Commodity Updates - Mentha Oil futures Slide On Diminishing Demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Monday as participants trimmed their positions in the agri-commodity amid muted physical demand from major consuming industries for mentha oil in the domestic spot market.

Further, a fall in demand for mentha oil futures was attributed to widening of positions by traders in the spot market, influenced prices of mentha oil at futures trade. 

At the MCX, mentha oil futures for August 2016 contract were trading at Rs 884.40 per kg, down by 0.19 per cent after opening at Rs 887.90, against the previous closing price of Rs 886.10. It touched the intra-day low of Rs 881.10.

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Copper Updates - Copper Advances On Positive Global Cues .

Copper futures closed higher in the domestic market on Wednesday buoyed by positive global cues, high domestic demand and a weak dollar.

The greenback softened, with the WSJ Dollar Index down about 0.2%, making the dollar-priced metal cheaper to buy for those holding other currencies. The dollar was lower as investors bet that the Fed, which wraps up a two-day policy committee meeting on Wednesday, would keep interest rates steady.

At the MCX, Copper futures for June 2016 contract closed at Rs 311.05 per 1 kg, up by 2.03 per cent, after opening at Rs. 305, against the previous closing price of Rs. 304.85. It touched the intra-day high of Rs. 314.50. 

 

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At Todays Market Copper Dips On Strong Dollar

Copper futures closed lower in the domestic market on Friday as headwinds from a mid-term U.S. rate hike that have boosted the dollar added to pressure from tepid physical demand in top user China. The dollar was bolstered by an unexpected drop in domestic jobless claims last week calming some worries about U.S. economic growth decelerating in the second quarter. A higher U.S. currency makes dollar-denominated commodities more expensive for non-U.S. firms, meaning they will buy less.

At the MCX , Copper futures for June 2016 contract closed at Rs 301.45 per 1 kg, down by 0.08 per cent, after opening at Rs. 302, against the previous closing price of Rs. 301.70. It touched the intra-day low of Rs. 299.15. 

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Copper Dips As Dollar Hike up in Domestic Market

 Copper futures closed lower in the domestic market on Thursday as dollar strengthened after U.S. data revived expectations of an imminent Fed rate rise, while higher inventories reinforced negative sentiment.

The dollar was bolstered by an unexpected drop in domestic jobless claims last week calming some worries about U.S. economic growth decelerating in the second quarter.

A higher U.S. currency makes dollar-denominated commodities more expensive for non-U.S. firms, meaning they will buy less.

 

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Copper in Reverse Gear on weak Physical Demand

Copper futures fell during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid soft physical demand for copper in the domestic spot market. Further, fears of weak demand from China, the world’s biggest metals consumer, after the country’s biggest cities including Shanghai and Shenzhen introduced property curbs weighed on the industrial metal.   Read more- Copper Tips .

At the MCX, Copper futures for April 2016 contract were trading at Rs. 323.5 per 1 kg, down by 1.01 per cent, after opening at Rs. 325.25, against the previous closing price of Rs. 326.5. It touched the intra-day low of Rs. 321.9.

Copper Updates - Copper Bites the Dust On China fears

Copper Updates - Copper futures fell during noon trade in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as weak demand from China, the world’s biggest metals consumer, soured sentiment.

Copper stockpiles tracked by the Shanghai Futures Exchange hit a record high 277,000 tons, more than doubling since the end of August, while China weakened the Yuan by the most in six weeks, signaling a deepening slowdown in the world’s second biggest economy. The People’s Bank of China cut its daily reference rate by 0.17 per cent, a sign that the country’s economic health was probably deteriorating.

 

At the MCX, Copper futures for February 2016 contract were trading at Rs.318.3 per 1 kg, down by 0.78 per cent, after opening at Rs. 320.4, against the previous closing price of Rs. 320.8. It touched the intra-day low of Rs. 317.2.

Copper Updates - China Demand Hopes Buoy Copper

Copper Updates - Copper futures advanced in the domestic market during late morning trade in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid hopes that fresh measures by China, the world’s biggest metals consumer, to bolster growth in the country’s economy may lift demand.

The Chinese central bank relaxed curbs on the amount that banks can pay as deposits and charge for loans, while the country’s cabinet discussed reducing the minimum ratio of provisions that lenders can set aside for bad loans.

 

At the MCX, Copper futures for February 2016 contract were trading at Rs.316.85 per 1 kg, up by 0.65 per cent, after opening at Rs. 314.9, against the previous closing price of Rs. 314.8. It touched the intra-day high of Rs. 316.95.

Evening Updates - Copper Gains 1.05 pct on Strong German Data

Copper News - Copper prices Rose by 1.05 per cent on Tuesday after the number of unemployed people in Germany fell more than expected in January, while the unemployment rate hit an all-time low signaling improving labor market in the region which raised the demand outlook for the metal. The number of unemployed people decreased by a seasonally adjusted 20,000 last month, better than expectations for a drop of 7,000. Jobless claims fell by 16,000 in December, whose figure was revised from a previously reported decline of 14,000.
 

At the MCX, copper futures for February 2016 contract were trading at Rs.313.40 per 1 kg, up by 1.05 per cent, after opening at Rs. 309.50 against the previous closing price of Rs. 310.15. It touched the intra-day high of Rs. 314.50 till the trading.
 

Prices also rose due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 375 metric tonnes to 240475 metric tonnes as on February 2, 2016.

Copper scores Modest gains ; China Slowdown Weighs

Copper Updates - Copper futures rallied modestly during noon trade in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal amidst a pickup in physical demand for copper in the domestic spot market.

 

However, worries that a worsening economic slowdown in China, the world’s biggest metals consumer, may curb the demand for the industrial metal, trimmed gains in copper as China’s stock markets declined for a second straight day as traders seemed unsure over policymakers’ ability to manage an economic slowdown and tackle financial volatility.
 

The IMF has predicted China’s economy to grow at the weakest pace since 1990 at 6.3 per cent this year as the country wrestles to manage a transition from an export & investment-led economy to a one powered by services and consumption.
 

At the MCX, Copper futures for February 2016 contract is trading at Rs 298.2 per kg, up by 0.29 per cent after opening at Rs 297.6, against the previous closing price of Rs 297.35. It touched the intra-day high of Rs 299.95 .

Govt to take Measures to Boost Steel Industry

Steel updates - The Indian Government has said that it is planning to take appropriate measures on a priority basis to boost the steel sector. Commenting on the issue, Union Minister Narendra Singh Tomar told the media, "We are in internal discussions on the measures and also held talks with all stakeholders in this regard." “The steel sector also has a major contribution in the country's GDP. After talks with all stakeholders in view of the prevailing slump in the steel industry, the proposals have been placed before the Commerce Ministry to seek its view,” he added. As per reports, dumping from China was the reason behind the prevailing situation for the steel sector. The Government has already issued a quality control order to address the issue. As per reports, the problem of dumping was mainly from China, which was doing it at less than the production cost, causing problem to the domestic industries.

Agri Evening Updates - Mentha oil gains on limited supply

Mentha oil prices rose by 0.01 per cent on Tuesday at the Multi Commodity Exchange (MCX) due to tight stocks position in the physical market due to restricted arrivals from producing belts. At MCX, Mentha oil futures for January 2016 contract, at MCX, were trading at Rs. 873.90 per kg, up by 0.01 per cent after opening at Rs. 869.10 against the previous closing price of Rs. 873.80. It touched the intra-day high of Rs. 875.20 till the trading. 

Sentiment improved further as traders engaged in creating positions on account of good demand from consuming industries and lower arrivals from Chandausi in Uttar Pradesh.
 

About 80 per cent of the crop in India comes from Uttar Pradesh (Rampur, Moradabad, Bareilly, Barabanki and Badaun) and the balance 20 per cent from Punjab, Himachal Pradesh and Haryana.

Copper Update - Copper Drops As China Markets Plunge Again

Copper Update - Copper prices fell by 2.09 per cent on Monday as steep declines on Chinese stock markets dampened appetite for the red metal. Market players are concerned that the plunge in the stock market could spread to other parts of the Chinese economy, triggering fears that the Asian nation's demand for the industrial metal will decline.
 

At the MCX, copper futures for February 2016 contract were trading at Rs.295.10 per 1 kg, down by 2.09 per cent, after opening at Rs. 300.60 against the previous closing price of Rs. 301.40. It touched the intra-day low of Rs. 294.55 till the trading. 

 

However, losses were limited due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 1350 metric tonnes to 235300 metric tonnes as on January 11, 2016.

Copper updates - China stimulus Hopes buoy Copper

Copper futures climbed in the domestic market on Friday as a fifth straight contraction in China’s manufacturing activity dampened optimism over a recovery in the world’s second biggest economy, bolstering the case for monetary and fiscal stimulus to help avert a worsening slowdown. The official China factory gauge stood at 49.7 in December, below the mark of 50 that separates expansion from contraction, compared to 49.6 in November.
 

The gains in the industrial metal were trimmed by weak US economic data that clouded the demand outlook for copper. US jobless claims jumped 20,000 to 287,000 last week, the highest level since July while a business activity gauge contracted the most since August 2009 last month with the Chicago PMI falling to 42.9 from 48.7 in November, signaling a slowdown in the world’s biggest economy.
 

At the MCX, Copper futures for February 2016 contract is trading at Rs 316.75 per kg, up by 0.40 per cent after opening at Rs 315.5, against the previous closing price of Rs 315.5. It touched the intra-day high of Rs 317.45 .

Copper Updates - Copper falls prey to profit-Booking

Copper futures were trading tad lower in the domestic market on Wednesday as the sharp surge in prices in the previous session prompted traders, to book profits, in the industrial metal, at existing levels.

Prices of the metal soared by nearly 3 per cent on Tuesday as reports that Chinese smelters may slash output by a total 200,000 metric tons next quarter to support prices, and speculation of further China stimulus after the People’s Bank of China said that it would "flexibly" use various policy tools to maintain appropriate liquidity, bolstered sentiment.
 

China is the world’s biggest consumer of copper, accounting for more than 40 per cent of the metal’s global consumption.
 

At the MCX, Copper futures for February 2016 contract is trading at Rs 316.5 per kg, down by 0.05 per cent after opening at Rs 316.25, against the previous closing price of Rs 316.65. It touched the intra-day low of Rs 315.2.

Agriculture Ministry seeks explanation from Sahara credit society

Government has sought explanation from Sahara Group's credit cooperative following complaints about non-payment of money to investors, but is yet to receive a reply. "We have asked for explanation from the Sahara Credit Cooperative Society in 12 cases. We have not yet received the response," a senior Agriculture Ministry official told PTI.

 

There were complaints that Sahara agents were forcing investors to transfer their money into the new credit cooperative schemes from older Sahara savings plans, another official said. The Multi State Cooperative Societies Act is being implemented by the ministry. Sahara Credit Cooperative Society Ltd was set up in 2010. Sahara group chief Subrata Roy and two other senior officials of the group have been lodged in Tihar Jail for about 20 months now. Roy was sent to jail on March 4, 2014 for non-refund of over Rs 20,000 crore to depositors.

Sahara group claims that it has directly refunded 95 percent of the amount due to the investors. Last week, markets regulator Sebi had disclosed having refunded over Rs 42 crore to the bondholders of the two Sahara firms while discrepancies were found in nearly 3,000 refund applications.

Copper futures slid by 1 % in the Domestic Market on Tuesday

Copper updates - Copper futures slid by more than 1 per cent in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amidst a weak trend in the overseas market as a slump in US sales of previously owned homes signaled a cooling housing recovery in the world’s biggest economy, darkening the demand outlook for copper, which is widely used in home construction activities.

US existing home sales tumbled by 10.5 per cent to a 4.76 million annual rate in November, the lowest level since April 2014.
 

Further, weak physical demand for copper in the domestic spot market also weighed on the industrial metal.
 

Investors cast aside data showing a pickup in China’s economy as a leading index advanced at a quicker pace in November. The Conference Board said that its China leading economic index climbed 0.6 per cent in November from October, when it advanced 0.3 per cent.
 

Copper may bounce back today as upbeat US Q3 GDP data bolstered the demand outlook for the base metal.
 

At the MCX, Copper futures for February 2016 contract closed at Rs 312.8 per kg, down by 1.43 per cent after opening at Rs 315.8, against the previous closing price of Rs 317.35. It touched the intra-day low of Rs 312.25.

Copper upadate - Copper closes lower on Sluggish US Demand

Commodity Updates - Copper prices closed lower rung in the domestic market on Thursday after the Federal Reserve's first rate hike in almost a decade pushed up the dollar, dabble demand for raw materials. The Fed raised the target for its main short-term rate to a range of 0.25 per % to 0.50 per % from a range of 0 per cent to 0.25 per cent, as widely expected, following the conclusion of its policy meeting. Fed Chair Janet Yellen vowed that the FOMC will not be mechanical in its approach to normalize budgetary policy and that future rate hikes would be gradual and data dependent. However, losses were limited due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 300 metric tonnes to 231475 metric tonnes as on December 17, 2015. Copper prices may slump as investors now look ahead to upcoming US data which may determine the health of the world’s largest economy. At the MCX, Copper futures for Feb 2016 contract closed at Rs 304.55 per 1 kg, down by 1.77 per cent opening at Rs 308.75 against the closing price of Rs 310.05. It touched the intra-day low of Rs 302.75 till the closing.

Copper Surges On Supply Cuts, Easing China fears

Base Metal Copper - Copper futures soared by over 2.5 per cent in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal as investors and speculators cheered the announcements from leading copper producers who said that they would cut output as demand eases in China, the world’s biggest copper consumer. 

Freeport McMoRan Inc., the world’s biggest listed copper mining company has said that it will reduce copper supply by 350 million pounds; a bigger cut than the previously announced 250 million pounds.
 

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

Copper may extend gains today as China’s industrial output, retail sales and fixed-asset investment numbers for November, came in better-than-expected, 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, against the previous closing price of Rs 310.4. It touched the intra-day high of Rs 321.65.

Copper Trading Down in the Noon trade

Base Metal tips - Copper futures were trading lower in the domestic market on Thursday during noon trade as investors and speculators exited positions in the industrial metal as a slowdown in China’s services activity in November signaled concerns over the world’s second biggest economy, darkening the demand outlook for copper.

China’s services gauge declined to 51.2 in November from 52 in October, with a reading above 50 signaling expansion. China is the world’s biggest metals consumer, accounting for about half of global copper consumption. Weak physical demand for copper from the domestic spot market also weighed on the base metal.

At the MCX, Copper futures for February 2016 contract were trading at Rs.304.65 per kg, down by 0.54 per cent, after opening at Rs. 306.3, against the previous closing price of Rs. 306.3. It touched an intraday low of 304.35.

Copper Trading on a flat Note in the Domestic Market

Base Metal News - Copper futures were trading on a flat note in the domestic market on Monday amid concerns that a worsening economic slowdown in China, the world’s biggest metals consumer, may curb copper demand. China’s industrial profits fell by 4.6 per cent, year on year in October 2015, signaling fears of a hard landing in the world’s second biggest economy.
 

Volatility in China’s stocks which swung to their steepest loss in three months on Friday , falling as much as 3.2 per cent as a drop in industrial profits, fears that IPOs will lure away funds from existing shares and concerns over regulatory probes in the country’s top brokerages soured sentiment, also weighed on copper. China’s benchmark index, the Shanghai Composite rose as much as 1 per cent on Monday before trading 0.26 per cent higher.
 

According to a Bloomberg report, top Chinese copper producers including Jiangxi Copper Co. and Tongling Nonferrous Metals Group Co. are considering a plan to cut 200,000 tons of output in 2016, signaling weak demand in the economy.
 

At the MCX, Copper futures for November 2015 contract were trading at Rs.302.9 per kg, up by 0.02 per cent, after opening at Rs. 301.95, against the previous closing price of Rs. 302.85. It touched an intraday high of 303.8.