 913.60 per kg today as speculators created fresh positions amid pick-up in demand in the spot market. Tight supplies in the physical market following restricted arrivals from producing belts also supported the uptrend, analysts said. 

At the Multi Commodity Exchange, cardamom for delivery in October rose Rs 3.60, or 0.40 per cent to Rs 913.60 per kg in business turnover of 44 lots. Similarly, the spice for delivery in September contract moved up by Rs 2.90, or 0.32 per cent to Rs 922 per kg in 109 lots.

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NCDEX Tips for February 19,2014

DAILY BUZZ

CORIANDER

• Coriander rose by 1.49 per cent to Rs 9,078 per quintal in futures trade today as speculators enlarged their positions supported by rising demand in the spot markets amid restricted arrivals from growing areas.

• At the National Commodity and Derivative Exchange, coriander for April delivery gained Rs 133, or 1.49 per cent, to Rs 9,078 per quintal with an open interest of 44,940 lots. 

• Similarly, the spice for delivery in February traded higher by Rs 82, or 1.01 per cent, to Rs 8,240 per quintal, with an open interest of 3,220 lots.

• Market analysts said increased buying by speculators on pick up in spot market demand against restricted arrivals from producing belts mainly influenced coriander prices to rise in futures trade.

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TODAY'S COMMODITY REPORT 12 July, 2013

                                                            Precious Metals

                                                           D A I L Y B U Z Z

Tracking a recovery in precious metals in global markets, silver futures prices today rose sharply by 1.98 per cent to Rs 40,970 per kg as speculators built up fresh positions amid covering-up of short positions.

On the similar lines, the white metal for delivery in far-month December contracts traded Rs 726, or 1.77 per cent, higher at Rs 41,634 per kg in a turnover of 25 lots.
In the international market, silver climbed 3.01 per cent, to trade at USD 19.99 an ounce in Singapore, the highest since July 1.

Market analysts said besides short-covering by speculators, a recovery trend in the precious metals in the global market, after US Federal Reserve Chairman Ben Bernanke said its stimulus drive would be kept in place for some time, influenced silver prices at futures trade here.

                                                       
                                                           Base Metals & Energy
                                   
                                                            D A I L Y B U Z Z

Copper prices fell by 0.49 per cent to Rs 406.75 per kg in futures trade today after speculators trimmed positions, tracking a weak global trend.

At the Multi Commodity Exchange, Copper for delivery in August fell by Rs 2, or 0.49 per cent, to Rs 406.75 per kg in business turnover of 799 lots.

In a similar fashion, the metal for delivery in November declined by Rs 1.95, or 0.47 per cent, to Rs 412.60 per kg in 68 lots.

The crude oil for August also moved up by Rs 50, or 0.8 per cent, to Rs 6,267 per barrel, with a business volume of 2,987 lots.

Market analysts said the rise in crude oil futures was attributed to a firming trend in Asia buoyed by solid gains in US stocks and stronger demand in the world's biggest economy.

                                                             Agro Outlook
                                   
                                                            D A I L Y B U Z Z

Cardamom prices fell by 2.16 per cent to Rs 670 per kg in futures trade today as speculators booked profits driven by sluggish demand in the spot market.

At the Multi Commodity Exchange, cardamom for delivery in July fell by Rs 14.80, or 2.16 per cent, to Rs 670 per kg in business turnover of 88 lots.

Similarly, the spice for delivery in August traded lower by Rs 2, or 0.27 per cent, to Rs 752.20 per kg in 394 lots.