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Cardamom futures up on increasing demand

Cardamom futures were trading higher during the evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for February 2018 contract was trading at Rs 1129.50 per kg, up by 0.76 per cent, after opening at Rs 1126, against a previous close of Rs 1121. It touched the intra-day high of Rs 1148(at 17:19 hours).

BSE to begin mock trading in commodity derivatives from Jan 29

In line with preparing itself to launch commodity derivatives transactions, leading stock exchange BSE has decided to hold mock trading sessions for such products from January 29. The stock exchange has also informed its trading members that once commodity derivatives are launched, their trading would be conducted on the exchange's BOLT Plus. The platform currently offers trading in equities, equity derivatives as well as currency derivatives."Mock trading in test environment for the commodity derivatives segment shall be made available daily from Monday, January 29, 2018 onwards," BSE said in a circular dated January 15. "Details related to connection parameters, timings and file formats shall be communicated via a separate circular," the exchange added. Informing its trading members that it plans to offer trading in commodity derivatives, subject to regulatory approvals, BSE added that "trading in commodity derivatives shall be conducted on the BOLT Plus trading platform, its new generation trading system".It has also asked the members using vendor-based or in-house developed front-end trading applications to initiate necessary development in their respective trading application.On December 28, 2017, the markets regulator Sebi had announced that the country would have a unified exchange regime from October, wherein stock exchanges would be allowed to offer trading in commodities derivatives. Detailed guidelines are awaited. BSE, which is ready to launch commodities derivatives as and when the regulator comes out with detailed regulations, will enter the segment with non-agri products such as bullion, base metals, crude, and natural gas among others. It will also offer free-membership for the segment.

Mentha oil futures dip on subdued demand

Mentha oil futures were trading lower during the evening trade in the domestic market on Tuesday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for January 2018 contract was trading at Rs 1552 per kg, down by 2.70 per cent, after opening at Rs 1580.60, against the previous closing price of Rs 1595. It touched the intra-day low of Rs 1531.20(at 16:07 hours).

White metal dips on weak global cues

Silver futures were trading lower during the afternoon trade in the domestic market on Tuesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2018 contract was trading at Rs 39159 per kg, down by 1.04 per cent, after opening at Rs 39,626, against a previous close of Rs 39,570. It touched the intra-day low of Rs 38,573(at 15:07 hours).

Zinc futures dip on subdued demand

Zinc futures were trading lower during the afternoon trade in the domestic market on Tuesday 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 January 2018 contract was trading at Rs 218.25 per kg, down by 0.73 per cent, after opening at Rs 219.35, against a previous close of Rs 219.85. It touched the intra-day low of Rs 217.45(at 14:15 hours).

Nickel futures dip on subdued demand

Nickel futures were trading lower during the afternoon trade in the domestic market on Tuesday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for January 2018 contract is trading at Rs 794.60 per kg, down by 2.84 per cent, after opening at Rs 810, against a previous close of Rs 817.80. It touched the intra-day low of Rs 789.40(at 13:02 hours).

Remove import duty on raw materials: Stainless steel industry

Ahead of the budget, the stainless steel industry has asked the government to remove import duty on ferro-nickel and stainless steel scrap. In its pre-budget wish list, the Indian Stainless SteelDevelopment Association (ISSDA) has sought removal of customs duty on key raw materials used in producing stainless steel. "The government had removed customs duty on pure nickel in the last budget, it didn't help the industry much since most of nickel used by stainless steel makers is in the form ferro-nickel," the ISSDA said. The same relief should now be extended to ferro-nickel, it demanded. The import duty on ferro-nickel is 2.5 per cent.The raw material has to be necessarily imported because India hardly has any nickel resources, the association said. The industry body also said that since all the stainless steel is produced through electric furnaces, stainless steel scrap is the main raw material which also provides cost effective source of alloying elements like chrome and nickel. The scrap is also not available in the country and has to be imported, the body said asking the government to bring the customs duty for stainless steel scrap to zero from 2.5 per cent at present. ISSDA President K K Pahuja said, "It is absolutely necessary to preserve competitiveness of Indian stainless steel industry at a time when government is building new trade relations with other countries and we appeal to the Finance Ministry to remove basic custom duty on both ferro-nickel and stainless steel scrap." The Union Budget for 2018-19 will be presented on February 1.Steel Secretary Aruna Sharma had earlier told PTI that along with ferro-nickel, the steel ministry had pitched for bringing down import duty on stainless steel scrap to zero.The steel ministry had already made a request to the finance ministry in this regard, she had said.

Lead futures dip on subdued demand

Lead futures were trading lower during the afternoon trade in the domestic market on Tuesday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets. At the MCX, lead futures for January 2018 contract is trading at Rs 162.70 per kg, down by 1 per cent, after opening at Rs 163.30, against a previous close of Rs 164.35. It touched the intra-day low of Rs 162.10(at 12:04 hours).

Cardamom futures up on rising demand

Cardamom futures were trading higher during the morning trade in the domestic market on Tuesday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for February 2018 contract was trading at Rs 1126.10 per kg, up by 0.45 per cent, after opening at Rs 1126, against a previous close of Rs 1121. It touched the intra-day high of Rs 1135(at 11:07 hours).

Mentha oil futures dip on easing demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Tuesday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for January 2018 contract was trading at Rs 1583 per kg, down by 0.75 per cent, after opening at Rs 1580.60, against the previous closing price of Rs 1595. It touched the intra-day low of Rs 1570(at 10:28 hours).

Silver rises on robust global cues

Silver futures closed higher in the domestic market on Monday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2018 contract closed at Rs 39,558 per kg, up by 1.27 per cent, after opening at Rs 39,325, against a previous close of Rs 38,063. It touched the intra-day high of Rs 39,660.

Crude oil rises as US crude stockpiles decline

Crude oil futures closed higher in the domestic market on Monday as a spate of weekly declines in U.S. crude stockpiles helped prices log a fifth consecutive session of gains. News that the Trump administration extended sanctions relief for Iran, as expected, and data showing the first weekly rise in active U.S. oil-drilling rigs failed to squash bullish sentiment. At the MCX, crude oil futures for January 2018 contract closed at Rs 4110 per barrel, up by 1.11 per cent, after opening at Rs 4088, against a previous close of Rs 4065. It touched the intra-day high of Rs 4122.

Gold up as US dollar continues decline

Gold futures closed higher in the domestic market on Monday as the dollar extended its earlier decline despite a slightly higher-than-expected climb in core U.S. inflation. Because most commodities are priced in dollars, weakness in the currency can provide support for assets like gold, boosting their appeal among buyers using stronger currencies. Weakness in the U.S. stock market can also lure investors back to the precious metal. At the MCX, gold futures for February 2018 contract ended at Rs 29761 per 10 grams, up by 0.72 per cent, after opening at Rs 29,600 against a previous close of Rs 29,547. It touched the intra-day high of Rs 29,779.

Cardamom futures up on increasing demand

Cardamom futures were trading higher during the morning trade in the domestic market on Monday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2018 contract was trading at Rs 1090 per kg, up by 0.04 per cent, after opening at Rs 1099, against a previous close of Rs 1089.60. It touched the intra-day high of Rs 1109(at 16:07 hours).

Gold glitters on wedding buzz, global cues

Gold prices rose in futures trading on Monday amid firm global trend and pick- up in wedding season buying by local jewellers and retailers. Bullion traders said the sentiment got a boost owing to a firming trend overseas where gold rose to the highest since September, as the dollar slumped to three-year lows against a basket of currencies, raising appeal of the precious metals as a safe haven. At the MCX, gold futures for February 2018 contract is trading at Rs 29707 per 10 grams, up by 0.54 per cent, after opening at Rs 29600, against a previous close of Rs 29547. It touched the intra-day high of Rs 29749 (at 15:07 hours).

White metal up amid robust global cues

Silver futures were trading higher during the afternoon trade in the domestic market on Monday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2018 contract was trading at Rs 39503 per kg, up by 1.13 per cent, after opening at Rs 39,325, against a previous close of Rs 39,063. It touched the intra-day high of Rs 39,660(at 15:17 hours).

Zinc futures up on increasing demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Monday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, zinc futures for January 2018 contract was trading at Rs 219.10 per kg, up by 0.69 per cent, after opening at Rs 217.90, against a previous close of Rs 217.60. It touched the intra-day high of Rs 219.90(at 14:07 hours).

Nickel futures up on rising demand

Nickel futures were trading higher during the noon trade in the domestic market on Monday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market. At the MCX, nickel futures for January 2018 contract is trading at Rs 818 per kg, up by 1.78 per cent, after opening at Rs 814, against a previous close of Rs 803.70. It touched the intra-day high of Rs 819.70 (at 13:05 hours)

Lead futures up on rising demand

Lead futures were trading higher during the afternoon trade in the domestic market on Monday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for January 2018 contract is trading at Rs 163.50 per kg, up by 1.18 per cent, after opening at Rs 162.40, against a previous close of Rs 161.60. It touched the intra-day high of Rs 163.65(at 12:15 hours).

Copper futures up 1.77% on spot demand

Copper futures were trading higher in the domestic market on Monday as speculators widened positions amid positive global cues. Analysts attributed the rise in copper futures trade to raising of bets by participants amid pick up in demand at the spot markets and positive global cues. At the MCX, copper futures for February 2018 contract was trading at Rs 461.05 per kg, up by 1.77 per cent, after opening at Rs 457.90, against a previous close of Rs 453.05. It touched the intra-day high of Rs 461.45 (at 11:50 hours).

Mentha oil futures dip on subdued demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Monday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for January 2018 contract was trading at Rs 1636 per kg, down by 1.29 per cent, after opening at Rs 1624, against the previous closing price of Rs 1657.40. It touched the intra-day low of Rs 1624(at 11:04 hours).

Cardamom futures up on rising demand

Cardamom futures were trading higher during the morning trade in the domestic market on Monday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2018 contract was trading at Rs 1099 per kg, up by 0.86 per cent, after opening at Rs 1099, against a previous close of Rs 1089.60. It touched the intra-day high of Rs 1099(at 10:27 hours).

Finished steel exports surge 29% in December; imports slip 26%

India's total export of finished steel in December last year jumped 28.9 per cent to 0.964 million tonnes (MT), official data showed.The country had shipped 0.748 MT finished steel in the same month in 2016. During April-December of 2017-18, the export of finished steel increased 52.9 per cent to 7.606 MT, from 4.975 MT in the year-ago period, the Joint Plant Committee (JPC) has said in its latest report. On the other hand, imports were down 26 per cent at 0.561 MT in December 2017 compared to 0.762 MT during the same month a year ago. The import of finished steel during April-December last year surged 10.9 per cent to 6.096 MT, as against 5.495 MT in the same period previous year. "India was a net exporter of total finished steel in December 2017 as also during April-December 2017," the report said. India's consumption of finished steel in December 2017 rose 6.2 per cent to 7.621 MT compared to 7.175 MT in the year-ago period. In April-August 2017, the consumption of finished steel witnessed a growth of 5.2 per cent to 64.867 MT as against 61.662 MT during the same period a year ago "under the influence of rising production for sale and imports," it said.Not very happy with the export figures, Steel Minister Chaudhary Birender Singh has said India should export six to seven per cent of its total steel production from the existing 1.5 per cent."There is no reason to be happy with 1.5 per cent of export. In the next few years, Indian steel exports should increase to 6-7 per cent of total production," Singh said at a session on Thursday. Empowered by the Ministry of Steel, the JPC is the only institution in the country that collects data on the Indian iron and steel industry.

Crude oil dips on rise in US oil rigs

Crude oil futures closed lower in the domestic market on Friday as news that the Trump administration extended sanctions relief for Iran, as expected, and data showing the first weekly rise in active U.S. oil-drilling rigs squashed bullish sentiment. Also, the Energy Information Administration will issue on Monday its monthly drilling productivity report, which will include a forecast on February U.S. shale-oil output. At the MCX, crude oil futures for January 2018 contract closed at Rs 4070 per barrel, down by 0.73 per cent, after opening at Rs 4083, against a previous close of Rs 4100. It touched the intra-day low of Rs 4007.

Gold rises as US dollar extends decline

Gold futures closed higher in the domestic market on Friday as the dollar extended its earlier decline despite a slightly higher-than-expected climb in core U.S. inflation. Because most commodities are priced in dollars, weakness in the currency can provide support for assets like gold, boosting their appeal among buyers using stronger currencies. Weakness in the U.S. stock market can also lure investors back to the precious metal. At the MCX, gold futures for February 2018 contract ended at Rs 29555 per 10 grams, up by 0.56 per cent, after opening at Rs 29,450 against a previous close of Rs 29,390. It touched the intra-day high of Rs 29,580.

Silver up on strong global cues

Silver futures closed higher in the domestic market on Friday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2018 contract closed at Rs 39,100 per kg, up by 0.41 per cent, after opening at Rs 39,045, against a previous close of Rs 38,939. It touched the intra-day high of Rs 39,219.

Cardamom futures dip on subdued demand

Cardamom futures were trading lower during the evening trade in the domestic market on Friday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade. At the MCX, cardamom futures for February 2018 contract was trading at Rs 1102 per kg, down by 0.50 per cent, after opening at Rs 1103, against a previous close of Rs 1107.50. It touched the intra-day low of Rs 1090(at 17:30 hours).

Mentha oil futures dip on muted demand

Mentha oil futures were trading lower during the evening trade in the domestic market on Friday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for January 2018 contract was trading at Rs 1659 per kg, down by 0.66 per cent, after opening at Rs 1648.60, against the previous closing price of Rs 1670.10. It touched the intra-day low of Rs 1628(at 16:11 hours).

White metal rises amid robust global cues

Silver futures were trading higher during the afternoon trade in the domestic market on Friday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2018 contract was trading at Rs 39158 per kg, up by 0.56 per cent, after opening at Rs 39,045, against a previous close of Rs 38,939. It touched the intra-day high of Rs 39,170(at 15:17 hours).

India’s crude steel production up 6% in 2017: JPC

According to official data, the country's crude steel production was up around 6 per cent to hit an all-time high of 101.28 million tonnes (MT) last year. Commenting on the issue, a JPC Official told the media, “During April-December of the fiscal 2017-18, the output stood at 75.50 MT as against 72.20 MT during the same period a year ago, an expansion of 4.6 per cent.” "For the first time..., India's crude steel production crossed the 100 million tonnes mark in 2017, reaching 101.227 MT, a growth of 5.87 per cent over 2016," he said. “In December alone, the country produced 8.65 MT as against 8.38 MT in the same month a year ago,” he added. As per reports, India is the third largest producer of crude steel in the world after China and Japan. The country is now aiming to grab the second spot. The government is taking various measures to promote the domestic steel sector and raise capacity.

Zinc futures up on increasing demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Friday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, zinc futures for January 2018 contract was trading at Rs 217.15 per kg, up by 0.23 per cent, after opening at Rs 216.55, against a previous close of Rs 216.65. It touched the intra-day high of Rs 217.80(at 14:10 hours).

Nickel futures up on increasing demand

Nickel futures were trading higher during the noon trade in the domestic market on Friday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market. At the MCX, nickel futures for January 2018 contract is trading at Rs 803.50 per kg, up by 0.09 per cent, after opening at Rs 803.10, against a previous close of Rs 802.80. It touched the intra-day high of Rs 806.40 (at 13:12 hours)

India should increase steel exports to 6-7pc: Minister

India should export six to seven per cent of its total steel production from the existing 1.5 per cent, Union Steel Minister Chaudhary Birender Singh said today."There is no reason to be happy with 1.5 per cent of export. In the next few years, Indian steel exports should increase to 6-7 per cent of total production," Singh said at an interactive session with members of Bharat Chamber of Commerce here.The minister was speaking on the improving fortunes of steel makers, following protective measures by the government like the minimum import price and anti-dumping duty. Singh said with these steps, India has become a net exporter of steel, and imports had come down by 40-45 per cent.India was lagging behind in research and innovation technology with regard to steel production, he said, adding, a Cabinet note will be moved next week for the proposed Steel Research and Technology Mission of India (SRTMI). The steel ministry is planning to merge all its research bodies under the SRTMI. The government has said the initial corpus for setting up of this umbrella institute is Rs 200 crore.

Lead futures up on pickup in demand

Lead futures were trading higher during the afternoon trade in the domestic market on Friday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for January 2018 contract is trading at Rs 162.90 per kg, up by 0.12 per cent, after opening at Rs 162.35, against a previous close of Rs 162.70. It touched the intra-day high of Rs 162.90(at 12:15 hours).

Cardamom futures dip on easing demand

Cardamom futures were trading lower during the morning trade in the domestic market on Friday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade. At the MCX, cardamom futures for February 2018 contract was trading at Rs 1105 per kg, down by 0.23 per cent, after opening at Rs 1103, against a previous close of Rs 1107.50. It touched the intra-day low of Rs 1101(at 11:06 hours).

Mentha oil futures dip on tepid demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for January 2018 contract was trading at Rs 1649.60 per kg, down by 1.23 per cent, after opening at Rs 1648.60, against the previous closing price of Rs 1670.10. It touched the intra-day low of Rs 1643(at 10:25 hours).

Gold up as US dollar lowers

Gold futures closed higher in the domestic market on Thursday as the dollar weakened against major rivals. Although gold may witness further losses in the short term amid U.S. interest rate hike expectations, the yellow metal still remains bullish. Because most commodities are priced in dollars, weakness in the currency can provide support for assets like gold, boosting their appeal among buyers using stronger currencies. Weakness in the U.S. stock market can also lure investors back to the precious metal. At the MCX, gold futures for February 2018 contract ended at Rs 29356 per 10 grams, up by 0.11 per cent, after opening at Rs 29,309 against a previous close of Rs 29,324. It touched the intra-day high of Rs 29,406.

Silver dips on weak global cues

Silver futures closed lower in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2018 contract closed at Rs 38,800 per kg, down by 0.49 per cent, after opening at Rs 38,992, against a previous close of Rs 38,992. It touched the intra-day low of Rs 38,666.

Crude oil rises on decline in US crude production

Crude oil futures closed higher in the domestic market on Thursday buoyed by a pullback in U.S. production and eight weeks of declines in domestic crude stockpiles, as traders awaited the Trump administration’s decision on whether to extend temporary waivers on sanctions against Iran. An eight-week string of drops in U.S. crude supplies and concerns over unrest in Iran were drivers for the rally. A weekly decline in the number of U.S. drilling rigs led both contracts to also finish higher. At the MCX, crude oil futures for January 2018 contract closed at Rs 4093 per barrel, up by 1.41 per cent, after opening at Rs 4040, against a previous close of Rs 4036. It touched the intra-day high of Rs 4123.

Cardamom futures rise on pickup in demand

Cardamom futures were trading higher during the evening trade in the domestic market on Thursday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2018 contract was trading at Rs 1082.10 per kg, up by 0.94 per cent, after opening at Rs 1082, against a previous close of Rs 1072. It touched the intra-day high of Rs 1104.10(at 17:08 hours).

Lead futures up on surging demand

Lead futures were trading higher during the evening trade in the domestic market on Thursday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for January 2018 contract is trading at Rs 163.20 per kg, up by 0.12 per cent, after opening at Rs 163.40, against a previous close of Rs 163. It touched the intra-day high of Rs 163.70(at 16:15 hours).

Mentha oil futures rise on pick-up in demand

Mentha oil futures were trading higher during the evening trade in the domestic market on Thursday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for January 2018 contract was trading at Rs 1656 per kg, up by 1.91 per cent, after opening at Rs 1639.90, against the previous closing price of Rs 1625. It touched the intra-day high of Rs 1671.90(at 16:13 hours).

White metal dips on weak global cues

Silver futures were trading lower during the afternoon trade in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2018 contract was trading at Rs 38934 per kg, down by 0.15 per cent, after opening at Rs 38,992, against a previous close of Rs 38,992. It touched the intra-day low of Rs 38,921(at 15:29 hours).

Zinc futures up on rising demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Thursday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, zinc futures for January 2018 contract was trading at Rs 215.45 per kg, up by 0.37 per cent, after opening at Rs 215.50, against a previous close of Rs 214.65. It touched the intra-day high of Rs 215.95(at 14:06 hours).

Nickel futures up on rising demand

Nickel futures were trading higher during the noon trade in the domestic market on Thursday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market. At the MCX, nickel futures for January 2018 contract is trading at Rs 820.20 per kg, up by 0.15 per cent, after opening at Rs 818.20, against a previous close of Rs 819. It touched the intra-day high of Rs 820.60 (at 13:05 hours)

Lead futures up on rising demand

Lead futures were trading higher during the afternoon trade in the domestic market on Thursday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for January 2018 contract is trading at Rs 163.45 per kg, up by 0.28 per cent, after opening at Rs 163.40, against a previous close of Rs 163. It touched the intra-day high of Rs 163.60(at 12:05 hours).

Cardamom futures up on increasing demand

Cardamom futures were trading higher during the morning trade in the domestic market on Thursday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for February 2017 contract was trading at Rs 1120 per kg, up by 0.09 per cent, after opening at Rs 1125, against a previous close of Rs 1119. It touched the intra-day high of Rs 1129(at 11:12 hours).

Mentha oil futures up on rising demand

Mentha oil futures were trading higher during the morning trade in the domestic market on Thursday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for January 2017 contract was trading at Rs 1642 per kg, up by 1.05 per cent, after opening at Rs 1639.90, against the previous closing price of Rs 1625. It touched the intra-day high of Rs 1645(at 10:25 hours).

Gold rises as dollar weakens

Gold futures closed higher in the domestic market on Wednesday as the dollar weakened against major rivals. Although gold may witness further losses in the short term amid U.S. [interest] rate hike expectations, the yellow metal still remains bullish. Because most commodities are priced in dollars, weakness in the currency can provide support for assets like gold, boosting their appeal among buyers using stronger currencies. Weakness in the U.S. stock market can also lure investors back to the precious metal. At the MCX, gold futures for February 2017 contract ended at Rs 29318 per 10 grams, up by 0.56 per cent, after opening at Rs 29,135 against a previous close of Rs 29,156. It touched the intra-day high of Rs 29,430.

Silver rises on robust global cues

Silver futures closed higher in the domestic market on Wednesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract closed at Rs 38,989 per kg, up by 0.37 per cent, after opening at Rs 38,802, against a previous close of Rs 38,845. It touched the intra-day high of Rs 39,300.

Crude oil up on decline in US stockpiles

Crude oil futures closed higher in the domestic market on Wednesday after U.S. government data revealed an eighth-straight weekly decline in U.S. crude stockpiles, along with a sizable decrease in domestic crude production. A seven-week string of drops in U.S. crude supplies and concerns over unrest in Iran were drivers for the rally. A weekly decline in the number of U.S. drilling rigs led both contracts to also finish higher. At the MCX, crude oil futures for January 2017 contract closed at Rs 4038 per barrel, up by 0.87 per cent, after opening at Rs 4016, against a previous close of Rs 4003. It touched the intra-day high of Rs 4059.

Lead futures up on surging demand

Lead futures were trading higher during the evening trade in the domestic market on Wednesday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for January 2018 contract is trading at Rs 163.80 per kg, up by 0.86 per cent, after opening at Rs 162.90, against a previous close of Rs 162.40. It touched the intra-day high of Rs 164(at 17:10 hours).

Yellow metal rises on buying by local jewellers

Gold prices rose in futures trading on Wednesday at the bullion market today due to mild buying by local jewellers, despite a weak trend overseas. Traders attributed the rise in gold prices to mild buying by local jewellers at domestic spot markets, but a weak trend overseas capped the rise. At the MCX, gold futures for February 2018 contract is trading at Rs 29262 per 10 grams, up by 0.36 per cent, after opening at Rs 29135, against a previous close of Rs 29156. It touched the intra-day high of Rs 29268 (at 16:03 hours).

Mentha oil futures rise on rising demand

Mentha oil futures were trading higher during the evening trade in the domestic market on Wednesday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for January 2017 contract was trading at Rs 1614 per kg, up by 0.27 per cent, after opening at Rs 1623.90, against the previous closing price of Rs 1609.70. It touched the intra-day high of Rs 1635(at 16:12 hours).

White metal rises amid robust global cues

Silver futures were trading higher during the afternoon trade in the domestic market on Wednesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract was trading at Rs 38985 per kg, up by 0.36 per cent, after opening at Rs 38,802, against a previous close of Rs 38,845. It touched the intra-day high of Rs 38,997(at 15:41 hours).

Zinc futures dip on subdued demand

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 January 2017 contract was trading at Rs 212.90 per kg, down by 0.19 per cent, after opening at Rs 213.75, against a previous close of Rs 213.30. It touched the intra-day low of Rs 212.60(at 14:05 hours).

Nickel futures up on increasing demand

Nickel futures were trading higher during the noon trade in the domestic market on Wednesday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market. At the MCX, nickel futures for January 2018 contract is trading at Rs 808.80 per kg, up by 0.38 per cent, after opening at Rs 808.10, against a previous close of Rs 805.70. It touched the intra-day high of Rs 811.30 (at 13:05 hours)

Lead futures rise on surging demand

Lead futures were trading higher during the afternoon trade in the domestic market on Wednesday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for December 2017 contract is trading at Rs 163 per kg, up by 0.37 per cent, after opening at Rs 162.90, against a previous close of Rs 162.40. It touched the intra-day high of Rs 163.35(at 12:05 hours).

Cardamom futures dip on easing demand

Cardamom futures were trading lower during the morning trade in the domestic market on Wednesday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1055 per kg, down by 2.72 per cent, after opening at Rs 1075, against a previous close of Rs 1084.50. It touched the intra-day low of Rs 1055(at 11:06 hours).

Mentha oil futures rise on increasing demand

Mentha oil futures were trading higher during the morning trade in the domestic market on Wednesday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for January 2017 contract was trading at Rs 1620 per kg, up by 0.64 per cent, after opening at Rs 1623.90, against the previous closing price of Rs 1609.70. It touched the intra-day high of Rs 1628.90(at 10:25 hours).

Gold dips on strong US dollar

Gold futures closed lower in the domestic market on Tuesday as the U.S. dollar remained buoyant along with global equities, undercutting the appeal of the haven asset. Although gold may witness further losses in the short term amid U.S. [interest] rate hike expectations, the yellow metal still remains bullish. Gold, which is priced in dollars, is highly sensitive to moves in its exchange rate. The two assets typically move inversely. And stock gains tend to, but don’t always, lure investors away from haven gold. At the MCX, gold futures for February 2017 contract ended at Rs 29152 per 10 grams, down by 0.37 per cent, after opening at Rs 29,258 against a previous close of Rs 29,261. It touched the intra-day low of Rs 29,140.

Crude oil rises on drop in US crude inventory

Crude oil futures closed higher in the domestic market on Tuesday as expectations for an eighth-straight weekly drop in U.S. crude inventories helped send prices to another finish at a three-year high. A seven-week string of drops in U.S. crude supplies and concerns over unrest in Iran were drivers for the rally. A weekly decline in the number of U.S. drilling rigs led both contracts to also finish higher. At the MCX, crude oil futures for January 2017 contract closed at Rs 4007 per barrel, up by 2.59 per cent, after opening at Rs 3927, against a previous close of Rs 3906. It touched the intra-day high of Rs 4010.

Silver dips on feeble global cues

Silver futures closed lower in the domestic market on Tuesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract closed at Rs 38,857 per kg, down by 0.48 per cent, after opening at Rs 39,099, against a previous close of Rs 39,043. It touched the intra-day low of Rs 38,804.

Cardamom futures up on rising demand

Cardamom futures were trading higher during the evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1078 per kg, up by 1.13 per cent, after opening at Rs 1078, against a previous close of Rs 1066. It touched the intra-day high of Rs 1090(at 17:31 hours).

Mentha oil futures dip on easing demand

Mentha oil futures were trading lower during the evening trade in the domestic market on Tuesday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for January 2017 contract was trading at Rs 1606 per kg, down by 2.30 per cent, after opening at Rs 1630.90, against the previous closing price of Rs 1643.80. It touched the intra-day low of Rs 1596.80(at 16:10 hours).

Gold futures down on subdued demand

Gold prices fell in futures trading on Tuesday amid expectations for more US interest rate hikes this year and on account of subdued demand for the precious metal from jewellers, retailers and investors. Analysts expect gold prices to trade sideways as global investors will await US inflation numbers for further cues on pace of future rate hikes. At the MCX, gold futures for February 2018 contract is trading at Rs 29215 per 10 grams, down by 0.16 per cent, after opening at Rs 29258, against a previous close of Rs 29261. It touched the intra-day low of Rs 29195 (at 15:16 hours).

White metal dips on weak global cues

Silver futures were trading lower during the afternoon trade in the domestic market on Tuesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract was trading at Rs 39025 per kg, down by 0.05 per cent, after opening at Rs 39,099, against a previous close of Rs 39,043. It touched the intra-day low of Rs 39,001(at 15:15 hours).

Zinc futures up on surging demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Tuesday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, zinc futures for January 2017 contract was trading at Rs 216.45 per kg, up by 0.21 per cent, after opening at Rs 216.30, against a previous close of Rs 216. It touched the intra-day high of Rs 217.15(at 14:06 hours).

Nickel futures up on rising demand

Nickel futures were trading higher during the noon trade in the domestic market on Tuesday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market. At the MCX, nickel futures for January 2018 contract is trading at Rs 800.90 per kg, up by 0.34 per cent, after opening at Rs 799.80, against a previous close of Rs 798.20. It touched the intra-day high of Rs 801.90 (at 13:11 hours)

Lead futures dip on easing demand

Lead futures were trading lower during the afternoon trade in the domestic market on Tuesday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets. At the MCX, lead futures for January 2017 contract is trading at Rs 165.25 per kg, down by 0.06 per cent, after opening at Rs 165.25, against a previous close of Rs 165.35. It touched the intra-day low of Rs 165.05(at 12:04 hours).

Provide raw material to performing steel assets: Jindal

Jindal Steel and Power Ltd (JSPL) chairman Naveen Jindal has said that the government should ensure that performing steel assets do not face any shortage of raw material. Commenting on the issue, Jindal Steel and Power Ltd (JSPL) chairman Naveen Jindal told the media, "You see only three private major steel companies have not embarrassed their investors, the rest have been pulled to the NCLT." “The government must give priority in providing raw material to those steel companies that are not facing insolvency proceedings and regularly paying interest on debts, he replied to question related to the impact of rising prices of raw materials on his business. Insolvent firms do not pay any interest, nor are they able to service their debt and such insolvent firms can even sell their items at lower rates,” Jindal added. "We are taking up this matter with the government that those companies which are giving the interest regularly must get uninterrupted supply of raw materials. I would say other ministries also, whether it is coal, railways, they must support them (performing companies) by meeting their requirement. If you don't meet the requirement if there a shortage then government must supply raw materials on priority basis," he said.

Cardamom futures up on increasing demand

Cardamom futures were trading higher during the morning trade in the domestic market on Tuesday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1080 per kg, up by 1.31 per cent, after opening at Rs 1078, against a previous close of Rs 1066. It touched the intra-day high of Rs 1080.10(at 11:03 hours).

Mentha oil futures dip on tepid demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Tuesday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for January 2017 contract was trading at Rs 1636 per kg, down by 0.47 per cent, after opening at Rs 1630.90, against the previous closing price of Rs 1643.80. It touched the intra-day low of Rs 1627.60(at 10:25 hours).

Silver down on weak global cues

Silver futures closed lower in the domestic market on Monday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract closed at Rs 39,078 per kg, down by 0.45 per cent, after opening at Rs 39,245, against a previous close of Rs 39,253. It touched the intra-day low of Rs 38,920.

Gold rises on US employment report

Gold futures closed higher in the domestic market on Monday with some caution emerging among investors after the metal hit 10-straight sessions of gains. Gold, which is priced in dollars, is highly sensitive to moves in its exchange rate. The two assets typically move inversely. And stock gains tend to, but don’t always, lure investors away from haven gold. At the MCX, gold futures for February 2017 contract ended at Rs 29272 per 10 grams, up by 0.19 per cent, after opening at Rs 29,193 against a previous close of Rs 29,217. It touched the intra-day high of Rs 29,299.

Crude oil rise on decline in US drilling rigs

Crude oil futures closed higher in the domestic market on Monday as traders welcomed data showing a weekly decline in the number of U.S. drilling rigs. Data out on Friday further added to the overall upbeat assessment of the oil market. Weekly data showed the number of active U.S. rigs drilling for oil unexpectedly fell by five to 742 last week. That indicates production could slow down, which usually is a positive factor for oil prices. At the MCX, crude oil futures for January 2017 contract closed at Rs 3907 per barrel, up by 0.51 per cent, after opening at Rs 3900, against a previous close of Rs 3887. It touched the intra-day high of Rs 3933.

Mentha oil futures down on subdued demand

Mentha oil futures were trading lower during the evening trade in the domestic market on Monday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for January 2017 contract was trading at Rs 1641.60 per kg, down by 1.81 per cent, after opening at Rs 1673.90, against the previous closing price of Rs 1671.80. It touched the intra-day low of Rs 1635.10(at 17:22 hours).

Gold ETFs register Rs 730 cr outflow in 2017

Investors continued to pull out money from gold exchange-traded funds (ETFs) and withdrew Rs 730 crore in 2017, making it the fifth consecutive year of outflow from such products. The outflow meant asset under management (AUM) of gold funds plunged by 12 per cent to Rs 4,855 crore during the period under review, latest data with Association of Mutual Funds in India (Amfi) showed. Over the last few years, retail investors have been putting in more money into equity, as compared to gold ETFs, mainly on account of strong return. Equity and equity-linked saving schemes saw an infusion of close to Rs 1.5 lakh crore last year, while overall mutual fund schemes witnessed an inflow of Rs 2.4 lakh crore. As per Amfi data, a net sum of Rs 730 crore was pulled out of 14 gold-linked ETFs last year as compared to Rs 942 crore in 2016. It had witnessed an outflow of Rs 891 crore, Rs 1,651 crore and Rs 1,815 crore in 2015, 2014 and 2013, respectively. In 2012, gold ETFs saw an inflow of Rs 1,826 crore. "Lacklustre performance by real estate and gold, and low interest rates on traditional savings instruments have contributed in pushing investor flows into equities," Bajaj Capital CEO Rahul Parikh said. Gold ETFs are passive investment instruments that are based on price movements and investments in physical gold. "While demand from India has traditionally buttressed gold prices globally, sound rally in the Indian equity markets in 2017 has meant that gold as an asset class has not been favoured. A strong Indian equity market may mean a sober outlook for gold," Vidya Bala, head of MF Research at FundsIndia.com said. Going ahead, Chirag Mehta, Senior Fund Manager- Alternative Investments at Quantum AMC said: "Both investment demand and prices will rise the next time the economic and political environment inspires investors to rush even more dramatically back to gold". "The world continues to remain in state of great disequilibrium, both with respect to the global economy and geopolitics as well. The fallout of the geopolitics globally seems to now cap the downsides in gold. Given the macroeconomic picture, gold will be a useful portfolio diversification tool and thereby helping you to reduce overall portfolio risk," he added.

Cardamom futures dip on subdued demand

Cardamom futures were trading lower during the evening trade in the domestic market on Monday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade. At the MCX, cardamom futures for February 2017 contract was trading at Rs 1101 per kg, down by 0.86 per cent, after opening at Rs 1116, against a previous close of Rs 1110.50. It touched the intra-day low of Rs 1083.20(at 16:09 hours).

Credit profile of rice exporters to improve in medium term: Ind-Ra

India Ratings and Research (Ind-Ra) expects credit profile of rice exporters to improve over the near-to-medium term on the back of increased market share, higher realisations and improved liquidity. “Significant production shortfall in parts of South Asia is likely to result in a substantial gain in market share by various Indian exporters,” Ind-Ra said in a press release. Ind-Ra expects Indian rice exports to account over 29 per cent of the global rice trade in marketing year (MY) 2017-18 (MY 2016-17: 26.70%). Ind-Ra believes subdued yields across major South and East Asian rice producers should result in higher realisations and marginal improvement in export volumes. Weak output levels in Vietnam and other parts of South Asia have resulted in a sharp spike in international prices, primarily on the back of increased demand from exporters to deliver forward export orders. The agency expects leverage levels of domestic players to increase in FY18-FY19 due to higher inventory values arising from increased procurement costs, leading to sustained negative cash flow from operations. However, the agency does not anticipate any significant rating action on domestic players on the back of stable margins as higher procurement costs will be passed on to the end customers. The agency expects demand to remain strong on the back of higher paddy procurement target and minimum support price. In June 2017, the government of India decided to increase the minimum selling price of common grade paddy by 5.4 per cent to INR1,550 per quintal. The procurement target was also increased to 37.50 million tonnes in MY 2016-17 from 34.34 million tonnes in the previous year. Indian basmati exports grew 35 per cent yoy to INR136 billion in 1HFY18 on the back of a significant growth in offtake by Iran. While the timely lifting of the temporary import ban by the Iranian government on 22 November 2017 is expected to augur well for Indian rice exporters, yet, significant volume gain in Basmati exports is unlikely mainly on account of weak demand from countries such as Saudi Arabia and Kuwait. Iran is likely to replace Saudi Arabia as the largest exporter of Indian Basmati rice. Saudi Arabia reported a 13% decline in rice imports in 1QFY18. Despite the recovery in demand from Iran and the US, Ind-Ra expects total growth in Basmati export volumes to remain range bound between 3 per cent and 5 per cent. On the other hand, higher realisations are expected to result in a significant growth in export value, leading to a marked increase in top line for majority of the Basmati exporters. Basmati players are also likely to report significant inventory gains particularly from aged products. Both these events are likely to be credit positives for players in the Basmati sector.

White metal dips on weak global cues

Silver futures were trading lower during the afternoon trade in the domestic market on Monday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract was trading at Rs 39140 per kg, down by 0.29 per cent, after opening at Rs 39,245, against a previous close of Rs 39,253. It touched the intra-day low of Rs 39,091(at 15:23 hours).

Govt assures sugar cos to hike duty on cheap Pak imports: ISMA

The government has assured that it would consider hiking import duty on sugar from the current 50 per cent to check any cheaper shipments from neighbouring Pakistan, the Indian Sugar Mills Association said today. In view of steep fall in global prices, Pakistan has not been able to export its surplus sugar and is mulling a subsidy to make outward shipments viable. "If Pakistan imports do become viable, or if any contracts start taking place for importing sugar into India from Pakistan, especially if the state of Sindh notifies any subsidy, the Government of India is willing to increase the import duty adequately to check any such imports," ISMA said in a statement. This along with other issues related to the sector were discussed last week in a meeting with the Food Ministry officials. Officials from the ISMA and the National Federation of Cooperative Sugar Factories (NFCSF) were also in the meeting. On sugar exports from India, the ISMA said it was discussed that there would be "no scope for any exports" because the closing stock would be tight at 40 lakh tonnes at the end of the ongoing 2017-18 season (October-September). "Therefore, reduction in the export duty may not make much sense now," it said. The ISMA has pegged sugar output of India, the world's second largest producer, at 251 lakh tonnes in 2017-18 against 203 lakh tonnes in the previous year. "It was agreed that there was unrealistic talk about 2018-19 sugar production, whereas not even about 10-15 per cent of the sugarcane for harvesting then has been planted," the sugar association said. Though the sugarcane sowing may improve with better rainfall in western and southern states, it was accepted that it is totally "premature" to even guess a figure about next seasons production, it said. "In fact, the sugar production can get adversely affected if the rainfall from June to September 2018, is not good. Therefore, July 2018 will be a better time to have any preliminary idea about 2018-19 production, and not earlier," it added. Nevertheless, the Food Ministry officials assured that if there is a surplus in next 2018-19 season, appropriate timely action would be taken to ensure surplus sugar is exported even to SAARC nations, the ISMA said. It was felt that there was enough time for the government to hold discussions and negotiations, since the surplus, if any, would come up only after November 2018, and there is no concern about the surplus till then, it added.

Zinc futures up on rising demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Monday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, zinc futures for January 2017 contract was trading at Rs 214.80 per kg, up by 0.47 per cent, after opening at Rs 213.40, against a previous close of Rs 213.80. It touched the intra-day high of Rs 215.20(at 14:06 hours).

Nickel futures dip on subdued demand

Nickel futures were trading lower during the afternoon trade in the domestic market on Monday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for January 2017 contract is trading at Rs 792.50 per kg, down by 0.23 per cent, after opening at Rs 790.40, against a previous close of Rs 794.30. It touched the intra-day low of Rs 782.60(at 13:02 hours).

Copper futures rise marginally on firm spot demand

Copper futures were trading higher in the domestic market on Monday as speculators raised bets, largely in line with a firming trend in base metals in the domestic spot markets. Analysts said gains in copper and other metals on rising demand at the domestic spot markets influenced metal prices in futures trade here. At the MCX, copper futures for February 2018 contract was trading at Rs 453.60 per kg, up by 0.24 per cent, after opening at Rs 452.75, against a previous close of Rs 452.50. It touched the intra-day high of Rs 454.00 (at 12:50 hours).

Gold futures slip on subdued demand

Gold prices fell in futures trading on Monday on account of subdued demand for precious metals from jewellers, industries and retailers. Analysts said that the bullion counter may trade on volatile path on Monday as movement of greenback and geopolitical tensions to give further direction to the prices. On domestic bourses movement of local currency can give further direction to the prices. At the MCX, gold futures for February 2018 contract is trading at Rs 29194 per 10 grams, down by 0.08 per cent, after opening at Rs 29193, against a previous close of Rs 29217. It touched the intra-day low of Rs 29177 (at 12:14 hours).

Lead futures rise on surging demand

Lead futures were trading higher during the afternoon trade in the domestic market on Monday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for December 2017 contract is trading at Rs 162.35 per kg, up by 0.28 per cent, after opening at Rs 162.40, against a previous close of Rs 161.90. It touched the intra-day high of Rs 162.50(at 12:04 hours).

Govt must ensure raw material supply to performing steel cos

The government should ensure that performing steel assets do not face any shortage of raw material, Jindal Steel and Power Ltd (JSPL) chairman Naveen Jindal said as per the PTI report. "You see only three private major steel companies have not embarrassed their investors, the rest have been pulled to the NCLT," Jindal told PTI in an interview. The government must give priority in providing raw material to those steel companies that are not facing insolvency proceedings and regularly paying interest on debts, he replied to question related to the impact of rising prices of raw materials on his business. Insolvent firms do not pay any interest, nor are they able to service their debt and such insolvent firms can even sell their items at lower rates, Jindal added. "We are taking up this matter with the government that those companies which are giving the interest regularly must get uninterrupted supply of raw materials. I would say other ministries also, whether it is coal, railways, they must support them (performing companies) by meeting their requirement. "If you dont meet the requirement if there a shortage then government must supply raw materials on priority basis," he added. He further said that rise in iron prices is very unfortunate. They have gone up heavily in last two-three months and "(due to it) we have also raised rates. There wasn't any other way by which this rise could have been evaded. We were bound to pass on the burden." The miners from whom the iron ore was being bought are citing the reason that because of court orders mines were closed and supplies were hit. The prices of other materials like coking coal, electrode, coal and refractory are shooting up. "We have to service the debt also. We are bound to raise the rates," Jindal said. State-run iron ore producer NMDC raised the prices of higher grade iron (lumps) by Rs 500 to Rs 3,100 per tonne for January month. It hiked the rate of iron ore fines by Rs 500 to Rs 2,760 per tonne for the month. The price hike in January is the third-straight rise since November 2017 when NMDC had fixed the rates of lump ore at Rs 2,300 a tonne and that of fines at Rs 2,060 a tonne. In December, 2017, it raised the price of lump ore by Rs 300 a tonne to Rs 2,600 and fines by 200 to Rs 2,260 a tonne. A company official said coking coal which was at USD 179 a tonne in the first week of November has reached USD 262 a tonne in international markets. There is also shortage of railway rakes, another company official said. Supply and production of steel, aluminium, cement and captive power producers have been hit due to shortage of railway rakes and this situation needs immediate correction, Jindal said.

Mentha oil futures down on easing demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Monday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1663.80 per kg, down by 0.48 per cent, after opening at Rs 1673.90, against the previous closing price of Rs 1671.80. It touched the intra-day low of Rs 1658(at 11:07 hours).

Cardamom futures dip on easing demand

Cardamom futures were trading lower during the morning trade in the domestic market on Monday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1031.60 per kg, down by 2.54 per cent, after opening at Rs 1031.60, against a previous close of Rs 1058.50. It touched the intra-day low of Rs 1031.60(at 10:31 hours).

Crude oil dips on mixed EIA report

Crude oil futures closed lower in the domestic market on Friday as Energy Information Administration report offered a bit of a mixed picture with a stronger than expected draw for U. S crude stocks being countered by unusually strong builds for distillates. Crude supplies fell by 7.4 million barrels for the week ended Dec. 29, while gasoline stockpiles rose by 4.8 million and distillates, which include heating oil, jumped higher by 8.9 million. At the MCX, crude oil futures for January 2017 contract closed at Rs 3887 per barrel, down by 0.87 per cent, after opening at Rs 3922, against a previous close of Rs 3921. It touched the intra-day low of Rs 3866.

Silver dips on feeble global cues

Silver futures closed lower in the domestic market on Friday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract closed at Rs 39,241 per kg, down by 0.09 per cent, after opening at Rs 39,190, against a previous close of Rs 39,276. It touched the intra-day low of Rs 39,030.

Gold dips as investors exercise caution

Gold futures closed lower in the domestic market on Friday with some caution emerging among investors after the metal hit 10-straight sessions of gains on Thursday. The dollar, which usually moves inversely to gold, was initially higher, was pushed lower by the employment report, then bounced back. Gold, which is priced in dollars, is highly sensitive to moves in its exchange rate. The two assets typically move inversely. And stock gains tend to, but don’t always, lure investors away from haven gold. At the MCX, gold futures for February 2017 contract ended at Rs 29212 per 10 grams, down by 0.06 per cent, after opening at Rs 29,250 against a previous close of Rs 29,230. It touched the intra-day low of Rs 29,155.

Cardamom futures dip on easing demand

Cardamom futures were trading lower during the evening trade in the domestic market on Friday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1060 per kg, down by 2.21 per cent, after opening at Rs 1082, against a previous close of Rs 1084. It touched the intra-day low of Rs 1050(at 17:03 hours).

Mentha oil futures rise on surging demand

Mentha oil futures were trading higher during the evening trade in the domestic market on Friday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for January 2017 contract was trading at Rs 1688 per kg, up by 1.74 per cent, after opening at Rs 1675, against the previous closing price of Rs 1659.20. It touched the intra-day high of Rs 1710(at 16:13 hours).

White metal dips on weak global cues

Silver futures were trading lower during the afternoon trade in the domestic market on Friday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract was trading at Rs 39172 per kg, down by 0.26 per cent, after opening at Rs 39,190, against a previous close of Rs 39,276. It touched the intra-day low of Rs 39,129(at 15:07 hours).

Zinc futures up on increasing demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Friday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, zinc futures for January 2017 contract was trading at Rs 214 per kg, up by 0.05 per cent, after opening at Rs 213.70, against a previous close of Rs 213.90. It touched the intra-day high of Rs 214.40(at 14:09 hours).

Nickel futures dip on easing demand

Nickel futures were trading lower during the afternoon trade in the domestic market on Friday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for January 2017 contract is trading at Rs 794.90 per kg, down by 0.76 per cent, after opening at Rs 798.90, against a previous close of Rs 801. It touched the intra-day low of Rs 790.20(at 13:17 hours).

Lead futures up on increasing demand

Lead futures were trading higher during the afternoon trade in the domestic market on Friday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for December 2017 contract is trading at Rs 163.40 per kg, up by 0.12 per cent, after opening at Rs 163.20, against a previous close of Rs 163.20. It touched the intra-day high of Rs 163.85(at 12:07 hours).

Cardamom futures dip on tepid demand

Cardamom futures were trading lower during the morning trade in the domestic market on Friday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1081.50 per kg, down by 0.23 per cent, after opening at Rs 1082, against a previous close of Rs 1084. It touched the intra-day low of Rs 1081.50(at 11:03 hours).

Mentha oil futures rise on increasing demand

Mentha oil futures were trading higher during the morning trade in the domestic market on Friday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for January 2017 contract was trading at Rs 1688 per kg, up by 1.74 per cent, after opening at Rs 1675, against the previous closing price of Rs 1659.20. It touched the intra-day high of Rs 1692.10(at 10:20 hours).

RBI issues 21 tranches of Sovereign Gold Bonds worth 6650 cr

The Reserve Bank of India, in consultation with the Government of India, has issued twenty one tranches of Sovereign Gold Bonds for a total value of approximately Rs 6650 crores till date. “Investors in these bonds have been provided with the option of holding them in physical or dematerialized form,” RBI said in a press release. The requests for dematerialization have largely been processed successfully. A set of records, however, could not be processed for various reasons such as mismatches in names and PAN numbers, inactive or closed demat accounts, besides other reasons.

Gold rises on weakness in US dollar

Gold futures closed higher in the domestic market on Thursday as expectations of higher U.S. interest rates later this year and the passage of the Republican tax bill have failed to give the dollar a lift, helping gold, in part because traders wonder how much the tax reforms will actually boost the economy. A weaker dollar tends to provide a boost to dollar-pegged commodities, including gold, making them more attractive to users of weaker monetary units. Gold, which is priced in dollars, is highly sensitive to moves in its exchange rate. The two assets typically move inversely. And stock gains tend to, but don’t always, lure investors away from haven gold. At the MCX, gold futures for February 2017 contract ended at Rs 29227 per 10 grams, up by 0.01 per cent, after opening at Rs 29,187 against a previous close of Rs 29,225. It touched the intra-day high of Rs 29,245.

Silver dips on weak global cues

Silver futures closed lower in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract closed at Rs 39,279 per kg, down by 0.05 per cent, after opening at Rs 39,110, against a previous close of Rs 39,300. It touched the intra-day low of Rs 38,900.

Crude oil rises on decline in US crude supplies

Crude oil futures closed higher in the domestic market on Thursday as a hefty weekly drop in U.S. crude supplies and ongoing protests in Iran lifted prices to levels not seen since December 2014. The U.S. Energy Information Administration reported Thursday that domestic crude supplies fell by 7.4 million barrels for the week ended Dec. 29. That was larger than the forecast for a decline of 5.7 million barrels. At the MCX, crude oil futures for January 2017 contract closed at Rs 3924 per barrel, up by 0.54 per cent, after opening at Rs 3910, against a previous close of Rs 3903. It touched the intra-day high of Rs 3950.

Iron ore price hike forces steel cos to pass on cost: Jindal

A hike in iron ore prices by state-run NMDC has left steel companies with no choice but to pass on the increased production cost to customers, JSW Steel Chairman Sajjan Jindal has said as per the media report. "Recent increase in iron-ore price by state owned NMDC & Orissa pvt. miners is forcing steel companies to pass on increased cost of production," Jindal said in a tweet. On January 2, 2017, the country's largest iron ore miner NMDC increased prices of higher grade iron (lumps) by Rs 500 to Rs 3,100 per tonne for the current month. The state-run firm also raised the prices for iron ore fines, which is inferior grade ore, by Rs 500 to Rs 2,760 per tonne for January. The increased cost of other raw materials like coal, refractory, electrodes is further fueling this and leaving no other option, Jindal said. The price hike in January is the third-straight rise since November 2017 when NMDC had fixed the rates of lump ore at Rs 2,300 a tonne and that of fines at Rs 2,060 a tonne. In December, 2017, it rose the price of lump ore by Rs 300 a tonne to Rs 2,600 and fines by 200 to Rs 2,260 a tonne.

Gold futures slip on weak global cues

Gold prices fell in futures trading on Thursday as speculators cut bets amid weak global cues. Analysts attributed the slide in gold futures to a weak trend overseas as it retreated from over 3-1/2 month high due to a firmer dollar on expectations of further US interest rate hike, diminishing demand for the precious metals as a safe haven. At the MCX, gold futures for February 2018 contract is trading at Rs 29088 per 10 grams, down by 0.47 per cent, after opening at Rs 29187, against a previous close of Rs 29225. It touched the intra-day low of Rs 29061(at 12:32 hours).

Nickel futures up on rising demand

Nickel futures were trading higher during the noon trade in the domestic market on Thursday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market. At the MCX, nickel futures for January 2018 contract is trading at Rs 795.60 per kg, up by 0.59 per cent, after opening at Rs 787.10, against a previous close of Rs 790.90. It touched the intra-day high of Rs 795.80 (at 12:15 hours)

Gold futures gain on global cues

Gold prices edged higher in futures trading on Wednesday as speculators raised bets, tracking a firming trend overseas. Analysts said speculators widening of positions by participants on the back of a firm global trend where gold inches up to hit 3 and a half month highs on weaker dollar, mainly influenced sentiment here. At the MCX, gold futures for February 2018 contract is trading at Rs 29220 per 10 grams, up by 0.20 per cent, after opening at Rs 29193, against a previous close of Rs 29162. It touched the intra-day high of Rs 29230 (at 16:28 hours).

Zinc futures down 0.54% on profit-booking

Zinc futures were trading lower during the noon trade in the domestic market on Wednesday as speculators booked profits, driven by tepid demand in the spot markets. Analysts said the weakness in zinc at futures trade was mostly attributed to profit-booking by participants amid subdued demand from consuming industries at the domestic spot markets. At the MCX, zinc futures for January 2018 contract was trading at Rs 212.50 per kg, down by 0.54 per cent, after opening at Rs 213.20, against a previous close of Rs 213.65. It touched the intra-day low of Rs 212 (at 12:45 hours).

Nickel futures slide 0.96% on muted demand

Nickel futures were trading lower during the noon trade in the domestic market on Wednesday as traders reduced exposure, taking negative cues from spot market on fall in demand. Analysts said cutting down of positions by participants on the back of easing demand from alloy-makers in the physical market, mainly influenced nickel prices at futures trade. At the MCX, nickel futures for January 2018 contract is trading at Rs 796 per kg, down by 0.96 per cent, after opening at Rs 800, against a previous close of Rs 803.70. It touched the intra-day low of Rs 793(at 12:40 hours)

Copper futures remain weak, shed 0.65% on tepid demand

Copper futures were trading lower in the domestic market on Wednesday as speculators engaged in trimming their positions, tracking a weak trend at spot market on subdued demand. Analysts said offloading of positions by participants owing to slackened demand from consuming industries at domestic spot market mainly kept copper prices down at futures trade. At the MCX, copper futures for February 2018 contract was trading at Rs 457.30 per kg, down by 0.65 per cent, after opening at Rs 458.80, against a previous close of Rs 460.30. It touched the intra-day low of Rs 457.30 (at 12:35 hours).

Gold prices rise on buying by jewellers, investors

Gold prices edged higher at the bullion market today on account of some buying by investors, retailers and jeweller Analysts expect gold prices to trade higher continuing its positive momentum from the previous trading session while weak dollar index is also acting as a positive factor. At the MCX, gold futures for February 2018 contract is trading at Rs 29198 per 10 grams, up by 0.12 per cent, after opening at Rs 29193, against a previous close of Rs 29162. It touched the intra-day high of Rs 29230 (at 12:23 hours).

Govt introduces 45kg urea bags to bring down consumption

Minister of State for Planning (IC) and Chemicals & Fertilizers, Rao Inderjit Singh, in a written reply to a question on innovative solutions taken by the Government to cut urea consumption, in Lok Sabha today, informed that with the objective of encouraging balanced use of fertilizers, Department of Fertilizers has made it mandatory for all the domestic producers of urea to produce 100 per cent as Neem Coated Urea (NCU). Singh informed that in the light of increased effectiveness of NCU, Government of India vide notification dated 4th September, 2017, has decided to introduce 45 Kg bag of urea in place of existing 50 Kg bags and a period of six months have been given to urea units as lead time to ensure smooth implementation of the policy. “Entire quantity of both indigenously produced urea and imported urea is being neem coated with effective from September 1, 2015 and December 1, 2015 respectively,” Inderjit Singh informed the House. One of the primary benefits of Neem coating is the slow release of urea, which results in increased Nitrogen Use Efficiency (NUE). Due to NUE, the consumption of Neem Coated Urea reduces as compared to normal urea, the Minister added. Further, the Minister stated that since farmers mostly assess the requirement of urea in terms of bags for agriculture purpose, it is estimated that the availability of urea in 45 Kg bags instead of 50 Kg bag may bring down consumption of Urea by 10 per cent. The minister added that the import of urea is based on demand supply gap dynamics. The Government of India has allocated Rs. 14,000 Crore for Imported Urea in the Budgetary Estimates (BE) 2017-18.

Gold prices rise on global cues, jewellers’ buying

Gold prices edged higher at the bullion market on Tuesday, tracking a firm trend overseas amid scattered buying by local jewellers. Apart from a firm global trend as weakness in dollar boosted safe haven demand, mild buying by local jewellers at the domestic spot market aided the uptrend in gold prices. At the MCX, gold futures for February 2018 contract is trading at Rs 29162 per 10 grams, up by 0.13 per cent, after opening at Rs 29150, against a previous close of Rs 29123. It touched the intra-day high of Rs 29199 (at 16:57 hours).

Copper futures slide 0.09% on low demand

Copper futures were trading lower in the domestic market on Tuesday as participants cut down positions even as metal strengthened at the London Metal Exchange (LME). Marketmen attributed the fall in copper prices at futures trade to a weak trend at the domestic spot markets due to fall in demand but a firm trend at the LME, limited the fall. At the MCX, copper futures for February 2018 contract was trading at Rs 464.60 per kg, down by 0.09 per cent, after opening at Rs 462.90, against a previous close of Rs 465.00. It touched the intra-day low of Rs 461.70 (at 12:50 hours).

Gold edges up on firm global cues

Gold prices went up in the domestic market on Tuesday as speculators raised their bets, tracking a firm trend overseas. Analysts said speculators widened their bets tracking a firm global trend as weakness in dollar boosted safe haven demand. Globally, gold inched up 0.29 per cent to $1,306.30 an ounce in Singapore. At the MCX, gold futures for February 2018 contract is trading at Rs 29186 per 10 grams, up by 0.22 per cent, after opening at Rs 29150, against a previous close of Rs 29123. It touched the intra-day high of Rs 29196 (at 12:34 hours).

Commodity derivatives market to boost farmers' income: CII

After witnessing an exponential growth since its inception till FY 2011-12, the commodities Futures market has seen contraction due to various reasons such as suspension in trading of few commodities, enforcement of stock limits in certain commodities from time to time, introduction of Commodities Transaction Tax (CTT), etc. Chandrajit Banerjee, Director General, CII, highlighting the importance of commodity markets in the economy said that “the country remains one of the largest producers in the world for most of the agricultural commodities and there is an urgent need to safeguard the interests of the various stakeholders including farmers by providing them adequate hedging facilities through development of commodity derivatives market”. He further added that, “The move to bring the regulatory control under Securities and Exchange Board of India (SEBI) has paved the way for next level of reforms in Indian commodity markets that aim not only at deepening and widening of the market but also make it safer for every stakeholder including farmers to transact efficiently”. SEBI has allowed options contracts and has also allowed hedge funds to invest in commodities market. The objectives behind these measures are to deepen the Indian commodity derivatives market by allowing the entry of financial institutions and to widen it by allowing options with commodity futures contracts as underlying securities, observed the CII release. To further support the initiative of SEBI, CII has recommended various measures which it feels, if implemented, would go a long way in helping the commodities market grow and become more vibrant and allow them to further benefit the entire commodities value chain and its participants starting from the farmer. CII has recommended that Commodity Transaction Tax (CTT) be removed on agri-processed commodities and for delivery based non-agri commodity derivatives contracts. While the agricultural commodities have been kept out of the ambit of CTT, the levy of CTT on agri-processed commodities has created an anomaly and has drastically reduced the hedgers participation in such commodities on account of increased impact cost. It is therefore recommended to abolish CTT on Agri processed commodities which may help in establishing a more stable price regime in these commodities. CII has divided its other recommendations into 3 parts with a focus on Ease of Doing Business (EoDB), Products and Participants.

Lead futures dip on subdued demand

Lead futures were trading lower during the evening trade in the domestic market on Friday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets. At the MCX, lead futures for December 2017 contract is trading at Rs 159.05 per kg, down by 1.58 per cent, after opening at Rs 161.60, against a previous close of Rs 161.60. It touched the intra-day low of Rs 158.70(at 17:03 hours).

Cardamom futures up on rising demand

Cardamom futures were trading higher during the evening trade in the domestic market on Friday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1102 per kg, up by 2.19 per cent, after opening at Rs 1088.90, against a previous close of Rs 1078.40. It touched the intra-day high of Rs 1110(at 16:03 hours).

White metal dips on weak global cues

Silver futures were trading lower during the afternoon trade in the domestic market on Friday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract was trading at Rs 38796 per kg, down by 0.28 per cent, after opening at Rs 38,768, against a previous close of Rs 38,906. It touched the intra-day low of Rs 38,754(at 15:07 hours).

Zinc futures dip on subdued demand

Zinc futures were trading lower during the afternoon trade in the domestic market on Friday 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 December 2017 contract was trading at Rs 211.85 per kg, down by 0.26 per cent, after opening at Rs 211.45, against a previous close of Rs 212.40. It touched the intra-day low of Rs 211.15(at 14:03 hours).

Nickel futures dip on easing demand

Nickel futures were trading lower during the afternoon trade in the domestic market on Friday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for December 2017 contract is trading at Rs 778.90 per kg, down by 1.13 per cent, after opening at Rs 783.30, against a previous close of Rs 787.80. It touched the intra-day low of Rs 773.70(at 13:04 hours).

Lead futures dip on easing demand

Lead futures were trading lower during the afternoon trade in the domestic market on Friday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets. At the MCX, lead futures for December 2017 contract is trading at Rs 161.10 per kg, down by 0.31 per cent, after opening at Rs 161.60, against a previous close of Rs 161.60. It touched the intra-day low of Rs 161.10(at 12:03 hours).

Cardamom futures up on increasing demand

Cardamom futures were trading higher during the morning trade in the domestic market on Friday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1088.40 per kg, up by 0.93 per cent, after opening at Rs 1088.90, against a previous close of Rs 1078.40. It touched the intra-day high of Rs 1098(at 11:03 hours).

Mentha oil futures rise on increasing demand

Mentha oil futures were trading higher during the morning trade in the domestic market on Friday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1780.50 per kg, up by 1.99 per cent, after opening at Rs 1744.60, against the previous closing price of Rs 1745.80. It touched the intra-day high of Rs 1786.90(at 10:25 hours).

Crude oil flat on decline in US crude stocks

Crude oil futures closed flat in the domestic market on Thursday as market participants grew optimistic about inventory reports that point to a steady decline in U.S. crude stocks. The U.S. Energy Information Administration reported that domestic-crude supplies fell by 4.6 million barrels for the week ended Dec. 22, compared with a 6-million-barrel. Markets had been anticipating a decline in crude oil of about 3.7 million barrels. At the MCX, crude oil futures for January 2017 contract closed at Rs 3818 per barrel, down by 0.00 per cent, after opening at Rs 3822, against a previous close of Rs 3818. It touched the intra-day high of Rs 3842.

Gold up on weakness in US dollar

Gold futures closed higher in the domestic market on Thursday as the U.S. dollar extended a streak of weakness with one day of trading left in 2017. Gold, which is priced in dollars, is highly sensitive to moves in its exchange rate. The two assets typically move inversely. And stock gains tend to, but don’t always, lure investors away from haven gold. The long Christmas weekend has shortened the trading week, and volumes were low as many market participants are expected to stay away until after New Year next Monday. At the MCX, gold futures for February 2017 contract ended at Rs 29008 per 10 grams, up by 0.23 per cent, after opening at Rs 28,970 against a previous close of Rs 28,942. It touched the intra-day high of Rs 29,078.

Silver up on strong global cues

Silver futures closed higher in the domestic market on Thursday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract closed at Rs 38,944 per kg, up by 0.70 per cent, after opening at Rs 38,756, against a previous close of Rs 38,673. It touched the intra-day high of Rs 38,950.

Nickel futures up on rising demand

Nickel futures were trading higher during the evening trade in the domestic market on Thursday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market. At the MCX, nickel futures for December 2017 contract is trading at Rs 777.30 per kg, up by 0.95 per cent, after opening at Rs 766.70, against a previous close of Rs 770. It touched the intra-day high of Rs 789.20(at 17:04 hours).

Mentha oil futures rise on surging demand

Mentha oil futures were trading higher during the evening trade in the domestic market on Thursday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1750.20 per kg, up by 4 per cent, after opening at Rs 1682, against the previous closing price of Rs 1682.90. It touched the intra-day high of Rs 1750.20(at 16:20 hours).

White metal rises amid robust global cues

Silver futures were trading higher during the afternoon trade in the domestic market on Thursday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract was trading at Rs 38852 per kg, up by 0.46 per cent, after opening at Rs 38,756, against a previous close of Rs 38,673. It touched the intra-day high of Rs 38,928(at 15:07 hours).

Zinc futures up on increasing demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Thursday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, zinc futures for December 2017 contract was trading at Rs 211.70 per kg, up by 0.50 per cent, after opening at Rs 210.40, against a previous close of Rs 210.65. It touched the intra-day high of Rs 212(at 14:03 hours).

Nickel futures up on increasing demand

Nickel futures were trading higher during the afternoon trade in the domestic market on Thursday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market. At the MCX, nickel futures for December 2017 contract is trading at Rs 782 per kg, up by 1.56 per cent, after opening at Rs 766.70, against a previous close of Rs 770. It touched the intra-day high of Rs 789.20(at 13:04 hours).

Copper futures rise 1% on spot demand pick-up

Copper futures were trading higher in the domestic market on Thursday as speculators widened positions amid firm global cues and pick- up in demand in the domestic spot market. Analysts said besides a firm trend overseas, increased demand from consuming industries in the physical market also attributed to the rise in prices in futures trade. At the MCX, copper futures for February 2018 contract was trading at Rs 471 per kg, up by 1.02 per cent, after opening at Rs 466.25, against a previous close of Rs 466.2. It touched the intra-day high of Rs 471.60 (at 13:00 hours).

Gold futures rise on positive overseas trend

Gold prices went up in the domestic market on Thursday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in prices to a firm trend in global market where the commodity advanced as the USD declined, boosting demand for the metal as an alternative asset. At the MCX, gold futures for February 2018 contract is trading at Rs 29042 per 10 grams, up by 0.35 per cent, after opening at Rs 28970, against a previous close of Rs 28942. It touched the intra-day high of Rs 29076 (at 12:30 hours).

Lead futures up on increasing demand

Lead futures were trading higher during the afternoon trade in the domestic market on Thursday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for December 2017 contract is trading at Rs 162.70 per kg, up by 0.15 per cent, after opening at Rs 161.80, against a previous close of Rs 162.45. It touched the intra-day high of Rs 162.85(at 12:03 hours).

Cardamom futures up on rising demand

Cardamom futures were trading higher during the morning trade in the domestic market on Thursday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1103 per kg, up by 0.58 per cent, after opening at Rs 1100, against a previous close of Rs 1096.60. It touched the intra-day high of Rs 1108(at 11:03 hours).

Mentha oil futures down on easing demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Thursday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1682 per kg, down by 0.19 per cent, after opening at Rs 1682, against the previous closing price of Rs 1682.90. It touched the intra-day low of Rs 1682(at 10:25 hours).

Crude oil dips as Libya pipeline repair likely

Crude oil futures closed lower in the domestic market on Wednesday after a pipeline explosion in Libya helped to deliver a jolt to crude futures. The pipeline blast in Libya was a reminder of the headline risk now facing the oil market with the Organization of the Petroleum Exporting Countries-led production caps remaining in place for 2018 as oil inventories have started falling globally. However, expectations that the Libyan pipeline damage could be mended as soon as next week also partially contributed to the lower moves in crude. At the MCX, crude oil futures for January 2017 contract closed at Rs 3818 per barrel, down by 0.39 per cent, after opening at Rs 3823, against a previous close of Rs 3833. It touched the intra-day low of Rs 3807.

Silver rises on robust global cues

Silver futures closed higher in the domestic market on Wednesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract closed at Rs 38,641 per kg, up by 0.91 per cent, after opening at Rs 38,254, against a previous close of Rs 38,294. It touched the intra-day high of Rs 38,738.

Gold rises on weak US dollar

Gold futures closed higher in the domestic market on Wednesday as the U.S. dollar weakened slightly, offering a lift to the yellow metal. Gold, which is priced in dollars, is highly sensitive to moves in its exchange rate. The two assets typically move inversely. And stock gains tend to, but don’t always, lure investors away from haven gold. The long Christmas weekend has shortened the trading week, and volumes were low as many market participants are expected to stay away until after New Year next Monday. At the MCX, gold futures for February 2017 contract ended at Rs 28959 per 10 grams, up by 0.45 per cent, after opening at Rs 28,805 against a previous close of Rs 28,829. It touched the intra-day high of Rs 28,959.

Lead futures up on rising demand

Lead futures were trading higher during the evening trade in the domestic market on Wednesday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for December 2017 contract is trading at Rs 160.30 per kg, up by 1.04 per cent, after opening at Rs 159.05, against a previous close of Rs 158.65. It touched the intra-day high of Rs 160.95(at 17:03 hours).

Mentha oil futures rise on surging demand

Mentha oil futures were trading higher during the evening trade in the domestic market on Wednesday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1687 per kg, up by 2.57 per cent, after opening at Rs 1653.20, against the previous closing price of Rs 1644.70. It touched the intra-day high of Rs 1687(at 16:05 hours).

White metal rises amid strong global cues

Silver futures were trading higher during the afternoon trade in the domestic market on Wednesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract was trading at Rs 38491 per kg, up by 0.51 per cent, after opening at Rs 38,254, against a previous close of Rs 38,294. It touched the intra-day high of Rs 38,494(at 15:07 hours).

Zinc futures up on rising demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Wednesday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, zinc futures for December 2017 contract was trading at Rs 209.30 per kg, up by 0.02 per cent, after opening at Rs 208.75, against a previous close of Rs 209.25. It touched the intra-day high of Rs 209.35(at 14:03 hours).

Nickel futures dip on easing demand

Nickel futures were trading lower during the afternoon trade in the domestic market on Wednesday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for December 2017 contract is trading at Rs 759.90 per kg, down by 1.02 per cent, after opening at Rs 765.80, against a previous close of Rs 767.70. It touched the intra-day low of Rs 756(at 13:04 hours).

Lead futures up on increasing demand

Lead futures were trading higher during the morning trade in the domestic market on Wednesday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for December 2017 contract is trading at Rs 159.35 per kg, up by 0.44 per cent, after opening at Rs 159.05, against a previous close of Rs 158.65. It touched the intra-day high of Rs 159.40(at 12:13 hours).

Copper futures slip 0.42% on profit booking

Copper futures were trading lower in the domestic market on Wednesday as speculators booked profits amid easing demand in domestic spot markets. Analysts said besides profit-booking by participants, fall in demand from consuming industries in the physical market also weighed on futures prices. At the MCX, copper futures for February 2018 contract was trading at Rs 462.90 per kg, down by 0.42 per cent, after opening at Rs 463.90, against a previous close of Rs 464.85. It touched the intra-day low of Rs 462.45 (at 11:10 hours).

Cardamom futures up on surging demand

Cardamom futures were trading higher during the morning trade in the domestic market on Wednesday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1103 per kg, up by 0.52 per cent, after opening at Rs 1099.90, against a previous close of Rs 1097.30. It touched the intra-day high of Rs 1105(at 10:29 hours).

Crude oil rises on disruption in oil supply

Crude oil futures closed higher in the domestic market on Tuesday with futures supported by pipeline outages in the North Sea and Libya. An explosion at a pipeline feeding the As Sidra port in Libya may cut oil production by up 100,000 barrels a day. The pipeline connects crude-oil fields to As Sidra oil terminal and is operated by the Waha Oil Company. Meanwhile, investors and traders were monitoring the outage of the Forties Pipeline System in the North Sea where a hairline crack stopped the flow of 450,000 barrels a day of crude earlier this month. At the MCX, crude oil futures for January 2017 contract closed at Rs 3832 per barrel, up by 2.54 per cent, after opening at Rs 3741, against a previous close of Rs 3737. It touched the intra-day high of Rs 3838.

Silver rises on strong global cues

Silver futures closed higher in the domestic market on Tuesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract closed at Rs 38,296 per kg, up by 0.90 per cent, after opening at Rs 37,980, against a previous close of Rs 37,954. It touched the intra-day high of Rs 38,333.

Gold up as dollar weakens

Gold futures closed higher in the domestic market on Tuesday as the U.S. dollar weakened slightly, offering a lift to the yellow metal. Gold, which is priced in dollars, is highly sensitive to moves in its exchange rate. The two assets typically move inversely. And stock gains tend to, but don’t always, lure investors away from haven gold. The long Christmas weekend has shortened the trading week, and volumes were low as many market participants are expected to stay away until after New Year next Monday. At the MCX, gold futures for February 2017 contract ended at Rs 28809 per 10 grams, up by 0.54 per cent, after opening at Rs 28,676 against a previous close of Rs 28,653. It touched the intra-day high of Rs 28,839.

Non-ferrous metal prices to remain firm next quarter: Report

Global non-ferrous metal prices will remain buoyant over the next three months as a result of the widening supply gaps, says a report as per the PTI. There is a widening supply deficit, largely as a result of production setbacks across three key non-ferrous metals, aluminium, copper and zinc, despite muted consumption growths in copper and zinc, an Icra report said. This has left international non-ferrous metal prices elevated in the current calendar year, which have jumped by 24-35 per cent in the last one year. "While global aluminium production has witnessed a de-growth in the last few months due to the regulatory steps taken in China to control production from polluting sources, copper and zinc output has suffered from issues in mining, production and degradation in the quality of ore," it said. According to Icra, "supply situations are unlikely to improve in the next three months. Consequently the deficits are likely to persist, which in turn would keep prices elevated in the near-term." Higher prices augur well for manufacturers as an improvement in realisation on metal sales has helped non-ferrous metal entities register improved business returns during the January - September 2017 period, however, it is limited by a simultaneous increase in input costs. The impact of rising input costs is higher for non-integrated players manufacturing aluminium, as there has been a sharp increase in alumina prices. As for the domestic demand-supply scenario, consumption of aluminium, copper and zinc, grew 7-9 per cent growth in the first half of the current fiscal. Despite this, domestic production remains in excess of consumption. The situation is likely to persist going forward as well, which should drive exports.

Mentha oil futures down on subdued demand

Mentha oil futures were trading lower during the evening trade in the domestic market on Tuesday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1648 per kg, down by 0.58 per cent, after opening at Rs 1680, against the previous closing price of Rs 1657.60. It touched the intra-day low of Rs 1609(at 17:05 hours).

Cardamom futures up on rising demand

Cardamom futures were trading higher during the evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1096 per kg, up by 1.89 per cent, after opening at Rs 1078.10, against a previous close of Rs 1075.70. It touched the intra-day high of Rs 1107(at 16:03 hours).

White metal rises amid strong global cues

Silver futures were trading higher during the afternoon trade in the domestic market on Tuesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract was trading at Rs 38036 per kg, up by 0.22 per cent, after opening at Rs 37,980, against a previous close of Rs 37,954. It touched the intra-day high of Rs 38,128(at 15:10 hours).

Zinc futures dip on subdued demand

Zinc futures were trading lower during the afternoon trade in the domestic market on Tuesday 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 December 2017 contract was trading at Rs 209.25 per kg, down by 0.10 per cent, after opening at Rs 209, against a previous close of Rs 209.45. It touched the intra-day low of Rs 208.50(at 14:03 hours).

Aluminium futures slide 0.43% as demand wanes

Aluminium futures were trading lower in the domestic market on Tuesday as speculators reduced exposure amid tepid demand in the spot market along with weak global cues. Analysts said offloading of positions by participants owing to slack demand from consuming industries and in the physical market and a weak trend overseas had a bearing on aluminium prices in futures trade. At the MCX, aluminium futures for December 2017 contract was trading at Rs 139 per kg, down by 0.43 per cent, after opening at Rs 139.30, against a previous close of Rs 139.60. It touched the intra-day low of Rs 138.50 (at 13:10 hours).

Nickel futures dip on subdued demand

Nickel futures were trading lower during the afternoon trade in the domestic market on Friday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for December 2017 contract is trading at Rs 767.40 per kg, down by 0.34 per cent, after opening at Rs 765, against a previous close of Rs 770. It touched the intra-day low of Rs 762.30(at 13:04 hours).

Lead futures up on rising demand

Lead futures were trading higher during the morning trade in the domestic market on Tuesday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for December 2017 contract is trading at Rs 159.20 per kg, up by 0.41 per cent, after opening at Rs 159.10, against a previous close of Rs 158.55. It touched the intra-day high of Rs 159.30(at 12:13 hours).

Gold futures up as demand picks up

Gold prices went up in the domestic market on Tuesday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in gold futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, gold futures for February 2018 contract is trading at Rs 28750 per 10 grams, up by 0.34 per cent, after opening at Rs 28676, against a previous close of Rs 28653. It touched the intra-day high of Rs 28770 (at 12:00 hours).

RBI sets issue price at Rs 2881 per gram for Sovereign Gold Bond

The Reserve Bank of India on Friday fixed issue price at Rs 2881 per gram for Sovereign Gold Bond which will be opened for subscription from December 26, 2017. “For the subscription period from December 26, 2017 to December 27, 2017 with settlement on January 01, 2018, the nominal value of the bond based on the simple average closing price for gold of 999 purity of the last three business days of the week preceding the subscription period, i.e. December 20 to 22, 2017 works out to Rs 2881 per gram,” RBI said in a press release. The Sovereign Gold Bond Scheme will be open for subscription from Monday to Wednesday of every week starting from October 09, 2017 until December 27, 2017. The settlement will be made on the first business day of the next week for the applications received during a given week. Government of India, in consultation with the Reserve Bank of India, has decided to offer discount of Rs 50 per gram less than the nominal value to those investors applying online and the payment against the application is made through digital mode. For such investors, the issue price of Gold Bond will be Rs 2831 per gram of gold.

Cardamom futures up on increasing demand

Cardamom futures were trading higher during the morning trade in the domestic market on Tuesday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1092.10 per kg, up by 1.52 per cent, after opening at Rs 1078.10, against a previous close of Rs 1075.70. It touched the intra-day high of Rs 1100(at 11:03 hours).

Mentha oil futures down on easing demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Tuesday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1655 per kg, down by 0.16 per cent, after opening at Rs 1680, against the previous closing price of Rs 1657.60. It touched the intra-day low of Rs 1655(at 10:29 hours).

Gems & jewellery exports see 4.8% dip in April-Nov: Reports

According to data, Gems and jewellery exports saw a 4.8 per cent fall at USD 22.43 billion during April- November this year due to demand slowdown in major markets. According to the Gems and Jewellery Export Promotion Council (GJEPC) data, exports stood at USD 23.56 billion in the same period last year. As per reports, the labour-intensive sector contributes about 14 per cent to the country's overall export. The drop in shipments is mainly due to negative growth in the export of gold jewellery and gold medallions and coins. As per reports, industry experts have demanded support for the industry such as incentives under the Merchandise Exports from India Scheme (MEIS) to boost the shipments. Commenting on the issue, an Official told the media, "We have asked for support under the MEIS and immediate resolution of GST (Goods and Services Tax) refund issue. Blockage of working capital due to GST is impacting exports."

Gold rises on mixed economic data

Gold futures closed higher in the domestic market on Friday after a flurry of economic news offered a mixed picture on the economy, data that could still back up expectations for continued, if modest, Federal Reserve interest-rate tightening deep into 2018. Gold, which is priced in dollars, is highly sensitive to moves in its exchange rate. The two assets typically move inversely. And stock gains tend to, but don’t always, lure investors away from haven gold. At the MCX, gold futures for February 2017 contract ended at Rs 28658 per 10 grams, up by 0.55 per cent, after opening at Rs 28,484 against a previous close of Rs 28,501. It touched the intra-day high of Rs 28,666.

Crude oil up on rising US rig count

Crude oil futures closed higher in the domestic market on Friday after data showed the number of U.S. oil rigs remained steady this week. Traders are keeping an eye on the count amid concerns shale producers could move to ramp up production next year in response to higher prices. The pipeline was shut down last week after operator Ineos discovered a hairline crack in a pipe, stopping the flow of 450,000 barrels of North Sea oil a day. That tightening of supply had buoyed prices over the past week. At the MCX, crude oil futures for January 2017 contract closed at Rs 3740 per barrel, up by 0.21 per cent, after opening at Rs 3734, against a previous close of Rs 3732. It touched the intra-day high of Rs 3745.

Silver rises on strong global cues

Silver futures closed strong in the domestic market on Friday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract closed at Rs 37,932 per kg, up by 1.07 per cent, after opening at Rs 37,470, against a previous close of Rs 37,530. It touched the intra-day high of Rs 38,058.

Nickel futures dip on easing demand

Nickel futures were trading lower during the evening trade in the domestic market on Friday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for December 2017 contract is trading at Rs 767.90 per kg, down by 0.31 per cent, after opening at Rs 765.10, against a previous close of Rs 770.30. It touched the intra-day low of Rs 763.20(at 16:50 hours).

Cardamom futures up on increasing demand

Cardamom futures were trading higher during the evening trade in the domestic market on Friday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1072 per kg, up by 0.21 per cent, after opening at Rs 1070, against a previous close of Rs 1069.80. It touched the intra-day high of Rs 1076.90(at 16:10 hours).

White metal rises amid strong global cues

Silver futures were trading higher during the afternoon trade in the domestic market on Friday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract was trading at Rs 37580 per kg, up by 0.13 per cent, after opening at Rs 37,470, against a previous close of Rs 37,530. It touched the intra-day high of Rs 37,604(at 15:10 hours).

Gold futures up on increasing demand

Gold prices went up in the domestic market on Friday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in gold futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, gold futures for February 2018 contract is trading at Rs 28524 per 10 grams, up by 0.08 per cent, after opening at Rs 28484, against a previous close of Rs 28501. It touched the intra-day high of Rs 28540 (at 15:02 hours).

Zinc futures up on increasing demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Friday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, zinc futures for December 2017 contract was trading at Rs 207.70 per kg, up by 0.29 per cent, after opening at Rs 206.35, against a previous close of Rs 207.10. It touched the intra-day high of Rs 208.10(at 14:02 hours).

Nickel futures dip on subdued demand

Nickel futures were trading lower during the afternoon trade in the domestic market on Friday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for December 2017 contract is trading at Rs 765.60 per kg, down by 0.61 per cent, after opening at Rs 765.10, against a previous close of Rs 770.30. It touched the intra-day low of Rs 763.20(at 13:05 hours).

Muted demand drags down copper futures by 0.26%

Copper futures were trading lower in the domestic market on Friday as speculators reduced exposure, taking negative cues from the spot market on tepid demand. Analysts said offloading of positions by participants owing to slackened demand from consuming industries in the physical market, mainly weighed on copper prices in futures trade. At the MCX, copper futures for February 2018 contract was trading at Rs 455.55 per kg, down by 0.26 per cent, after opening at Rs 454.50, against a previous close of Rs 456.75. It touched the intra-day low of Rs 453.85 (at 12:20 hours).

Lead futures up on surging demand

Lead futures were trading higher during the afternoon trade in the domestic market on Friday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for December 2017 contract is trading at Rs 159.80 per kg, up by 0.16 per cent, after opening at Rs 159.20, against a previous close of Rs 159.55. It touched the intra-day high of Rs 159.95(at 12:04 hours).

Mentha oil futures down on subdued demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1641.90 per kg, down by 0.94 per cent, after opening at Rs 1665.90, against the previous closing price of Rs 1657.50. It touched the intra-day low of Rs 1620.10(at 11:06 hours).

Combined task force to give push to methanol economy

A Combined task force on Methanol held a meeting on Thursday and took stock of the progress in the efforts to explore and give a push to Methanol economy in the country. Addressing a press conference after the meeting, Chairman of the Methanol Task Force group and Member, NITI Aayog, V.K.Saraswat said Methanol has emerged as a clean, cheaper, safer and pollution free energy option which can be used for transportation fuels and cooking fuel. India has the potential to undertake the production of Methanol from high ash coal using indigenous technology with the help of industry. Besides existing facilities can be ramped up to convert the high ash coal, stranded gas, and Biomass into Methanol. He added that by upscaling the production of Methanol, India can reduce its crude oil import bill substantiallySaraswat emphasized that Methanol would supplement various energy solutions being explored by the Government to reduce its dependence on crude oil imports. Methanol is a clear and colorless liquid produced from natural gas, coal and renewable biomass including the solid waste. Experts in the Methanol Task Force are of the opinion that in collaboration with various agencies, academia and industry the objectives of Methanol production and upscaling are feasible based on availability of the resources and technology. The four task forces were set up six months ago and since then a series of meetings and deliberations have taken place to explore and give a push to methanol economy in the country.

Cardamom futures up on rising demand

Cardamom futures were trading higher during the morning trade in the domestic market on Friday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1070 per kg, up by 0.02 per cent, after opening at Rs 1070, against a previous close of Rs 1069.80. It touched the intra-day high of Rs 1070(at 10:25 hours).

Govt to impose 30% import duty on Chana and Masoor: FinMin

Government has decided to impose 30 per cent import duty on Chana (Chickpeas) and Masoor (Lentils), with immediate effect,, according to a statement released by the Ministry of Finance. The Finance Ministry said that production of Chana and Masoor are expected to be high during the forthcoming Rabi season, and cheap imports, if allowed unabated, are likely to adversely affect the interest of the farmers. Taking these factors into consideration and to protect the interest of the farmers Government has decided to increase the said import duty. At present, tur attract 10 per cent import duty. Further, Government has recently imposed 50% import duty on yellow peas. Other pulses, however, attract Nil import duty. There has been a record production of pulses in the current year. However, despite sufficient domestic availability, import of pulses continue to take place on account of low prevailing international prices. Such imports suppress the domestic prices of pulses and adversely affect the interest of farmers.

Gold up as investors weigh implications of US tax overhaul

Gold futures closed higher in the domestic market on Thursday as the dollar consolidated and investors weighed the implications of a U.S. tax overhaul that passed Congress a day earlier. Financial markets around the globe largely put up a muted response to the passage a day earlier of U.S. tax cuts with potential benefits to company bottom lines. The long-anticipated tax change was mostly priced in. As per reports, tax changes offer a mixed bag for the metal. Some analysts have noted the increased risk of inflation, against which gold can act like a hedge, if the law supercharges the economy and forces the Fed to ramp up its rate-tightening efforts. On the other hand, tax-fueled gains in U.S. stocks and other risk-on markets had helped to drive gold to five-month lows earlier this month. At the MCX, gold futures for February 2017 contract ended at Rs 28497 per 10 grams, up by 0.01 per cent, after opening at Rs 28,502 against a previous close of Rs 28,493. It touched the intra-day high of Rs 28,550.

Crude oil rises on signs of robust demand

Crude oil futures closed higher in the domestic market on Thursday as market participants weighed signs of robust demand versus the spectre of rising U.S. production. As per reports, the strong underlying demand reflected in the report could make traders reluctant to hold short positions, or bet on a fall in futures prices, heading into the holiday weekend, particularly given lingering geopolitical worries over Middle East tensions between Saudi Arabia and Iran. At the MCX, crude oil futures for January 2017 contract closed at Rs 3732 per barrel, up by 0.43 per cent, after opening at Rs 3722, against a previous close of Rs 3716. It touched the intra-day high of Rs 3740.

Silver dips on feeble global cues

Silver futures closed lower in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract closed at Rs 37,559 per kg, down by 0.23 per cent, after opening at Rs 37,626, against a previous close of Rs 37,646. It touched the intra-day low of Rs 37,365.

Lead futures dip on subdued demand

Lead futures were trading lower during the evening trade in the domestic market on Thursday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets. At the MCX, lead futures for December 2017 contract is trading at Rs 159.25 per kg, down by 1.33 per cent, after opening at Rs 161.15, against a previous close of Rs 161.40. It touched the intra-day low of Rs 158.90(at 17:03 hours).

Cardamom futures up on increasing demand

Cardamom futures were trading higher during the evening trade in the domestic market on Thursday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1070 per kg, up by 1.28 per cent, after opening at Rs 1062, against a previous close of Rs 1056.50. It touched the intra-day high of Rs 1081.10(at 16:44 hours).

White metal dips on weak global cues

Silver futures were trading lower during the afternoon trade in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract was trading at Rs 37597 per kg, down by 0.13 per cent, after opening at Rs 37,626, against a previous close of Rs 37,646. It touched the intra-day low of Rs 37,532(at 15:04 hours).

Zinc futures up on rising demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Thursday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, zinc futures for December 2017 contract was trading at Rs 206.15 per kg, up by 0.22 per cent, after opening at Rs 205.55, against a previous close of Rs 205.70. It touched the intra-day high of Rs 206.20(at 14:02 hours).

Spot demand lifts copper futures by 0.12%

Copper futures were trading higher in the domestic market on Thursday as speculators enlarged bets, tracking a firm trend at the spot market on rising demand. Analysts said rising demand from consuming industries in physical markets mainly explained the rise in copper prices. At the MCX, copper futures for February 2018 contract was trading at Rs 454.55 per kg, up by 0.12 per cent, after opening at Rs 454, against a previous close of Rs 454. It touched the intra-day high of Rs 455.15 (at 13:10 hours).

Nickel futures dip on easing demand

Nickel futures were trading lower during the afternoon trade in the domestic market on Thursday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for December 2017 contract is trading at Rs 764.80 per kg, down by 0.08 per cent, after opening at Rs 764.80, against a previous close of Rs 765.40. It touched the intra-day low of Rs 763.10(at 13:05 hours).

Gold futures go up on global pointers

Gold prices went up in the domestic market on Thursday as speculators built more bets. Analysts said this is in line with a firm trend overseas, where gold hovered near a 2-week high amid a steady dollar and weaker stocks. At the MCX, gold futures for February 2018 contract is trading at Rs 28515 per 10 grams, up by 0.08 per cent, after opening at Rs 28502, against a previous close of Rs 28493. It touched the intra-day high of Rs 28550 (at 12:53 hours).

Lead futures dip on easing demand

Lead futures were trading lower during the afternoon trade in the domestic market on Thursday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets. At the MCX, lead futures for December 2017 contract is trading at Rs 161.35 per kg, down by 0.03 per cent, after opening at Rs 161.15, against a previous close of Rs 161.40. It touched the intra-day low of Rs 161(at 12:03 hours).

Mentha oil futures down on easing demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Thursday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1554 per kg, down by 2.76 per cent, after opening at Rs 1574.90, against the previous closing price of Rs 1598.10. It touched the intra-day low of Rs 1548(at 11:06 hours).

Cardamom futures up on rising demand

Cardamom futures were trading higher during the morning trade in the domestic market on Thursday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1070 per kg, up by 1.28 per cent, after opening at Rs 1062, against a previous close of Rs 1056.50. It touched the intra-day high of Rs 1070(at 10:25 hours).

Crude oil up as U.S. crude inventories dips

Crude oil futures closed higher in the domestic market on Wednesday after data showed a larger-than-expected drop in U.S. crude inventories. The data also showed gasoline stocks rose 1.2 million barrels, versus a forecast for a rise of 1.1 million. As per reports, the strong underlying demand reflected in the report could make traders reluctant to hold short positions, or bet on a fall in futures prices, heading into the holiday weekend, particularly given lingering geopolitical worries over Middle East tensions between Saudi Arabia and Iran. At the MCX, crude oil futures for January 2017 contract closed at Rs 3717 per barrel, up by 0.51 per cent, after opening at Rs 3704, against a previous close of Rs 3698. It touched the intra-day high of Rs 3722.

Gold rises on softening dollar

Gold futures closed higher in the domestic market on Wednesday with the dollar softening as lawmakers approved a comprehensive tax overhaul. The yellow metal climbed as stocks struggled for direction, following a series of records in anticipation of the passage of the bill, which includes massive corporate tax cuts. As per reports, tax changes offer a mixed bag for the metal. Some analysts have noted the increased risk of inflation, against which gold can act like a hedge, if the law supercharges the economy and forces the Fed to ramp up its rate-tightening efforts. On the other hand, tax-fueled gains in U.S. stocks and other risk-on markets had helped to drive gold to five-month lows earlier this month. At the MCX, gold futures for February 2017 contract ended at Rs 28490 per 10 grams, up by 0.30 per cent, after opening at Rs 28,452 against a previous close of Rs 28,405. It touched the intra-day high of Rs 28,524.

Silver rises on strong global cues

Silver futures closed higher in the domestic market on Wednesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract closed at Rs 37,600 per kg, up by 0.56 per cent, after opening at Rs 37,464, against a previous close of Rs 37,392. It touched the intra-day high of Rs 37,740.

Lead futures up on rising demand

Lead futures were trading higher during the evening trade in the domestic market on Wednesday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for December 2017 contract is trading at Rs 164.45 per kg, up by 0.46 per cent, after opening at Rs 163.75, against a previous close of Rs 163.70. It touched the intra-day high of Rs 164.75(at 17:04 hours).

Cardamom futures down on subdued demand

Cardamom futures were trading lower during the evening trade in the domestic market on Wednesday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1064 per kg, down by 0.28 per cent, after opening at Rs 1060, against a previous close of Rs 1067. It touched the intra-day low of Rs 1052.10(at 16:04 hours).

White metal rises amid strong global cues

Silver futures were trading higher during the afternoon trade in the domestic market on Wednesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract was trading at Rs 37519 per kg, up by 0.34 per cent, after opening at Rs 37,464, against a previous close of Rs 37,392. It touched the intra-day high of Rs 37,540(at 15:06 hours).

Zinc futures up on pick-up in demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Wednesday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, zinc futures for December 2017 contract was trading at Rs 206.30 per kg, up by 0.46 per cent, after opening at Rs 205.75, against a previous close of Rs 205.35. It touched the intra-day high of Rs 206.60(at 14:05 hours).

Nickel futures up on increasing demand

Nickel futures were trading higher during the afternoon trade in the domestic market on Wednesday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market. At the MCX, nickel futures for December 2017 contract is trading at Rs 756 per kg, up by 0.51 per cent, after opening at Rs 753.60, against a previous close of Rs 752.20. It touched the intra-day high of Rs 756.20(at 13:05 hours).

Gold futures rise on positive global cues

Gold prices went up in the domestic market on Wednesday as speculators built up fresh positions, tracking a firm trend overseas. Analysts said, fresh positions created by participants in line with a firm trend as the dollar held steady on expectations of a US tax overhaul, mainly influenced gold prices at futures trade. At the MCX, gold futures for February 2018 contract is trading at Rs 28465 per 10 grams, up by 0.21 per cent, after opening at Rs 28452, against a previous close of Rs 28405. It touched the intra-day high of Rs 28470 (at 12:53 hours).

Lead futures up on surging demand

Lead futures were trading higher during the afternoon trade in the domestic market on Wednesday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for December 2017 contract is trading at Rs 164 per kg, up by 0.18 per cent, after opening at Rs 163.75, against a previous close of Rs 163.70. It touched the intra-day high of Rs 164.20(at 12:04 hours).

Mentha oil futures rise on increasing demand

Mentha oil futures were trading higher during the morning trade in the domestic market on Wednesday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1684 per kg, up by 1.17 per cent, after opening at Rs 1699, against the previous closing price of Rs 1664.60. It touched the intra-day high of Rs 1704(at 11:07 hours).

Cardamom futures down on easing demand

Cardamom futures were trading lower during the morning trade in the domestic market on Wednesday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1059 per kg, down by 0.75 per cent, after opening at Rs 1060, against a previous close of Rs 1067. It touched the intra-day low of Rs 1059(at 10:28 hours).

Govt removes stock holding limits on sugar dealers

Ministry of Consumer Affairs, Food & Public Distribution on Tuesday said that the government has removed stock holding and turnover limits on dealers of sugar with immediate effect. “Given the current comfortable position of production and in order to further smoothen the supply chain for easy availability of sugar in all regions, government has withdrawn stock holding and turnover limits on dealers of sugar with immediate effect,” the Ministry said. During the current Sugar Season 2017-18, crushing operations in all major sugar producing States has commenced smoothly. The total sugar production is estimated to be around 249 lakh MT by the end of the season against estimated consumption requirement of about 250 lakh MT. However with the carry over stock, the total availability of sugar is sufficient to meet the estimated domestic requirement. As such, there will be smooth availability of sugar and the sugar prices in the domestic market are expected to remain stable at reasonable levels.

Crude oil rises ahead of US inventory data

Crude oil futures closed higher in the domestic market on Tuesday as the market remained broadly rangebound ahead of U.S. inventory data and the expiration of the January West Texas Intermediate contract. The continued outage of a North Sea pipeline also helped keep a floor under crude futures. Prices may remain rangebound going into the holiday season unless U.S. inventory data from the American Petroleum Institute or the Energy Information Administration surprise the market. At the MCX, crude oil futures for January 2017 contract closed at Rs 3695 per barrel, up by 0.82 per cent, after opening at Rs 3686, against a previous close of Rs 3665. It touched the intra-day high of Rs 3702.

Silver dips on feeble global cues

Silver futures closed lower in the domestic market on Tuesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract closed at Rs 37,410 per kg, down by 0.35 per cent, after opening at Rs 37,537, against a previous close of Rs 37,541. It touched the intra-day low of Rs 37,313.

Gold dips as dollar rises

Gold futures closed lower in the domestic market on Tuesday as US Treasury yields jumped and the dollar rose off session lows ahead of the House of Representatives’ vote on legislation that would slash corporate tax rates. Higher debt yields can dent the appeal of nonyielding gold and other commodities. Gold had previously pushed higher as U.S. front-end Treasury yields declined, bolstering the appeal of non-interest-bearing alternatives. At the MCX, gold futures for February 2017 contract ended at Rs 28422 per 10 grams, down by 0.17 per cent, after opening at Rs 28,462 against a previous close of Rs 28,470. It touched the intra-day low of Rs 28,374.

Gold futures fall on profit-booking

Gold prices fell in the domestic market on Tuesday due to profit booking by participants at prevailing high levels amid weak global trends. Analysts attributed the fall in gold futures to profit- booking by traders at the existing level. At the MCX, gold futures for February 2018 contract is trading at Rs 28459 per 10 grams, down by 0.04 per cent, after opening at Rs 28462, against a previous close of Rs 28470. It touched the intra-day low of Rs 28426 (at 16:14 hours).

Mentha oil futures up on increasing demand

Mentha oil futures were trading higher during the evening trade in the domestic market on Tuesday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1657 per kg, up by 3.61 per cent, after opening at Rs 1629.90, against the previous closing price of Rs 1604.10. It touched the intra-day high of Rs 1667.50(at 16:14 hours).

Lead futures dip on subdued demand

Lead futures were trading lower during the evening trade in the domestic market on Tuesday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets. At the MCX, lead futures for December 2017 contract is trading at Rs 164.25 per kg, down by 0.24 per cent, after opening at Rs 163.80, against a previous close of Rs 164.65. It touched the intra-day low of Rs 163.35(at 16:03 hours).

White metal dips on weak global cues

Silver futures were trading lower during the afternoon trade in the domestic market on Tuesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract was trading at Rs 37449 per kg, down by 0.25 per cent, after opening at Rs 37,537, against a previous close of Rs 37,541. It touched the intra-day low of Rs 37,446(at 15:04 hours).

Govt to revive 5 closed fertilizer plants: Min

Minister of State for Planning (IC) and Chemicals & Fertilizers, Rao Inderjit Singh, in a written reply to a question in Lok Sabha today, informed that Government of India is reviving 5 closed fertilizer plants of Fertilizer Corporation of India Ltd. (FCIL) and Hindustan Fertilizer Corporation Ltd. (HFCL) namely Talcher, Ramagundam, Gorakhpur and Sindri plants of FCIL and Barauni plant of HFCL. “The government will be setting up new ammonia-urea plants of 12.7 Lakh metric tonne per annum capacity each using state of the art technology, in the states of Odisha, Telangana, Uttar Pradesh, Jharkhand and Bihar,” said the Minister. In addition to above, Cabinet has approved the setting up of a new ammonia-urea complex of 8.646 LMTPA capacity at Namrup within the existing premises of Brahmaputra Valley Fertilizer Corporation Limited (BVFCL). Subsequent to commissioning of the above plants, the indigenous urea production will be enhanced by 72.146 lakh metric tonne per year leading to huge reduction in import of urea. The aforesaid proposal upon implementation will bridge the gap between demand and supply of urea in the country, and will rejuvenate the fertilizer sector, Singh informed. In a separate written reply to a question in Lok Sabha today, Singh stated that commercial production from Ramagundam unit is likely to start by 2018 while from other 4 units, it is likely to start by 2020.

Govt to set up of 42 mega food parks: Min

Government has approved setting up of a total 42 Mega Food Parks in the country to create modern infrastructure for food processing, says Harsimrat Kaur Badal, the Union Minister of Food Processing Industries in the Lok Sabha. “Out of these, 9 Mega Food Parks have become functional till date and Ministry has targeted to make 6 more Mega Food Parks functional in this financial year and 12 more by the next financial year,” the Minister informed the Lok Sabha. Mega Food Park has been designed on hub and spokes model in which Central Processing Centre (CPC), with enabling and common facilities for use by a cluster of units, is networked with multiple spokes of primary processing centres and collection centres located in the catchment area for aggregation and collection of farmers’ produce to feed the CPC. It is seen that a Mega Food Park has helped in creating demand for farmers produce, better remuneration, increasing level of processing and value addition, reducing wastage and creating opportunities directly and indirectly benefitting thousands of farmers and youths, she added.

Zinc futures dip on subdued demand

Zinc futures were trading lower during the afternoon trade in the domestic market on Tuesday 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 December 2017 contract was trading at Rs 203.65 per kg, down by 0.61 per cent, after opening at Rs 204.55, against a previous close of Rs 204.90. It touched the intra-day low of Rs 203(at 14:03 hours).

Muted demand drags down copper futures by 0.70%

Copper futures were trading lower in the domestic market on Tuesday amid subdued demand at the domestic spot market. Analysts said offloading of positions by participants due to slackened demand from consuming industries in the physical market and a weak trend overseas influenced copper prices in futures trade. At the MCX, copper futures for February 2018 contract was trading at Rs 445.10 per kg, down by 0.70 per cent, after opening at Rs 446.35, against a previous close of Rs 448.25. It touched the intra-day low of Rs 443.85 (at 13:05 hours).

Nickel futures dip on easing demand

Nickel futures were trading lower during the afternoon trade in the domestic market on Tuesday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for December 2017 contract is trading at Rs 751.10 per kg, down by 0.57 per cent, after opening at Rs 751, against a previous close of Rs 755.40. It touched the intra-day low of Rs 746.30(at 13:05 hours).

Lead futures dip on easing demand

Lead futures were trading lower during the afternoon trade in the domestic market on Thursday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets. At the MCX, lead futures for December 2017 contract is trading at Rs 163.50 per kg, down by 0.70 per cent, after opening at Rs 163.80, against a previous close of Rs 164.65. It touched the intra-day low of Rs 163.35(at 12:03 hours).

Mentha oil futures up on rising demand

Mentha oil futures were trading higher during the morning trade in the domestic market on Tuesday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1643.50 per kg, up by 2.46 per cent, after opening at Rs 1629.90, against the previous closing price of Rs 1604.10. It touched the intra-day high of Rs 1647(at 11:02 hours).

Cardamom futures rise on pickup in demand

Cardamom futures were trading higher during the morning trade in the domestic market on Tuesday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1085.50 per kg, up by 0.05 per cent, after opening at Rs 1085, against a previous close of Rs 1085. It touched the intra-day high of Rs 1085.50(at 10:25 hours).

Crude oil dips on rising crude production

Crude oil futures closed lower in the domestic market on Monday as the U.S. Energy Information Administration forecast crude production from seven major shale regions is expected to grow by 94,000 barrels a day in January. The dynamics of the oil market are divergent right now as the technical trend remains bullish while fundamentals are less encouraging, mostly thanks to the relentless rise in U.S. oil production At the MCX, crude oil futures for December 2017 contract closed at Rs 3650 per barrel, down by 0.52 per cent, after opening at Rs 3681, against a previous close of Rs 3669. It touched the intra-day low of Rs 3642.

Gold rises on expected passage of tax bill

Gold futures closed higher in the domestic market on Monday rising in anticipation of the expected passage of the much-awaited tax bill. Gold prices have climbed this year despite rising U.S. interest rates, a rally in global stock markets and a jump in cryptocurrency prices—and the yellow metal has plenty of reasons to stretch its gains into 2018. At the MCX, gold futures for February 2017 contract ended at Rs 28474 per 10 grams, up by 0.78 per cent, after opening at Rs 28,358 against a previous close of Rs 28,254. It touched the intra-day high of Rs 28,490.

Silver up on strong global cues

Silver futures closed higher in the domestic market on Monday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract closed at Rs 37,545 per kg, up by 0.91 per cent, after opening at Rs 37,340, against a previous close of Rs 37,205. It touched the intra-day high of Rs 37,569.

Lead futures up on rising demand

Lead futures were trading higher during the evening trade in the domestic market on Monday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for December 2017 contract is trading at Rs 163.20 per kg, up by 0.71 per cent, after opening at Rs 162.80, against a previous close of Rs 162.05. It touched the intra-day high of Rs 163.65(at 17:18 hours).

Cardamom futures rise on increasing demand

Cardamom futures were trading higher during the evening trade in the domestic market on Monday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1081 per kg, up by 0.68 per cent, after opening at Rs 1078, against a previous close of Rs 1073.70. It touched the intra-day high of Rs 1095(at 16:03 hours).

White metal rises amid strong global cues

Silver futures were trading higher during the afternoon trade in the domestic market on Monday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract was trading at Rs 37432 per kg, up by 0.61 per cent, after opening at Rs 37,340, against a previous close of Rs 37,205. It touched the intra-day high of Rs 37,447(at 15:11 hours).

Zinc futures up on pick-up in demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Monday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, zinc futures for December 2017 contract was trading at Rs 206.35 per kg, up by 0.49 per cent, after opening at Rs 205.65, against a previous close of Rs 205.35. It touched the intra-day high of Rs 206.35(at 14:05 hours).

Nickel futures up on increasing demand

Nickel futures were trading higher during the afternoon trade in the domestic market on Monday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market. At the MCX, nickel futures for December 2017 contract is trading at Rs 743.40 per kg, up by 0.58 per cent, after opening at Rs 741.30, against a previous close of Rs 739.10. It touched the intra-day high of Rs 745.80(at 13:07 hours).

Lead futures up on surging demand

Lead futures were trading higher during the afternoon trade in the domestic market on Monday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for December 2017 contract is trading at Rs 162.60 per kg, up by 0.34 per cent, after opening at Rs 162.80, against a previous close of Rs 162.05. It touched the intra-day high of Rs 162.80(at 12:04 hours).

Copper futures trade marginally down on low demand

Copper futures were trading lower in the domestic market on Monday as participants cut down positions due to easing demand in the domestic spot markets. Marketmen attributed the fall in copper prices at futures trade to a weak trend at the domestic spot market owing to muted demand from consuming industries. At the MCX, copper futures for February 2018 contract was trading at Rs 445.10 per kg, down by 0.16 per cent, after opening at Rs 445.80, against a previous close of Rs 445.80. It touched the intra-day low of Rs 444.10 (at 12:00 hours).

Gold futures up on additional bets

Gold prices rose in the domestic market on Monday as speculators created fresh positions. Analysts said building up of positions by speculators led to a jump in gold prices. At the MCX, gold futures for February 2018 contract is trading at Rs 28328 per 10 grams, up by 0.26 per cent, after opening at Rs 28358, against a previous close of Rs 28254. It touched the intra-day high of Rs 28385 (at 11:33 hours).

Mentha oil futures down on easing demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Monday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1576.90 per kg, down by 0.39 per cent, after opening at Rs 1553, against the previous closing price of Rs 1583. It touched the intra-day low of Rs 1540(at 11:06 hours).

Cardamom futures rise on surging demand

Cardamom futures were trading higher during the morning trade in the domestic market on Monday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1083 per kg, up by 0.87 per cent, after opening at Rs 1078, against a previous close of Rs 1073.70. It touched the intra-day high of Rs 1095(at 10:31 hours).

RBI sets issue price at Rs 2866 for Sovereign Gold Bond

The Reserve Bank of India on Friday said that it has fixed issue price at Rs 2866 per gram for Sovereign Gold Bond 2017-18 Series-XIII. The Sovereign Gold Bond Scheme will be open for subscription from Monday to Wednesday of every week starting from October 09, 2017 until December 27, 2017. The settlement will be made on the first business day of the next week for the applications received during a given week. “For the subscription period from December 18, 2017 to December 20, 2017 with settlement on December 26, 2017, the nominal value of the bond based on the simple average closing price for gold of 999 purity of the last three business days of the week preceding the subscription period, i.e. December 13 to 15, 2017 works out to Rs 2866 - per gram,” the RBI notified. Government of India, in consultation with the Reserve Bank of India, has decided to offer discount of Rs 50 per gram less than the nominal value to those investors applying online and the payment against the application is made through digital mode. For such investors, the issue price of Gold Bond will be Rs 2816 per gram of gold.

Gold down with no fresh buying indicator

Gold futures closed lower in the domestic market on Friday as there’s not yet a strong enough contrarian indicator to encourage fresh buying. Gold prices have climbed this year despite rising U.S. interest rates, a rally in global stock markets and a jump in cryptocurrency prices—and the yellow metal has plenty of reasons to stretch its gains into 2018. At the MCX, gold futures for February 2017 contract ended at Rs 28275 per 10 grams, down by 0.15 per cent, after opening at Rs 28,273 against a previous close of Rs 28,317. It touched the intra-day low of Rs 28,205.

Crude oil up on fall in US oil rig count

Crude oil futures closed higher in the domestic market on Friday buoyed in part by a fall in the weekly U.S. oil-rig count, which offers a peek at drilling activity. It has been a volatile week for oil prices as the shut pipeline in the North Sea spurred an early week rally before a three times larger-than-average increase in weekly U.S. oil production saw futures turn negative on the week, The dynamics of the oil market are divergent right now as the technical trend remains bullish while fundamentals are less encouraging, mostly thanks to the relentless rise in U.S. oil production. At the MCX, crude oil futures for December 2017 contract closed at Rs 3667 per barrel, up by 0.44 per cent, after opening at Rs 3660, against a previous close of Rs 3651. It touched the intra-day high of Rs 3684.

Silver rises on strong global cues

Silver futures closed higher in the domestic market on Friday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract closed at Rs 37,209 per kg, up by 0.42 per cent, after opening at Rs 37,054, against a previous close of Rs 37,054. It touched the intra-day high of Rs 37,368.

Aluminium futures dip 0.31% on low demand

Aluminium futures were trading lower in the domestic market on Friday as speculators trimmed positions, taking negative cues from the spot market on muted demand from consuming industries. Analysts said cutting down of holdings by participants due to weak demand from consuming industries in the physical market mainly influenced aluminium prices at futures trade. At the MCX, aluminium futures for December 2017 contract was trading at Rs 130.60 per kg, down by 0.31 per cent, after opening at Rs 130.65, against a previous close of Rs 131. It touched the intra-day low of Rs 120.40 (at 15:05 hours).

Copper futures fall 0.41% on sluggish demand

Copper futures were trading lower in the domestic market on Friday as participants cut down their holdings amid sluggish demand in the spot market. The fall in copper prices at the futures market was mostly attributed to tepid demand from consuming industries at domestic spot markets, according to marketmen. At the MCX, copper futures for February 2018 contract was trading at Rs 437.55per kg, down by 0.41 per cent, after opening at Rs 439.10, against a previous close of Rs 439.35. It touched the intra-day low of Rs 437.20 (at 15:00 hours).

Gold futures dip on low demand, weak global cues

Gold futures tumbled in the domestic market on Friday on easing demand from local jewellers amid a weak trend overseas. Traders said fall in demand from local jewellers and retailers at existing levels pulled down the gold prices. Besides, weak global cues as US Fed decided to hike interest rates, reducing the appeal of non-yielding bullion, dampened the sentiment. At the MCX, gold futures for February 2018 contract is trading at Rs 28284 per 10 grams, down by 0.12 per cent, after opening at Rs 28273, against a previous close of Rs 28317. It touched the intra-day low of Rs 28205 (at 14:37 hours).

Gold climbs on firm global cues, jewellers' buying

Gold futures were up in the domestic market on Thursday largely in line with a firming trend overseas amid increased buying by local jewellers. Traders said sentiment bolstered after gold edged higher in global markets as the dollar was nearly unchanged after tumbling in the previous session following the US Federal Reserve's widely expected decision to raise interest rates. At the MCX, gold futures for February 2018 contract is trading at Rs 28352 per 10 grams, up by 0.56 per cent, after opening at Rs 28365, against a previous close of Rs 28195. It touched the intra-day high of Rs 28429 (at 15:15 hours).

Copper futures surge on rising demand

Copper futures were trading higher in the domestic market on Thursday as participants raised their bets, tracking a pick-up in spot demand. Market analysts attributed the rise in copper futures to building up of fresh positions by participants driven by a firm. At the MCX, copper futures for February 2018 contract was trading at Rs 437.50 per kg, up by 0.03 per cent, after opening at Rs 437.45, against a previous close of Rs 437.25. It touched the intra-day high of Rs 437.65 (at 14:20 hours).

Gold futures rise on positive global cues

Gold futures were up in the domestic market on Thursday as speculators built up fresh positions tracking a firm trend overseas. Analysts said, fresh positions created by participants in line with a firm trend overseas where gold inched up as the dollar was nearly unchanged after tumbling in the previous session following the US Federal Reserve's widely expected decision to raise interest rates, mainly influenced gold prices at the futures trade. At the MCX, gold futures for February 2018 contract is trading at Rs 28383 per 10 grams, up by 0.67 per cent, after opening at Rs 28365, against a previous close of Rs 28195. It touched the intra-day high of Rs 28429 (at 11:57 hours).

Gold falls ahead of Fed meeting

Gold futures were down in the domestic market on Wednesday as investors braced for a widely expected US interest rate increase this week and looked for clues about further hikes from the Federal Reserve. The fall in gold prices at the futures market was also due to tepid demand from consuming industries at domestic spot markets, according to marketmen. At the MCX, gold futures for February 2018 contract is trading at Rs 28105 per 10 grams, down by 0.13 per cent, after opening at Rs 28200, against a previous close of Rs 28142. It touched the intra-day low of Rs 28103 (at 15:18 hours).

Copper futures dip on subdued demand

Copper futures were trading lower in the domestic market on Wednesday as participants cut down their holdings amid sluggish demand in the spot market. The fall in copper prices at the futures market was mostly attributed to tepid demand from consuming industries at domestic spot markets, according to marketmen. At the MCX, copper futures for February 2018 contract was trading at Rs 434.40 per kg, down by 0.02 per cent, after opening at Rs 433.60, against a previous close of Rs 434.50. It touched the intra-day low of Rs 433 (at 12:45 hours).

Gold futures down on sluggish overseas trend

Gold futures were down in the domestic market on Tuesday hurt by a sluggish trend overseas and lower demand from jewellers. Traders said, other than the weakness in demand from local jewellers, a weak trend overseas on higher chances of a rate hike by the US Federal Reserve later this week diminishing appeal for precious metals as a safe haven investment, led to the fall. At the MCX, gold futures for February 2018 contract is trading at Rs 28173 per 10 grams, down by 0.61 per cent, after opening at Rs 28365, against a previous close of Rs 28347. It touched the intra-day low of Rs 28055 (at 16:17 hours).

Aluminium futures dip 0.46% on low demand

Aluminium futures were trading lower in the domestic market on Tuesday as speculators trimmed positions, taking negative cues from the spot market on muted demand from consuming industries. Analysts said cutting down of holdings by participants due to weak demand from consuming industries in the physical market mainly influenced aluminium prices at futures trade. At the MCX, aluminium futures for December 2017 contract was trading at Rs 129.35 per kg, down by 0.46 per cent, after opening at Rs 129.60, against a previous close of Rs 129.95. It touched the intra-day low of Rs 129 (at 15:10 hours).

Copper futures rise 0.20% on spot demand

Copper futures were trading higher in the domestic market on Tuesday as participants raised their bets, tracking a pick-up in spot demand. Market analysts attributed the rise in copper futures to building up of fresh positions by participants driven by a firm. At the MCX, copper futures for February 2018 contract was trading at Rs 432.55 per kg, up by 0.20 per cent, after opening at Rs 431.50, against a previous close of Rs 431.70. It touched the intra-day high of Rs 432.95 (at 12:10 hours).

Zinc futures dip amid profit-booking

Zinc futures were trading lower in the domestic market on Tuesday as speculators trimmed positions amid easing demand in the spot market. Analysts said the weakness in zinc at futures trade was mostly attributed to profit-booking by participants at current levels amid a subdued trend at the domestic spot markets due to low demand. At the MCX, zinc futures for December 2017 contract was trading at Rs 201.15 per kg, down by 0.17 per cent, after opening at Rs 201, against a previous close of Rs 199.85. It touched the intra-day low of Rs 200.80 (at 12:10 hours).

Aluminium futures soften 0.39% on low demand

Aluminium futures were trading lower in the domestic market on Monday as speculators trimmed positions, taking negative cues from the spot market on muted demand from consuming industries. Analysts said cutting down of holdings by participants due to weak demand from consuming industries in the physical market mainly influenced aluminium prices at futures trade. At the MCX, aluminium futures for December 2017 contract was trading at Rs 128.90 per kg, down by 0.39 per cent, after opening at Rs 129.25, against a previous close of Rs 129.40. It touched the intra-day low of Rs 128.70 (at 17:15 hours).

Copper futures dip amid falling demand

Copper futures were trading lower in the domestic market on Monday as speculators pared positions amid low demand at the domestic spot markets. Analysts said a weakening trend in base metals at the domestic spot markets due to slackened demand from consuming industries led to the fall in copper prices at futures trade here. At the MCX, copper futures for February 2018 contract was trading at Rs 427.65 per kg, down by 0.04 per cent, after opening at Rs 426.95, against a previous close of Rs 427.80. It touched the intra-day low of Rs 424.90 (at 17:10 hours).

Gold weakens on muted demand

Gold futures were down in the domestic market on Monday on muted demand from local jewellers and retailers even as the metal showed some strength overseas. Traders said tepid demand from local jewellers and retailers at domestic spot market, mainly kept pressure on gold prices but a slightly better trend in global markets capped the fall. At the MCX, gold futures for February 2018 contract is trading at Rs 28462 per 10 grams, down by 0.25 per cent, after opening at Rs 28535, against a previous close of Rs 28533. It touched the intra-day low of Rs 28455 (at 14:56 hours).

Copper futures shed 0.60% on weak spot demand

Copper futures were trading lower in the domestic market on Monday as speculators trimmed positions amid low demand at the domestic spot markets. Analysts said a weakening trend in base metals at the domestic spot markets due to slackened demand from consuming industries led to the fall in copper prices at futures trade here. At the MCX, copper futures for February 2018 contract was trading at Rs 425.25 per kg, down by 0.60 per cent, after opening at Rs 426.95, against a previous close of Rs 427.80. It touched the intra-day low of Rs 424.90 (at 12:20 hours).

Gold futures fall on global cues

Gold futures were down in the domestic market on Monday as speculators reduced their positions amid weak global cues. Market analysts attributed the fall in gold futures to a weak trend overseas. At the MCX, gold futures for February 2018 contract is trading at Rs 28496 per 10 grams, down by 0.13 per cent, after opening at Rs 28535, against a previous close of Rs 28533. It touched the intra-day low of Rs 28480 (at 11:21 hours).

RBI sets issue price at Rs 2890 for Sovereign Gold Bond

The Reserve Bank of India on Friday said Government of India has fixed issue price at Rs 2890 per gram for Sovereign Gold Bond 2017-18 Series- XII. "The Sovereign Gold Bond Scheme will be open for subscription from Monday to Wednesday of every week starting from October 09, 2017 until December 27, 2017. The settlement will be made on the first business day of the next week for the applications received during a given week," the apex bank said in a press release. For the subscription period from December 11, 2017 to December 13, 2017 with settlement on December 18, 2017, the nominal value of the bond based on the simple average closing price for gold of 999 purity of the last three business days of the week preceding the subscription period, i.e. December 06 to 08, 2017 works out to Rs 2890 per gram. Government of India, in consultation with the Reserve Bank of India, has decided to offer discount of Rs 50 per gram less than the nominal value to those investors applying online and the payment against the application is made through digital mode. For such investors, the issue price of Gold Bond will be Rs 2840 per gram of gold.

Mentha oil futures up on surging demand

Mentha oil futures were trading higher during the evening trade in the domestic market on Friday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1892.30 per kg, up by 1.73 per cent, after opening at Rs 1872, against the previous closing price of Rs 1860.10. It touched the intra-day high of Rs 1915.90(at 16:30 hours).

White metal dips on weak global cues

Silver futures were trading lower during the afternoon trade in the domestic market on Friday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract was trading at Rs 36980 per kg, down by 0.15 per cent, after opening at Rs 37,000, against a previous close of Rs 37,036. It touched the intra-day low of Rs 36,926(at 15:05 hours).

Zinc futures up on pick-up in demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Friday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market. At the MCX, zinc futures for December 2017 contract was trading at Rs 199.35 per kg, up by 0.23 per cent, after opening at Rs 199.85, against a previous close of Rs 198.90. It touched the intra-day high of Rs 200.60(at 14:35 hours).

Nickel futures up on increasing demand

Nickel futures were trading higher during the afternoon trade in the domestic market on Friday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market. At the MCX, nickel futures for December 2017 contract is trading at Rs 711.80 per kg, up by 0.24 per cent, after opening at Rs 713.70, against a previous close of Rs 710.10. It touched the intra-day high of Rs 715.10(at 13:07 hours).

Gold futures slide on weak global cues, profit-booking

Gold futures were down in the domestic market on Friday as participants cut their bets amid a weak global trend. Profit-booking by speculators also weighed on gold prices. Analysts attributed the fall in gold prices at futures trade to a weak trend overseas where gold is heading for the biggest weekly drop since May as investors anticipate higher US interest rates, and progress on tax reform buoys the dollar, eroding safe-haven appeal of the precious metal. At the MCX, gold futures for February 2018 contract is trading at Rs 28578 per 10 grams, down by 0.31 per cent, after opening at Rs 28650, against a previous close of Rs 28667. It touched the intra-day low of Rs 28566 (at 12:13hours).

Lead futures up on surging demand

Lead futures were trading higher during the afternoon trade in the domestic market on Friday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for December 2017 contract is trading at Rs 158.85 per kg, up by 0.86 per cent, after opening at Rs 158.85, against a previous close of Rs 157.50. It touched the intra-day high of Rs 159.20(at 12:04 hours).

Cardamom futures down on subdued demand

Cardamom futures were trading lower during the morning trade in the domestic market on Friday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade. At the MCX, cardamom futures for January 2017 contract was trading at Rs 1044 per kg, down by 0.15 per cent, after opening at Rs 1043.90, against a previous close of Rs 1045.60. It touched the intra-day low of Rs 1043.90(at 11:03 hours).

Mentha oil futures up on rising demand

Mentha oil futures were trading higher during the morning trade in the domestic market on Friday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1867 per kg, up by 0.37 per cent, after opening at Rs 1872, against the previous closing price of Rs 1860.10. It touched the intra-day high of Rs 1873.10(at 10:25 hours).

Silver down on weak global cues

Silver futures closed lower in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract closed at Rs 37,058 per kg, down by 1.03 per cent, after opening at Rs 37,469, against a previous close of Rs 37,444. It touched the intra-day low of Rs 36,992.

Gold dips on rising US stocks

Gold futures closed lower in the domestic market on Thursday as bitcoin surged and U.S. stocks traded broadly higher. Investors await the nonfarm-payroll report due Friday for clues on the U.S. Federal Reserve’s path on interest-rate hikes. Higher rates are typically a negative factor for nonyielding bullion, while also boosting the dollar, making U.S.-priced gold less attractive to investors using another currency. At the MCX, gold futures for February 2017 contract ended at Rs 28668 per 10 grams, down by 1.03 per cent, after opening at Rs 28,916 against a previous close of Rs 28,967. It touched the intra-day low of Rs 28,653.

Crude oil rises on rising crude production

Crude oil futures closed higher in the domestic market on Thursday as the market’s focus continued to be on rising U.S. crude production. The U.S. Energy Information Administration released weekly data showing a 6.8 million barrel increase in gasoline inventories for the week ended Dec. 1, as well as record U.S. crude production of 9.7 million barrels a day for last week. At the MCX, crude oil futures for December 2017 contract closed at Rs 3659 per barrel, up by 0.60 per cent, after opening at Rs 3625, against a previous close of Rs 3637. It touched the intra-day high of Rs 3660.

Lead futures dip on subdued demand

Lead futures were trading lower during the evening trade in the domestic market on Thursday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets. At the MCX, lead futures for December 2017 contract is trading at Rs 162.40 per kg, down by 0.09 per cent, after opening at Rs 161.60, against a previous close of Rs 162.55. It touched the intra-day low of Rs 160.35(at 17:06 hours).

Cardamom futures dip on subdued demand

Cardamom futures were trading lower during the evening trade in the domestic market on Thursday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade. At the MCX, cardamom futures for December 2017 contract was trading at Rs 980 per kg, down by 0.21 per cent, after opening at Rs 970, against a previous close of Rs 982.10. It touched the intra-day low of Rs 970(at 16:05 hours).

White metal dips on weak global cues

Silver futures were trading lower during the afternoon trade in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract was trading at Rs 37320 per kg, down by 0.33 per cent, after opening at Rs 37,469, against a previous close of Rs 37,444. It touched the intra-day low of Rs 37,264(at 15:23 hours).

Zinc futures dip on subdued demand

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 December 2017 contract was trading at Rs 199.70 per kg, down by 0.08 per cent, after opening at Rs 201, against a previous close of Rs 199.85. It touched the intra-day low of Rs 199.05(at 14:03 hours).

Nickel futures dip on easing demand

Nickel futures were trading lower during the afternoon trade in the domestic market on Thursday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for December 2017 contract is trading at Rs 695.10 per kg, down by 0.56 per cent, after opening at Rs 701, against a previous close of Rs 699. It touched the intra-day low of Rs 692.80(at 13:04 hours).

Lead futures dip on easing demand

Lead futures were trading lower during the afternoon trade in the domestic market on Thursday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets. At the MCX, lead futures for December 2017 contract is trading at Rs 161 per kg, down by 0.95 per cent, after opening at Rs 161.60, against a previous close of Rs 162.55. It touched the intra-day low of Rs 160.80(at 12:06 hours).

Copper prices surge 0.60 pc tracking global trend

Copper futures were trading higher in the domestic market on Thursday as participants raised their bets largely in tune with firming global trend and a pick-up in spot demand. Market analysts attributed the rise in copper futures to a firming trend in base metals overseas where copper rebounds after recent sell-off and pick-up in demand at domestic spot markets. At the MCX, copper futures for February 2018 contract was trading at Rs 427.10 per kg, up by 0.60 per cent, after opening at Rs 427.25, against a previous close of Rs 426.50. It touched the intra-day high of Rs 428.00 (at 11:10 hours).

Cardamom futures down on easing demand

Cardamom futures were trading lower during the morning trade in the domestic market on Thursday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade. At the MCX, cardamom futures for December 2017 contract was trading at Rs 970 per kg, down by 1.23 per cent, after opening at Rs 970, against a previous close of Rs 982.10. It touched the intra-day low of Rs 970(at 11:05 hours).

Mentha oil futures down on easing demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Thursday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1835.70 per kg, down by 1.01 per cent, after opening at Rs 1852.80, against the previous closing price of Rs 1854.50. It touched the intra-day low of Rs 1827(at 10:26 hours).

Crude oil dips on rising U.S. gasoline stockpiles

Crude oil futures closed lower in the domestic market on Wednesday as a weekly jump in U.S. gasoline stockpiles that was more than twice what the market expected pulled crude futures to their lowest level. The U.S. Energy Information Administration reported Wednesday that domestic crude supplies fell 5.6 million barrels for the week ended Dec. 1. That was bigger than the forecast for a decline of 4.1 million barrels from analysts. The Organization of the Petroleum Exporting Countries and its oil-producing allies reached a unanimous decision to extend their oil output-cut deal to the end of December 2018. At the MCX, crude oil futures for December 2017 contract closed at Rs 3641 per barrel, down by 2.23 per cent, after opening at Rs 3709, against a previous close of Rs 3724. It touched the intra-day low of Rs 3626.

Silver dips on feeble global cues

Silver futures closed lower in the domestic market on Wednesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for March 2017 contract closed at Rs 37,443 per kg, down by 0.48 per cent, after opening at Rs 37,701, against a previous close of Rs 37,623. It touched the intra-day low of Rs 37,415.

Gold up on increasing geopolitical worries

Gold futures closed higher in the domestic market on Wednesday with analysts pinning the rebound in part on geopolitical worries. Investors await the nonfarm-payroll report due Friday for clues on the U.S. Federal Reserve’s path on interest-rate hikes. Higher rates are typically a negative factor for nonyielding bullion, while also boosting the dollar, making U.S.-priced gold less attractive to investors using another currency. At the MCX, gold futures for February 2017 contract ended at Rs 28955 per 10 grams, up by 0.24 per cent, after opening at Rs 29,960 against a previous close of Rs 28,887. It touched the intra-day high of Rs 29,046.

Nickel futures dip on subdued spot demand

Nickel futures were trading lower during the evening trade in the domestic market on Wednesday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for December 2017 contract is trading at Rs 699.70 per kg, down by 0.41 per cent, after opening at Rs 700.10, against a previous close of Rs 702.60. It touched the intra-day low of Rs 697.80(at 17:07 hours).

Commerce Ministry imposes minimum import price on pepper

The Union Ministry of Commerce and Industry has approved the proposal of the Spices Board for fixing the CIF value of Rs 500 per kg as Minimum Import Price for pepper to protect the interests of pepper growers. “In recent times, decline in the domestic pepper price due to cheaper import of pepper from other origins has been a major concern among pepper growers,” said the Ministry. Pepper prices have gone down by nearly 35 per cent in one year and have resulted in a lot of hardship for pepper growers. Since most of the pepper-producing countries are in the ASEAN region, there have also been apprehensions of pepper from these countries, being routed through Sri Lanka taking advantage of lower duty under SAFTA and ISLFTA, for availing concessional import duty. Farmers' associations have demanded taking of stringent measures including fixing of Minimum Import Price (MIP) for pepper to prevent cheaper imports of pepper into the country from other origins. Fixing of Minimum Import Price will help in improving the domestic price particularly when the harvesting season of pepper is fast approaching, it added.

Cardamom futures up on rising demand

Cardamom futures were trading higher during the evening trade in the domestic market on Wednesday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for December 2017 contract was trading at Rs 1017.50 per kg, up by 3.88 per cent, after opening at Rs 965, against a previous close of Rs 979.50. It touched the intra-day high of Rs 1017.50(at 16:05 hours).

Gold futures rise on global cues

Gold futures were up in the domestic market on Wednesday as speculators created fresh positions, taking positive cues from global markets. Market analysts said rise in the precious metal at the global market helped gold prices to go up at futures trade here as participants created positions. At the MCX, gold futures for December 2017 contract is trading at Rs 29008 per 10 grams, up by 0.42 per cent, after opening at Rs 28960, against a previous close of Rs 28887. It touched the intra-day high of Rs 29025 (at 15:36 hours).

White metal rises amid strong global cues

Silver futures were trading higher during the afternoon trade in the domestic market on Wednesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for March 2017 contract was trading at Rs 37840 per kg, up by 0.58 per cent, after opening at Rs 37,701, against a previous close of Rs 37,623. It touched the intra-day high of Rs 37,847(at 15:05 hours).

Zinc futures dip on easing demand

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 December 2017 contract was trading at Rs 199.20 per kg, down by 0.99 per cent, after opening at Rs 200.60, against a previous close of Rs 201.20. It touched the intra-day low of Rs 199.05(at 14:03 hours).

Nickel futures dip on muted demand

Nickel futures were trading lower during the afternoon trade in the domestic market on Wednesday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for December 2017 contract is trading at Rs 700.30per kg, down by 0.33 per cent, after opening at Rs 700.10, against a previous close of Rs 702.60. It touched the intra-day low of Rs 697.80(at 13:04 hours).

Lead futures dip on easing demand

Lead futures were trading lower during the afternoon trade in the domestic market on Wednesday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets. At the MCX, lead futures for December 2017 contract is trading at Rs 160.65 per kg, down by 0.19 per cent, after opening at Rs 160.25, against a previous close of Rs 160.95. It touched the intra-day low of Rs 159.35(at 12:06 hours).

Copper futures surge on spot demand

Copper futures were trading higher in the domestic market on Wednesday as participants created fresh positions even as the metal weakened at the London Metal Exchange. Analysts said the rise in copper prices at futures trade was mostly supported by a firm trend at spot markets on increased demand from consuming industries. At the MCX, copper futures for February 2018 contract was trading at Rs 426.55 per kg, up by 0.67 per cent, after opening at Rs 424.65, against a previous close of Rs 423.70. It touched the intra-day high of Rs 427.65 (at 11:20 hours).

Cardamom futures down on subdued demand

Cardamom futures were trading lower during the morning trade in the domestic market on Wednesday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade. At the MCX, cardamom futures for December 2017 contract was trading at Rs 960.10 per kg, down by 1.98 per cent, after opening at Rs 965, against a previous close of Rs 979.50. It touched the intra-day low of Rs 960.10(at 11:05 hours).

Mentha oil futures up on rising demand

Mentha oil futures were trading higher during the morning trade in the domestic market on Wednesday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1904 per kg, up by 0.46 per cent, after opening at Rs 1892.10, against the previous closing price of Rs 1895.20. It touched the intra-day high of Rs 1913.60(at 10:28 hours).

Govt distributes 100 mn Soil Health Card in first phase: Min

On the occasion of World Soil Day, Union Agriculture and Farmers Welfare Minister Radha Mohan Singh said that the objective of SHC is to provide information about the Soil Health to 120 million farm holdings in the country. Addressing farmers on the occasion of World Soil Day in Jhajjar, Haryana, the minister said that Soil Health Card mobile App has been launched on Tuesday to help the farmers. The app will benefit field-level workers as it will automatically capture GIS coordinates while registering sample details at the time of sample collection in the field and indicate the location from where the sample has been collected. In India, Soil Health Card scheme was launched in February 2015 in Rajasthan. This app works like other Geotagging apps developed for the Rashtriya Krishi Vikas Yojana. The app contains farmers’ details including name, Aadhaar card number, mobile number, gender, address, crop details, etc. Singh said that SHC informs farmers about nutrients status of the soils along with the recommendation on appropriate dosage of nutrients to improve soil health and fertility. A farm will get the soil card once in every 2 years so that nutrients deficiency can be regularly detected and improved. He said that the imbalanced use of fertilizers damages the fields and reduces production. The Minister informed that in the first phase (2015-17) 100 million SHCs have been distributed so far. The aim of the Ministry is to provide SHC to all 120 million farm holdings by December, 2017. The second phase began on May 1, 2017, and will continue for the year 2017 to 2019. The Agriculture Minister said that the key features of Soil Health Card include a uniform approach to collect samples and test them in the laboratory, covering all the land in the country and renew SHC every two years. This scheme is being implemented in collaboration with State Governments. GPS based soil sample collection has been made compulsory to monitor the changes in soil and to prepare a systematic database to compare them with the past years’.

Crude oil rises on OPEC agreement

Crude oil futures closed higher in the domestic market on Tuesday as OPEC’s agreement to extend production cuts through next year provided support, but also raised expectations for growth in U.S. shale output. The Organization of the Petroleum Exporting Countries and its oil-producing allies reached a unanimous decision to extend their oil output-cut deal to the end of December 2018. U.S. supply data will swing back into focus on Wednesday with the release of data from the Energy Information Administration. At the MCX, crude oil futures for December 2017 contract closed at Rs 3721 per barrel, up by 0.19 per cent, after opening at Rs 3712, against a previous close of Rs 3714. It touched the intra-day high of Rs 3733.

Silver down on weak global cues

Silver futures closed lower in the domestic market on Tuesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for December 2017 contract closed at Rs 37,016 per kg, down by 1.27 per cent, after opening at Rs 37,565, against a previous close of Rs 37,494. It touched the intra-day low of Rs 36,939.

Gold down on strength in US dollar

Gold futures closed lower in the domestic market on Tuesday as strength in the U.S. dollar and stock market, and upbeat economic data, weighed on the metal’s haven appeal. Investors await the nonfarm-payroll report due Friday for clues on the U.S. Federal Reserve’s path on interest-rate hikes. Higher rates are typically a negative factor for nonyielding bullion, while also boosting the dollar, making U.S.-priced gold less attractive to investors using another currency. At the MCX, gold futures for December 2017 contract ended at Rs 28800 per 10 grams, down by 0.78 per cent, after opening at Rs 29,068 against a previous close of Rs 29,027. It touched the intra-day low of Rs 28,800.

Nickel futures dip on easing demand

Nickel futures were trading lower during the evening trade in the domestic market on Tuesday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for December 2017 contract is trading at Rs 718.10 per kg, down by 1.93 per cent, after opening at Rs 730, against a previous close of Rs 732.20. It touched the intra-day low of Rs 714(at 17:22 hours).

Mentha oil futures down on subdued demand

Mentha oil futures were trading lower during the evening trade in the domestic market on Tuesday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1896.50 per kg, down by 0.72 per cent, after opening at Rs 1886.10, against the previous closing price of Rs 1910.30. It touched the intra-day low of Rs 1876.20(at 16:04 hours).

Gold prices rebound on jewellers’ buying

Gold futures were up in the domestic market on Tuesday on mild buying by local jewellers, shrugging off a weak trend overseas.. Traders said scattered buying by local jewellers to meet ongoing wedding season demand at domestic spot market mainly helped gold prices to recover, but a weak trend overseas capped the rise. At the MCX, gold futures for December 2017 contract is trading at Rs 29068 per 10 grams, up by 0.14 per cent, after opening at Rs 29068, against a previous close of Rs 29027. It touched the intra-day high of Rs 29068 (at 15:20 hours).

White metal dips on weak global cues

Silver futures were trading lower during the afternoon trade in the domestic market on Tuesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for December 2017 contract was trading at Rs 37484 per kg, down by 0.03 per cent, after opening at Rs 37,565, against a previous close of Rs 37,494. It touched the intra-day low of Rs 37,435(at 15:10 hours).

Zinc futures dip on subdued demand

Zinc futures were trading lower during the afternoon trade in the domestic market on Tuesday 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 December 2017 contract was trading at Rs 202.95 per kg, down by 0.93 per cent, after opening at Rs 205.65, against a previous close of Rs 204.85. It touched the intra-day low of Rs 202.80(at 14:07 hours).

Complete disbursement of subsidy by Dec 15: Govt to Collectors

Odisha government has directed district collectors to complete disbursement of agriculture input subsidy of Rs 718.5 crore to the farmers affected by drought, pest attack and unseasonal rain by December 15. As per assessment by the state government, about 8.5 lakh hectares of crop area had been affected by these three disasters which hit the farmers during the current year, a senior official said today. The state government have already issued the necessary notifications and released required fund of Rs 718.5 crore to the collectors of the 29 affected districts during October and November, he said adding that the process of disbursement of input subsidy has been stepped up. Revenue and Disaster Management Minister Maheswar Mohanty, who reviewed district-wise disbursement status through a video conferencing yesterday, said the Collectors have been asked to complete disbursement of input subsidy by December 15. Giving details about the recent disasters, a senior Revenue department official said while 15 districts were affected by drought, 24 districts were hit by pest attack and 19 by unseasonal rains. More than 33 per cent crop loss was recorded over an area of 317.98 lakh hectare due to drought, while pest attack affected 128.32 lakh hectare land and unseasonal rain hit 407.10 lakh hectare, he said. The state government has released input subsidy of Rs 216.22 crore for drought-affected farmers, Rs 137.51 crore for those hit by pest attack and Rs 364.76 crore for loss and damage caused by unseasonal rains, he said. Malkangiri is the only district that has escaped these disasters. Meanwhile, the state government has taken necessary measures to deal with the cyclonic rain forecast by IMD in next few days and to spread awareness among the farmers to save their paddy crops, he said. According to director of the Meteorological Centre in Bhubaneswar, Sarat Chandra Sahoo, IMD has already issued advisory regarding possible rain in Odisha between December 7 and 10. The district collectors were asked to organise required publicity among farmers to save crops from the upcoming cyclonic rain. They may be advised to shift their harvested paddy to safe places and keep it properly stacked and covered to avoid any loss or damage due to rain. Where paddy crops are ready for harvest, they should take steps to harvest the same and store safely, said an official.

Nickel futures dip on subdued demand

Nickel futures were trading lower during the afternoon trade in the domestic market on Tuesday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for December 2017 contract is trading at Rs 720 per kg, down by 1.67 per cent, after opening at Rs 730, against a previous close of Rs 732.20. It touched the intra-day low of Rs 717.60(at 13:04 hours).

Lead futures up on surging demand

Lead futures were trading higher during the afternoon trade in the domestic market on Tuesday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade. At the MCX, lead futures for December 2017 contract is trading at Rs 162.10 per kg, up by 0.15 per cent, after opening at Rs 162.10, against a previous close of Rs 161.85. It touched the intra-day high of Rs 163.05(at 12:04 hours).

Cardamom futures rise on surging demand

Cardamom futures were trading higher during the morning trade in the domestic market on Tuesday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for December 2017 contract was trading at Rs 1007.20 per kg, up by 0.90 per cent, after opening at Rs 1000, against a previous close of Rs 998.20. It touched the intra-day high of Rs 1021(at 11:03 hours).

Mentha oil futures down on easing demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Tuesday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting 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. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1890.50 per kg, down by 1.04 per cent, after opening at Rs 1886.10, against the previous closing price of Rs 1910.30. It touched the intra-day low of Rs 1885(at 10:26 hours).

Silver dips on feeble global cues

Silver futures closed lower in the domestic market on Monday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for December 2017 contract closed at Rs 37,496 per kg, down by 0.23 per cent, after opening at Rs 37,615, against a previous close of Rs 37,582. It touched the intra-day low of Rs 37,430.

Gold dips as US equity strengthens

Gold futures closed lower in the domestic market on Monday as most U.S. equities climbed and the dollar firmed after weekend passage in the Senate of what’s seen as business-friendly tax changes. The bill still has to be reconciled with the version approved by the U.S. House of Representatives. All the same, market participants regained their risk appetite as a result, so the gold price fell accordingly. At the MCX, gold futures for December 2017 contract ended at Rs 29033 per 10 grams, down by 0.60 per cent, after opening at Rs 29,029 against a previous close of Rs 29,209. It touched the intra-day low of Rs 29,000.

Crude oil dips on rising oil rigs

Crude oil futures closed lower in the domestic market on Monday as recent data showing U.S. drillers added more oil rigs last week fed concerns over growing domestic crude production, despite OPEC’s decision to extend its output cuts to the end of next year. The Organization of the Petroleum Exporting Countries and its oil-producing allies reached a unanimous decision to extend their oil output-cut deal to the end of December 2018. Oil prices were further pressured Monday by a rally in the dollar. A stronger buck tends to weigh on dollar-denominated commodities such as oil, because they become more expensive to buy for other currency holders. At the MCX, crude oil futures for December 2017 contract closed at Rs 3712 per barrel, down by 1.33 per cent, after opening at Rs 3750, against a previous close of Rs 3762. It touched the intra-day low of Rs 3706.

Nickel futures up on increasing demand

Nickel futures were trading higher during the evening trade in the domestic market on Monday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market. At the MCX, nickel futures for December 2017 contract is trading at Rs 736.70 per kg, up by 0.72 per cent, after opening at Rs 732.30, against a previous close of Rs 731.40. It touched the intra-day high of Rs 737.90(at 17:07 hours).

Cardamom futures up on rising demand

Cardamom futures were trading higher during the evening trade in the domestic market on Monday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for December 2017 contract was trading at Rs 990.20 per kg, up by 1.86 per cent, after opening at Rs 987, against a previous close of Rs 972.10. It touched the intra-day high of Rs 997(at 16:26 hours).

Steel companies need disciplined approach for loan mgmt: Min

Steel Minister Chaudhary Birender Singh has said that Government's policy approach for exit of financially stressed units certifies transparency in the process with the possibility of takeover by alternate efficient management under the new bankruptcy law. Commenting on the issue, Steel Minister Chaudhary Birender Singh told the media, "Steel companies have to sustain by being competitive and having a disciplined approach towards loan management." "Steel being a deregulated sector in India, setting up of capacities is based on the investor s own assessment of profitability in the sector," he said. “Investment also depends on the nature of the market based on present and future demand in the sector. The state-owned enterprises and private companies compete on equal footing in the steel sector in India,” he added. “In order to take effective steps to address the challenges of excess steel capacity, members of the Global Forum agreed to share information, cooperate and develop concrete policy solutions,” he further said.

White metal dips on feeble global cues

Silver futures were trading lower during the afternoon trade in the domestic market on Monday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for December 2017 contract was trading at Rs 37460 per kg, down by 0.32 per cent, after opening at Rs 37,615, against a previous close of Rs 37,582. It touched the intra-day low of Rs 37,430(at 15:04 hours).

Coffee exports rise 8% in Jan-Nov

Coffee exports from India, Asia's third-largest producer and exporter, rose by 8.08 per cent to 3.61 lakh tonnes in January-November 2017 compared to 3.34 lakh tonnes in the same period of last year, according to the Coffee Board. Italy, Germany and Russia were the major export destinations for Indian coffee during the period. India ships both robusta and Arabica varieties, besides instant coffee. Robusta coffee exports rose by 10.80 per cent to 2,11,442 tonnes in January-November 2017 from 1,90,828 tonnes in the year-ago, the board dats showed. Export of Arabica coffee however declined by 10.81 per cent to 44,084 tonnes from 49,431 tonnes in the said period. The outbound shipment of instant coffee increased sharply by 86 per cent to 47,734 tonnes in January-November this year from 22,966 tonnes in the same period last year, the data showed. Of the total exports, India exported 73,705 tonnes to Italy, 38,671 tonnes to Germany and 26,319 tonnes to Russia during the period under review. Some of the major exporting companies include CCL Products India, Tata Coffee, Olam Agro and Coffee Day Global Ltd. Coffee production had declined by 10.34 per cent to 3.12 lakh tonnes in 2016-17 crop year (October-September).

Gold plunges on weak global cues

Gold futures fell in the domestic market on Monday, taking cues from a weak trend overseas and slack demand from local jewellers. Traders said that besides a weak trend in the overseas market as strength in dollar reduced appeal for the precious metal as a safe-haven, fall in demand from local jewellers and retailers at domestic spot market, weighed on the gold prices. At the MCX, gold futures for December 2017 contract is trading at Rs 29025 per 10 grams, down by 0.63 per cent, after opening at Rs 29029, against a previous close of Rs 29209. It touched the intra-day low of Rs 29000 (at 14:26 hours).

Zinc futures dip on easing demand

Zinc futures were trading lower during the afternoon trade in the domestic market on Monday 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 December 2017 contract was trading at Rs 208.50 per kg, down by 0.71 per cent, after opening at Rs 209, against a previous close of Rs 210. It touched the intra-day low of Rs 207.65(at 14:07 hours).

Nickel futures up on increasing demand

Nickel futures were trading higher during the afternoon trade in the domestic market on Monday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market. At the MCX, nickel futures for December 2017 contract is trading at Rs 736.20 per kg, up by 0.66 per cent, after opening at Rs 732.30, against a previous close of Rs 731.40. It touched the intra-day high of Rs 737.90(at 13:07 hours).

Lead futures dip on easing demand

Lead futures were trading lower during the afternoon trade in the domestic market on Monday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets. At the MCX, lead futures for December 2017 contract is trading at Rs 163.95 per kg, down by 0.36 per cent, after opening at Rs 164.35, against a previous close of Rs 164.55. It touched the intra-day low of Rs 163.80(at 12:06 hours).

Mentha oil futures up on rising demand

Mentha oil futures were trading higher during the morning trade in the domestic market on Monday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1950 per kg, up by 1.39 per cent, after opening at Rs 1960.60, against the previous closing price of Rs 1923.20. It touched the intra-day high of Rs 1968.90(at 11:06 hours).

Cardamom futures up on pick-up in demand

Cardamom futures were trading higher during the morning trade in the domestic market on Monday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for December 2017 contract was trading at Rs 986.20 per kg, up by 1.45 per cent, after opening at Rs 987, against a previous close of Rs 972.10. It touched the intra-day high of Rs 995(at 10:33 hours).

Crude oil up as OPEC agree to extend pact

Crude oil futures closed higher in the domestic market on Friday after major oil producers hammered out an agreement that was widely expected, to extend ongoing production curbs through 2018. The Organization of the Petroleum Exporting Countries and its oil-producing allies reached a unanimous decision to extend their oil output-cut deal to the end of December 2018. A nine-month extension to the end of next year is reasonable given markets could be in balance sometime in the second half, but there are other variables like the response in shale, global demand and geopolitical issues like Venezuela and the general Saudi/Iran conflict that could influence the prices. At the MCX, crude oil futures for December 2017 contract closed at Rs 3754 per barrel, up by 1.82 per cent, after opening at Rs 3712, against a previous close of Rs 3687. It touched the intra-day high of Rs 3802.

Silver rises on strong global cues

Silver futures closed higher in the domestic market on Friday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for December 2017 contract closed at Rs 38,380 per kg, up by 0.07 per cent, after opening at Rs 37,724, against a previous close of Rs 37,532. It touched the intra-day high of Rs 37,970.

Gold rises as US equity weakens

Gold futures closed higher in the domestic market on Friday as the U.S. dollar weakened and equities dropped in the wake of news that former national security adviser Michael Flynn pleaded guilty to lying to the FBI. The news raised concerns over further upheaval in President Donald Trump’s administration. The Flynn news caused a sharp rise in risk aversion with stocks and the dollar going down, boosting the appeal of safe-haven gold. At the MCX, gold futures for December 2017 contract ended at Rs 29239 per 10 grams, up by 0.78 per cent, after opening at Rs 29,099 against a previous close of Rs 29,012. It touched the intra-day high of Rs 29,269.

Uptick in physical demand buoys cardamom futures

Cardamom futures jumped over 3 per cent during evening trade in the domestic market on Friday as investors and speculators extended their positions in the agri-commodity on uptick in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for June 2017 contract is trading at Rs 1,053 per kg, up by 3.93 per cent, after opening at Rs 1043.50, against a previous close of Rs 1013.20. It touched the intra-day high of Rs 1053.70 (at 17:11 hours).

Demand worries bite nickel futures

Nickel futures were trading lower during evening trade in the domestic market on Friday as investors and speculators exited their positions in the industrial metal on concerns over weakening demand and oversupply. Besides, investors shifted their focus towards equities from hard commodities tracking robust US and European industrial data. At the MCX, nickel futures for June 2017 contract is trading at Rs 566 per kg, down by 0.74 per cent, after opening at Rs 569.50, against a previous close of Rs 570.20. It touched the intra-day low of Rs 563.50 (at 17:06 hours).

Zinc futures nosedive 1.54% on demand worries

Zinc futures plunged over 1 per cent during evening trade in the domestic market on Friday as investors and speculators exited their positions in the industrial metal on concerns over weakening demand and oversupply. Besides, investors shifted their focus towards equities from hard commodities tracking robust US and European industrial data. At the MCX, zinc futures for June 2017 contract is trading at Rs 162.60 per kg, down by 1.54 per cent, after opening at Rs 165.30, against a previous close of Rs 165.15. It touched the intra-day low of Rs 162.05 (at 16:21 hours).

White metal loses sheen on upbeat US data

Silver futures were trading lower during evening trade in the domestic market on Friday as investors and speculators exited their positions in the precious metal as safe-haven demand faded on surge in global equities and firmer greenback after upbeat US private sector job figures which boosted expectations that US Fed likely to go for rate rise next month. Meanwhile, traders will be seeking for further clues on the timing of rate hikes in US non-farm payroll data due later in the day. At the MCX, silver futures for July 2017 contract is trading at Rs 39,652 per kg, down by 0.40 per cent, after opening at Rs 39,440, against a previous close of Rs 39,813. It touched the intra-day low of Rs 39,440 (at 16:16 hours).

GJEPC inks pact with ALROSA to increase ties in diamond sector

Gem & Jewellery Export Promotion Council (GJEPC) and Russia's largest diamond mining company PJSC ALROSA signed an agreement to enhance cooperation in the sector, reported PTI. The Memorandum of Co-operation (MoC) was inked in the presence of Prime Minister Narendra Modi and Russian President Vladimir Putin in St Petersburg. The MoC covers areas like trade development, generic promotion of diamond and synthetic diamond detection, GJEPC said in a statement. "The MoC outlines GJEPC's intention to strive to establish a special tax regime so that direct sales can be conducted out of the India Diamond Trading Centre and for ALROSA to explore the ways of establishing a representative office within the Bharat Diamond Bourse in Mumbai, with the possibility of transitioning it to a sales office," it said. It also said the council will share information on the specifics of consumer demand for diamonds in India, while supporting ALROSA's international efforts for generic marketing campaigns. ALROSA and the GJEPC also resolved to make stringent efforts to maintain separate pipelines for natural and synthetic diamonds. "The need for generic marketing of diamonds has been felt by the industry for some time now," GJEPC Chairman Praveenshankar Pandya said. India is the largest diamond cutting and polishing centre in the world with the greatest share in both value and volume terms of the market.

Copper in reverse gear on demand worries

Copper futures slipped over 1 per cent during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the industrial metal on concerns over weakening demand and oversupply. Besides, investors shifted their focus towards equities from hard commodities tracking robust US and European industrial data. At the MCX, copper futures for June 2017 contract is trading at Rs 363.80 per kg, down by 1.34 per cent, after opening at Rs 367.25, against a previous close of Rs 368.75. It touched the intra-day low of Rs 362.75 (at 14:10 hours).

Yellow metal little changed after upbeat US data

Gold futures were little changed during afternoon trade in the domestic market on Friday as investors and speculators remained on the sidelines in the precious metal on surge in global equities and firmer greenback after upbeat US private sector job figures which boosted expectations that US Fed likely to go for rate rise next month. Meanwhile, traders will be seeking for further clues on the timing of rate hikes in US non-farm payroll data due later in the day. At the MCX, gold futures for June 2017 contract is trading at Rs 28656 per 10 grams, up by 0.01 per cent, after opening at Rs 28629, against a previous close of Rs 28652. It touched the intra-day high of Rs 28656 (at 13:54 hours).

Crude oil drops amid glut concerns

Crude oil futures fell over 2 per cent during the afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity amid worries that US President Trump's decision to quit global climate agreement could spark more crude drilling in the US, and will strongly hit OPEC’s efforts to drain a global crude supply overhang. Trump’s move could increase the supply-side equation from the US and complicate OPEC's forward projections, a scenario that would not be favorable for oil prices. At the MCX, crude oil futures for June 2017 contract is trading at Rs 3,072 per barrel, down by 2.75 per cent, after opening at Rs 3,130, against a previous close of Rs 3,159. It touched the intra-day low of Rs 3,067 (at 12:51 hours).

Uptick in physical demand lifts lead futures by 0.26%

Lead futures were trading higher during morning trade in the domestic market on Friday as investors and speculators build up fresh bets in the industrial metal amid surge in physical demand for lead, from battery-makers, in the domestic spot market. Further, a rise in physical demand from battery-makers in the domestic spot market, supported prices of lead at futures trade. At the MCX, lead futures for June 2017 contract is trading at Rs 135.80 per kg, up by 0.26 per cent, after opening at Rs 135.70, against a previous close of Rs 135.45. It touched the intra-day high of Rs 135.90 (at 11:04 hours).

Aluminium futures keep head above water

Aluminium futures were little changed during morning trade in the domestic market on Friday as investors and speculators started building up fresh positions in the industrial metal amid rise in physical demand for aluminium at the domestic spot market. Further, a surge in physical demand for aluminium at the domestic spot market was led by widening of positions by traders in the spot markets, supported aluminium prices at futures trade. At the MCX, aluminium futures for June 2017 contract is trading at Rs 124.25 per kg, up by 0.04 per cent, after opening at Rs 124.15, against a previous close of Rs 124.20. It touched the intra-day high of Rs 124.25 (at 10:59 hours).

Mentha oil futures gain on upsurge in demand

Mentha oil futures were trading higher during morning trade in the domestic market on Friday as investors and speculators extended their positions in the agri-commodity on uptick 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 surge 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 937 per kg, up by 0.21 per cent, after opening at Rs 934.20, against the previous closing price of Rs 935. It touched the intra-day high of Rs 938.80 (at 10:54 hours).

Cardamom futures zoom 4% as physical demand picks up

Cardamom futures jumped over 4 per cent during morning trade in the domestic market on Friday as investors and speculators extended their bets in the agri-commodity amid surge in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for June 2017 contract is trading at Rs 1,053.70 per kg, up by 4 per cent, after opening at Rs 1,043.50, against a previous close of Rs 1013.20. It touched the intra-day high of Rs 1053.70 (at 10:49 hours).

Silver dips on feeble global cues

Silver futures closed lower in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for July 2017 contract closed at Rs 39801 per kg, down by 0.74 per cent, after opening at Rs 40,016, against a previous close of Rs 40096. It touched the intra-day low of Rs 39,333.

Crude oil rises as US crude supplies fall

Crude oil futures closed higher in the domestic market on Thursday as U.S. government data revealed that domestic supplies of crude oil have now fallen for eight weeks in a row. Oil and gasoline inventories both declined, reflecting higher demand with driving season ramping up and likely continued strong exports. At the MCX, crude oil futures for June 2017 contract closed at Rs 3153 per barrel, up by 0.83 per cent, after opening at Rs 3135, against a previous close of Rs 3127. It touched the intra-day high of Rs 3175.

Gold dips on US rate hike expectation

Gold futures closed lower in the domestic market on Thursday as a robust snapshot of private-sector hiring provided support for the dollar and backed expectations for a U.S. interest-rate hike later this month—souring investor appetite for the yellow metal a day ahead of the much-anticipated May jobs report. The payrolls report due Friday is largely expected to include strong enough numbers that would all but confirm the Federal Reserve’s willingness to raise interest rates in two weeks, as the central bank has signaled in member speeches. At the MCX, gold futures for June 2017 contract ended at Rs 28630 per 10 grams, down by 0.74 per cent, after opening at Rs 28,770 against a previous close of Rs 28,843. It touched the intra-day low of Rs 28,550.

Uptick in physical demand buoys cardamom futures

Cardamom futures jumped over 4 per cent during evening trade in the domestic market on Wednesday as investors and speculators extended their positions in the agri-commodity on uptick in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for June 2017 contract is trading at Rs 1,013.20 per kg, up by 3.99 per cent, after opening at Rs 989.80, against a previous close of Rs 974.30. It touched the intra-day high of Rs 1013.20 (at 17:18 hours).

Nickel futures drop 1.28% on overseas cues

Nickel futures plummeted over 1 per cent during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal after a survey showed that manufacturing activity weakened in the world's second-largest economy, China, in May for the first time in almost a year. The Chinese business magazine Caixin said that its purchasing managers' index (PMI) declined for a third month, slipping to 49.6 from April's 50.3 on a 100-point scale on which numbers below 50 show activity contracting. At the MCX, nickel futures for June 2017 contract is trading at Rs 572.30 per kg, down by 1.28 per cent, after opening at Rs 579, against a previous close of Rs 579.70. It touched the intra-day low of Rs 570.80 (at 17:10 hours).

Zinc futures in reverse gear on global cues

Zinc futures plunged over 1 per cent during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal after a survey showed that manufacturing activity weakened in the world's second-largest economy, China, in May for the first time in almost a year. The Chinese business magazine Caixin said that its purchasing managers' index (PMI) declined for a third month, slipping to 49.6 from April's 50.3 on a 100-point scale on which numbers below 50 show activity contracting. At the MCX, zinc futures for June 2017 contract is trading at Rs 165.20 per kg, down by 1.43 per cent, after opening at Rs 166.95, against a previous close of Rs 167.60. It touched the intra-day low of Rs 164.85 (at 16:31 hours).

White metal loses sheen on Fed rate hike concerns

Silver futures fell over 1 per cent during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the precious metal as safe-haven demand faded amid expectations that the US Fed likely to go for rate rise next month. Besides, San Francisco Federal Reserve Bank, President, John C. Williams said on Thursday that, he sees a total of 3 interest rate increases for this year as his baseline scenario, but views 4 hikes as also being appropriate if the US economy gets an unexpected boost. However, he does not have a vote on the Federal Reserve's policy committee this year. At the MCX, silver futures for July 2017 contract is trading at Rs 39,675 per kg, down by 1.05 per cent, after opening at Rs 40,016, against a previous close of Rs 40,096. It touched the intra-day low of Rs 39,425 (at 16:25 hours).

Copper sheds after China’s factory activity contracted

Copper futures were trading lower during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal after a survey showed that manufacturing activity weakened in the world's second-largest economy, China, in May for the first time in almost a year. The Chinese business magazine Caixin said that its purchasing managers' index (PMI) declined for a third month, slipping to 49.6 from April's 50.3, in which numbers below 50 showed contraction. At the MCX, copper futures for June 2017 contract is trading at Rs 366.25 per kg, down by 0.68 per cent, after opening at Rs 367.90, against a previous close of Rs 368.75. It touched the intra-day low of Rs 366.15 (at 15:31 hours).

Yellow metal loses sheen on Fed rate hike concerns

Gold futures were trading lower during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the precious metal as safe-haven demand faded amid expectations that US Fed likely to go for rate rise next month after US economic data. Besides, San Francisco Federal Reserve Bank, President, John C. Williams said on Thursday that, he sees a total of 3 interest rate increases for this year as his baseline scenario, but views 4 hikes as also being appropriate if the US economy gets an unexpected boost. However, he does not have a vote on the Federal Reserve's policy committee this year. At the MCX, gold futures for June 2017 contract is trading at Rs 28,724 per 10 grams, down by 0.41 per cent, after opening at Rs 28,770, against a previous close of Rs 28,843. It touched the intra-day low of Rs 28,700 (at 15:05 hours).

Crude oil futures climb 1.15% on US stockpile draw

Crude oil futures rose over 1 per cent during the afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity after report that showed US crude stockpiles had fallen more than expected and on hopes that the US could pull out of a global climate accord. US President Trump said that he would announce later on Thursday a decision on whether to keep the US in a global pact to fight climate change, as a source close to the matter said he was preparing to pull out of the Paris pact. At the MCX, crude oil futures for June 2017 contract is trading at Rs 3,163 per barrel, up by 1.15 per cent, after opening at Rs 3,135, against a previous close of Rs 3,127. It touched the intra-day high of Rs 3,167 (at 13:50 hours).

Lead futures drop 0.44% on diminishing demand

Lead futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the industrial metal on muted physical demand for lead, from battery-makers, in the domestic spot market. Further, a decline in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for June 2017 contract is trading at Rs 135.95 per kg, down by 0.44 per cent, after opening at Rs 136.05, against a previous close of Rs 136.55. It touched the intra-day low of Rs 135.95 (at 10:51 hours).

Subdued physical demand bites aluminium futures

Aluminium futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the industrial metal amid muted physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for June 2017 contract is trading at Rs 124.05 per kg, down by 0.20 per cent, after opening at Rs 124.20, against a previous close of Rs 124.30. It touched the intra-day low of Rs 124 (at 10:45 hours).

Mentha oil futures slip on ease in demand

Mentha oil futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators exited their positions in the agri-commodity as physical demand plummeted for mentha oil from major consuming industries in the domestic spot market. Further, trimming up 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 935.70 per kg, down by 0.28 per cent, after opening at Rs 938.10, against the previous closing price of Rs 938.30. It touched the intra-day low of Rs 934 (at 10:39 hours).

Cardamom futures zoom 3.66% as demand ticks up

Cardamom futures jumped over 3 per cent during morning trade in the domestic market on Thursday as investors and speculators extended their bets in the agri-commodity amid surge in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for June 2017 contract is trading at Rs 1010 per kg, up by 3.66 per cent, after opening at Rs 989.80, against a previous close of Rs 974.30. It touched the intra-day high of Rs 1013.20 (at 10:34 hours).

Crude oil dips on OPEC meet outcome

Crude oil futures closed lower in the domestic market on Wednesday underscoring investors’ belief that the extended-production caps by major producers and the summer-driving season in the U.S. won’t do enough to reduce global supplies. The initial OPEC-led production cuts has so far done little to cut global inventories. And the initial price jump after the deal was announced six months ago helped encourage new U.S. drilling activity and send oil production there rebounding after 2016’s decline. At the MCX, crude oil futures for June 2017 contract closed at Rs 3124 per barrel, down by 2.47 per cent, after opening at Rs 3196, against a previous close of Rs 3203. It touched the intra-day low of Rs 3090.

Gold rises as investors eye key macro data

Gold futures closed higher in the domestic market on Wednesday as investors looked ahead to a key U.S. employment reading due late this week. Higher interest rates tend to be dollar-supportive, cutting demand for dollar-priced gold for investors using other currencies. Higher rates also weigh on demand for gold, which doesn’t bear interest, in favor of yield-bearing investments. At the MCX, gold futures for June 2017 contract ended at Rs 28810 per 10 grams, up by 0.24 per cent, after opening at Rs 28,705 against a previous close of Rs 28,741. It touched the intra-day high of Rs 28,880.

Silver down on weak global cues

Silver futures closed lower in the domestic market on Wednesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for July 2017 contract closed at Rs 40016 per kg, down by 0.66 per cent, after opening at Rs 40,105, against a previous close of Rs 40282. It touched the intra-day low of Rs 39,910.

Surge in physical demand buoys mentha oil futures

Mentha oil futures climbed nearly 4 per cent during evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the agri-commodity amid surge 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 surge in physical demand for mentha oil from consuming industries at the domestic spot market against insufficient stocks position on higher supplies from producing regions, supported mentha oil prices at futures trade. At the MCX, mentha oil futures for May 2017 contract is trading at Rs 998 per kg, down by 3.99 per cent, after opening at Rs 1059.70, against a previous close of Rs 1039.50. It touched the intra-day low of Rs 998 (at 18:24 hours).

Cardamom futures zoom 1.82% as demand picks up

Cardamom futures jumped over 1 per cent during evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the agri-commodity on uptick in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for June 2017 contract is trading at Rs 944 per kg, up by 1.82 per cent, after opening at Rs 927, against a previous close of Rs 927.10. It touched the intra-day high of Rs 946 (at 18:19 hours).

Nickel futures gain on uptick in demand

Nickel futures were trading higher during evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the industrial metal amid a firming trend at the spot markets. Further, a firming trend at the domestic spot markets following better demand from consuming industries and covering up of short positions in view of monthly expiry, supported nickel prices at futures trade. At the MCX, nickel futures for May 2017 contract is trading at Rs 585.50 per kg, up by 0.14 per cent, after opening at Rs 585.40, against a previous close of Rs 584.70. It touched the intra-day high of Rs 590.60 (at 17:18 hours).

Zinc futures surge 0.21% on spot demand

Zinc futures were trading higher during evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the industrial metal amid a firming trend at the spot markets. Further, a firming trend at the domestic spot markets following better demand from consuming industries and covering up of short positions in view of monthly expiry, supported the zinc prices in futures trade. At the MCX, zinc futures for May 2017 contract is trading at Rs 170.25 per kg, up by 0.21 per cent, after opening at Rs 169.75, against a previous close of Rs 169.90. It touched the intra-day high of Rs 170.70 (at 17:05 hours).

White metal slides 0.67% on subdued demand

Silver futures were trading lower during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the precious metal as safe-haven demand faded amid lack of cues as most of the Asian equity markets were closed today. However, closeness of Britain's upcoming elections, prospect of early elections in Italy and worries over Greek debt, restricted further fall in prices of precious metal. At the MCX, silver futures for July 2017 contract is trading at Rs 40,068 per kg, down by 0.67 per cent, after opening at Rs 40,380, against a previous close of Rs 40,337. It touched the intra-day low of Rs 40,010 (at 16:58 hours).

Copper slips ahead of Chinese factory data

Copper futures were trading lower during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the industrial metal as investors awaited the return of top metals consumer China from a public holiday and keenly eyed the release of Chinese factory data on Wednesday. Chinese factory data likely to show a slowdown in industrial growth. At the MCX, copper futures for June 2017 contract is trading at Rs 365.30 per kg, down by 0.63 per cent, after opening at Rs 367.50, against a previous close of Rs 367.60. It touched the intra-day low of Rs 363.85 (at 16:43 hours).

Yellow metal in reverse gear on muted demand

Gold futures were trading in a narrow range during afternoon trade in the domestic market on Tuesday as investors and speculators remained on the sidelines in the precious metal as safe-haven demand faded amid lack of cues as most of the Asian equity markets are closed today. However, closeness of Britain's upcoming elections, prospect of early elections in Italy and worries over Greek debt, restricted further fall in yellow metal prices. At the MCX, gold futures for June 2017 contract is trading at Rs 28,866 per 10 grams, down by 0.12 per cent, after opening at Rs 28,949, against a previous close of Rs 28,900. It touched the intra-day low of Rs 28,842 (at 13:49 hours).

Crude oil futures slip over 1% on oversupply concerns

Crude oil futures fell over 1 per cent during the afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the energy commodity amid persistent oversupply concerns as a constant rise in the US drilling undermined an OPEC-led push to tighten supply. However, start of the American summer driving season boosted demand for transport fuels as families visit friends and relatives or go on vacation during the Northern Hemisphere summer months, restricted further fall in crude oil prices. At the MCX, crude oil futures for June 2017 contract is trading at Rs 3,217 per barrel, down by 1.29 per cent, after opening at Rs 3,245, against a previous close of Rs 3,259. It touched the intra-day low of Rs 3,214 (at 13:22 hours).

Lead futures little changed on muted demand

Lead futures were little changed during morning trade in the domestic market on Tuesday as investors and speculators remained on the sidelines in the industrial metal on muted physical demand for lead, from battery-makers, in the domestic spot market. Further, a decline in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 135.95 per kg, down by 0.07 per cent, after opening at Rs 133.70, against a previous close of Rs 136.05. It touched the intra-day low of Rs 133.70 (at 10:46 hours).

Uptick in demand buoys aluminium futures

Aluminium futures were trading higher during morning trade in the domestic market on Tuesday as investors and speculators build up fresh bets in the industrial metal amid surge in physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was led by widening of positions by traders in the spot markets, supported aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 126.20 per kg, up by 0.20 per cent, after opening at Rs 126.10, against a previous close of Rs 125.95. It touched the intra-day high of Rs 126.20 (at 10:41 hours).

Diminishing physical demand bites cardamom futures

Cardamom futures fell over 1 per cent during morning trade in the domestic market on Tuesday as investors and speculators cut down their bets in the agri-commodity amid fall 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 June 2017 contract is trading at Rs 913.90 per kg, down by 1.42 per cent, after opening at Rs 927, against a previous close of Rs 927.10. It touched the intra-day low of Rs 910 (at 10:37 hours).

Sluggish demand drags down mentha oil futures by 2.99%

Mentha oil futures fell nearly 3 per cent during morning trade in the domestic market on Tuesday as investors and speculators exited their positions in the agri-commodity amid plunge in physical demand for mentha oil from major consuming industries in the domestic spot market. Further, trimming up 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 May 2017 contract is trading at Rs 1,008.40 per kg, down by 2.99 per cent, after opening at Rs 1059.70, against the previous closing price of Rs 1039.50. It touched the intra-day low of Rs 1008.40 (at 10:31 hours).

Gold rises on geopolitical jitters

Gold futures closed higher in the domestic market on Monday as a fresh round of geopolitical jitters offset expectations for higher U.S. interest rates, which would otherwise be bearish for gold prices. Investors were watching North Korea, this weekend’s Group of Seven meeting, the coming U.K. elections, and developments surrounding the Trump administration—all helping to boost gold’s appeal as a hedge against uncertainty. At the MCX, gold futures for June 2017 contract ended at Rs 28919 per 10 grams, up by 0.11 per cent, after opening at Rs 28,870 against a previous close of Rs 28,888. It touched the intra-day high of Rs 28,941.

Silver rises on robust global cues

Silver futures closed higher in the domestic market on Monday tracking a firming trend in precious metals overseas as speculators widened their positions. Market analysts said speculative position built up by participants, driven by firm global trend, mainly contributed to the rise in silver prices at futures trade. At the MCX, silver futures for July 2017 contract closed at Rs 40,360 per kg, up by 0.67 per cent, after opening at Rs 40,101, against a previous close of Rs 40,091. It touched the intra-day high of Rs 40,367.

Crude oil rises as traders shook off OPEC decision disappointment

Crude oil futures closed higher in the domestic market on Monday as investors shook off disappointment that OPEC didn’t take more aggressive measures to cut production. The Organization of the Petroleum Exporting Countries on last Thursday renewed an agreement with 10 other crude-oil producers to cap output through March 2018, but the production cuts won’t be deepened, as some investors had expected. At the MCX, crude oil futures for June 2016 contract closed at Rs 3262 per barrel, up by 1.53 per cent, after opening at Rs 3207, against a previous close of Rs 3213. It touched the intra-day high of Rs 3270.

Nickel futures little changed on global cues

Nickel futures were little changed during evening trade in the domestic market on Monday as investors and speculators exited their positions in the industrial metal on slackned demand ahead of the long weekend break in China, the US and Britain. Further, industrial metal held a narrow range on Monday as Chinese markets are closed on Monday and Tuesday for the Dragon Boat festival. At the MCX, nickel futures for May 2017 contract is trading at Rs 584.40 per kg, down by 0.07 per cent, after opening at Rs 582.20, against a previous close of Rs 584.80. It touched the intra-day low of Rs 578.50 (at 17:19 hours).

Zinc futures in reverse gear

Zinc futures were trading lower during evening trade in the domestic market on Monday as investors and speculators exited their positions in the industrial metal on slackned demand ahead of the long weekend break in China, the US and Britain. Further, industrial metal held a narrow range on Monday as Chinese markets are closed on Monday and Tuesday for the Dragon Boat festival. At the MCX, zinc futures for May 2017 contract is trading at Rs 169.95 per kg, down by 0.18 per cent, after opening at Rs 170.50, against a previous close of Rs 170.25. It touched the intra-day low of Rs 169.55 (at 17:10 hours).

White metal surges on safe-haven demand

Silver futures were trading marginally higher during evening trade in the domestic market on Monday as investors and speculators extended their positions in the precious metal amid surge in safe-haven demand due to geopolitical tensions. Meanwhile, precious metal held a narrow range on Monday due to a weaker dollar, coupled with rising geopolitical tensions and also Chinese markets are closed on Monday and Tuesday for the Dragon Boat festival. At the MCX, silver futures for July 2017 contract is trading at Rs 40,160 per kg, up by 0.17 per cent, after opening at Rs 40,101, against a previous close of Rs 40,091. It touched the intra-day high of Rs 40,195 (at 16:08 hours).

Copper futures in reverse gear

Copper futures were trading lower during evening trade in the domestic market on Monday as investors and speculators exited their positions in the industrial metal as concerns eased over a strike at one of the world's biggest copper mines, Grasberg, in Indonesia ahead of the long weekend break in China, the US and Britain. Freeport McMoRan Inc said on Thursday that mining and milling rates at Grasberg had been affected by an extended strike, and a ‘large number’ of about 4,000 absentee workers were deemed to have resigned. At the MCX, copper futures for June 2017 contract is trading at Rs 366.40 per kg, down by 0.27 per cent, after opening at Rs 367, against a previous close of Rs 367.40. It touched the intra-day low of Rs 365 (at 15:59 hours).

Yellow metal little changed on global cues

Gold futures were little changed during afternoon trade in the domestic market on Monday as investors and speculators remained on the sidelines in the precious metal as safe-haven demand faded after report of a North Korean missile test fizzed out. Meanwhile, yellow metal held a narrow range on Monday as Chinese markets are closed on Monday and Tuesday for the Dragon Boat festival. At the MCX, gold futures for June 2017 contract is trading at Rs 28,868 per 10 grams, down by 0.07 per cent, after opening at Rs 28,870, against a previous close of Rs 28,888. It touched the intra-day low of Rs 28,832 (at 14:08 hours).

Crude oil keeps head above water

Crude oil futures were trading marginally higher during the afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity after OPEC and other major producers, last week, extended their current deal to limit oil production for 9 months. However, a constant rise in the US drilling undermined an OPEC-led push to tighten supply, restricted further rise in crude oil prices. At the MCX, crude oil futures for June 2017 contract is trading at Rs 3,217 per barrel, up by 0.12 per cent, after opening at Rs 3,207, against a previous close of Rs 3,213. It touched the intra-day high of Rs 3,228 (at 13:49 hours).

Govt to double income of farmers by 2022: Min

Union Minister of Agriculture and Farmers Welfare, Radha Mohan Singh has said that the Government of India has undertaken several new initiatives to make our nation prosper and agriculture sector and farmers flourish. He said that the Government is committed to double farmers' income by 2022 and veterinaries play a significant role in fulfilling the Government’s resolution to double the farmers’ income. A healthy animal will result in greater production which will automatically enhance the farmer’s income and the country will proceed on the path of economic prosperity. Speaking at the inauguration ceremony of polytechnic at Kamdhenu University, Sabarkantha, the minister said that has the government has announced new measure in the field of animal husbandry in Gujarat. Under Rashtriya Gokul Mission, on the lines of Gokul Gram ‘Gir, Cow Sanctuary’ has been approved. This will be established in Dharampur, Porbandar under Livestock insurance coverage. Earlier only two milk animals were included , now 5 milk animals and 50 small animals are included. This scheme has been implemented in all the districts of the state, whereas earlier only 15 districts were included. During the year 2014-16, about 26,000 animals have been insured in the state. The Agriculture Minister said that it is a matter of immense pride that our country is number one in milk production in the world. In the year 2015-16, the growth rate of milk production has been 6.28 per cent due to which total production has reached 156 million tonnes. And now, per person milk availability is 337 gram on an average, while on the world level it is 229 gram. It is worth mentioning that in comparison to the years 2011-14, the growth in milk production during the years 2014-17 has been 16.9 per cent. In the end, the minister said that to see our nation prosper and agriculture sector and farmers flourish, we need to work together. When the agriculture will grow, the farmer will be happy and the country will move forward.

Lead futures slip 0.15% on subdued physical demand

Lead futures were trading lower during morning trade in the domestic market on Monday as investors and speculators remained on the sidelines in the industrial metal on muted physical demand for lead, from battery-makers, in the domestic spot market. Further, a decline in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 135.85 per kg, down by 0.15 per cent, after opening at Rs 136.40, against a previous close of Rs 136.05. It touched the intra-day low of Rs 135.75 (at 10:50 hours).

Muted physical demand bites aluminium futures

Aluminium futures were trading lower during morning trade in the domestic market on Monday as investors and speculators remained on the sidelines in the industrial metal amid muted physical demand for aluminium at the domestic spot market. Further, a slide in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 125.75 per kg, down by 0.12 per cent, after opening at Rs 125.70, against a previous close of Rs 125.90. It touched the intra-day low of Rs 125.70 (at 10:45 hours).

Uptick in demand buoys mentha oil futures by 2.49%

Mentha oil futures jumped over 2 per cent during morning trade in the domestic market on Monday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for mentha oil from major consuming industries in the domestic spot market. Further, building up of fresh bets by traders in the spot market was led by a surge 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 May 2017 contract is trading at Rs 1,026.30 per kg, up by 2.49 per cent, after opening at Rs 1018.90, against the previous closing price of Rs 1001.40. It touched the intra-day high of Rs 1031.40 (at 10:40 hours).

Sluggish demand drags down cardamom futures by 1.66%

Cardamom futures fell over 1 per cent during morning trade in the domestic market on Monday as investors and speculators cut down their bets in the agri-commodity amid fall 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 June 2017 contract is trading at Rs 935 per kg, down by 1.66 per cent, after opening at Rs 931, against a previous close of Rs 950.80. It touched the intra-day low of Rs 922.50 (at 10:31 hours).

India’s steel quality globally competitive: ISA

According to Indian Steel Association India has turned net exporter of steel this year and the trend is expected to continue as the metal's quality has become globally competitive. According to the ISA, this is the beginning for India to become a global player. The country is no doubt on the right path. It is already a net exporter this will give strength to domestic production so that the entire production may not be intended for domestic consumption and some a positive development needs to move further. Commenting on the issue, Sanak Mishra, Secretary General and Executive Head, Indian Steel Association (ISA) told the media, "From September 2014 till end of September 2016 huge imports came to India, and since about beginning of this year, it shows the trend of becoming a net exporter." “On account of measures taken by the government, the imports fell down last fiscal year ending March, and from beginning of the new calender year itself, the exports were larger than the imports,” he said.

Crude oil rises as traders weigh impact of OPEC decision

Crude oil futures closed higher in the domestic market on Friday as investors shook off disappointment that OPEC didn’t take more aggressive measures to cut production. The Organization of the Petroleum Exporting Countries on Thursday renewed an agreement with 10 other crude-oil producers to cap output through March 2018, but the production cuts won’t be deepened, as some investors had expected. At the MCX, crude oil futures for June 2016 contract closed at Rs 3216 per barrel, up by 1.20 per cent, after opening at Rs 3149, against a previous close of Rs 3178. It touched the intra-day high of Rs 3220.

Gold up on geopolitical concerns

Gold futures closed higher in the domestic market on Friday as a fresh round of geopolitical jitters offset expectations for higher U.S. interest rates, which would otherwise be bearish for gold prices. Investors were watching North Korea, this weekend’s Group of Seven meeting, the coming U.K. elections, and developments surrounding the Trump administration—all helping to boost gold’s appeal as a hedge against uncertainty. At the MCX, gold futures for June 2017 contract ended at Rs 28884 per 10 grams, up by 0.78 per cent, after opening at Rs 28,715 against a previous close of Rs 28,661. It touched the intra-day high of Rs 28,904.

Silver rises on firm global cues

Silver futures closed higher in the domestic market on Friday tracking a firming trend in precious metals overseas as speculators widened their positions. Market analysts said speculative position built up by participants, driven by firm global trend, mainly contributed to the rise in silver prices at futures trade. At the MCX, silver futures for July 2017 contract closed at Rs 40,130 per kg, up by 0.82 per cent, after opening at Rs 39,854, against a previous close of Rs 39,802. It touched the intra-day high of Rs 40,195.

Surge in physical demand buoys mentha oil futures

Mentha oil futures jumped over 4 per cent during evening trade in the domestic market on Friday as investors and speculators extended their positions in the agri-commodity amid surge 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 surge in physical demand for mentha oil from consuming industries at the domestic spot market against insufficient stocks position on higher supplies from producing regions, supported mentha oil prices at futures trade. At the MCX, mentha oil futures for May 2017 contract is trading at Rs 1001.90 per kg, up by 4 per cent, after opening at Rs 963.40, against a previous close of Rs 963.40. It touched the intra-day high of Rs 1001.90 (at 17:47 hours).

Sluggish demand bites cardamom futures

Cardamom futures plunged nearly 4 per cent during evening trade in the domestic market on Friday as investors and speculators cut down their positions in the agri-commodity on sluggish 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 June 2017 contract is trading at Rs 950 per kg, down by 3.99 per cent, after opening at Rs 985, against a previous close of Rs 989.50. It touched the intra-day low of Rs 950 (at 17:42 hours).

Nickel futures in reverse gear

Nickel futures were trading lower during evening trade in the domestic market on Friday as investors and speculators exited their positions in the industrial metal on slackned demand in the domestic spot market. Analysts said cut down of positions by participants, tracking a subdued trend at the domestic spot market on muted physical demand from consuming industries, mainly influenced nickel prices at futures trade. At the MCX, nickel futures for May 2017 contract is trading at Rs 581 per kg, down by 0.17 per cent, after opening at Rs 584.50, against a previous close of Rs 582. It touched the intra-day low of Rs 578.60 (at 17:34 hours).

Zinc futures drop 0.21% on diminishing demand

Zinc futures were trading lower during evening trade in the domestic market on Friday as investors and speculators exited their positions in the industrial metal on slackned demand in the domestic spot market. Analysts said cut down of positions by participants, tracking a subdued trend at the domestic spot market on muted physical demand from consuming industries, mainly influenced zinc prices at futures trade. At the MCX, zinc futures for May 2017 contract is trading at Rs 169.20 per kg, down by 0.21 per cent, after opening at Rs 170, against a previous close of Rs 169.55. It touched the intra-day low of Rs 168.80 (at 17:23 hours).

White metal shines on global cues

Silver futures were trading higher during evening trade in the domestic market on Friday as investors and speculators extended their positions in the precious metal after Asian equities eased following an extension of output cuts by OPEC and its allies that disappointed investors hoping for bigger cuts. OPEC and its allies, including Russia, will roll over their 6-month deal to remove 1.8 million barrels per day from the market through March 2018. Investors had hoped the cartel might reduce output even further to drain a global glut that has depressed the market for almost 3 years. At the MCX, silver futures for July 2017 contract is trading at Rs 40,012 per kg, up by 0.53 per cent, after opening at Rs 39854, against a previous close of Rs 39802. It touched the intra-day high of Rs 40062 (at 16:22 hours).

Copper futures in reverse gear

Copper futures were trading lower during evening trade in the domestic market on Friday as investors and speculators exited their positions in the industrial metal as concerns eased over a strike at one of the world's biggest copper mines, Grasberg, in Indonesia. Freeport McMoRan Inc said on Thursday that mining and milling rates at Grasberg had been affected by an extended strike, and a ‘large number’ of about 4,000 absentee workers were deemed to have resigned. At the MCX, copper futures for June 2017 contract is trading at Rs 370.20 per kg, down by 0.40 per cent, after opening at Rs 371.40, against a previous close of Rs 371.70. It touched the intra-day low of Rs 369.85 (at 16:10 hours).

Yellow metal shines as Asian equities slip post oil slump

Gold futures were trading higher during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the precious metal after Asian equities eased following an extension of output cuts by OPEC and its allies that disappointed investors hoping for bigger cuts. OPEC and its allies, including Russia, will roll over their 6-month deal to remove 1.8 million barrels per day from the market through March 2018. Investors had hoped the cartel might reduce output even further to drain a global glut that has depressed the market for almost 3 years. At the MCX, gold futures for June 2017 contract is trading at Rs 28789 per 10 grams, up by 0.45 per cent, after opening at Rs 28715, against a previous close of Rs 28661. It touched the intra-day high of Rs 28818 (at 14:03 hours).

Crude oil prices in reverse gear after OPEC meet

Crude oil futures were little changed during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity after OPEC and other major producers extended their current deal to limit oil production for 9 months, disappointing investors who were anticipating deeper cuts. OPEC and its allies, including Russia, will roll over their 6-month deal to remove 1.8 million barrels per day from the market through March 2018. Investors had hoped the cartel might reduce output even further to drain a global glut that has depressed the market for almost 3 years. At the MCX, crude oil futures for June 2017 contract is trading at Rs 3175 per barrel, down by 0.09 per cent, after opening at Rs 3149, against a previous close of Rs 3178. It touched the intra-day low of Rs 3141 (at 13:48 hours).

Lead futures gain on upsurge in physical demand

Lead futures were trading higher during morning trade in the domestic market on Friday as investors and speculators build up fresh bets in the industrial metal on surge in physical demand for lead, from battery-makers, in the domestic spot market. Further, a surge in physical demand from battery-makers in the domestic spot market, supported prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 135.05 per kg, up by 0.60 per cent, after opening at Rs 134.90, against a previous close of Rs 134.25. It touched the intra-day high of Rs 135.25 (at 11:04 hours).

Uptick in demand buoys aluminium futures

Aluminium futures were trading higher during morning trade in the domestic market on Friday as investors and speculators build up fresh bets in the industrial metal amid rise in physical demand for aluminium at the domestic spot market. Further, a surge in physical demand for aluminium at the domestic spot market was led by widening of positions by traders in the spot markets, supported aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 126.65 per kg, up by 0.28 per cent, after opening at Rs 126.60, against a previous close of Rs 126.30. It touched the intra-day high of Rs 126.75 (at 10:59 hours).

Mentha oil futures lift 1% as demand ticks up

Mentha oil futures rose over 1 per cent during morning trade in the domestic market on Friday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for mentha oil from major consuming industries in the domestic spot market. Further, building up of fresh bets by traders in the spot market was led by a surge 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 May 2017 contract is trading at Rs 973 per kg, up by 1 per cent, after opening at Rs 963.40, against the previous closing price of Rs 963.40. It touched the intra-day high of Rs 982.20 (at 10:54 hours).

Diminishing demand drags down cardamom futures by 1.88%

Cardamom futures fell over 1 per cent during morning trade in the domestic market on Friday as investors and speculators cut down their bets in the agri-commodity amid fall 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 June 2017 contract is trading at Rs 970.90 per kg, down by 1.88 per cent, after opening at Rs 985, against a previous close of Rs 989.50. It touched the intra-day low of Rs 969 (at 10:42 hours).

Gold dips on expected US rate hike

Gold futures closed lower in the domestic market on Thursday pressured by rising U.S. interest-rate hike expectations. Prices eased back after minutes from the Federal Reserve’s May policy meeting appeared to show that the majority of the central bank’s officials remain resolute about hiking rates at their meeting in June, which is widely expected. At the MCX, gold futures for June 2017 contract ended at Rs 28644 per 10 grams, down by 0.24 per cent, after opening at Rs 28,750 against a previous close of Rs 28,713. It touched the intra-day low of Rs 28,630.

Silver down on feeble global cues

Silver futures closed lower in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for July 2017 contract closed at Rs 39,770 per kg, down by 0.16 per cent, after opening at Rs 39,878, against a previous close of Rs 39,832. It touched the intra-day low of Rs 39,755.

Crude oil dips on OPEC meet outcome

Crude oil futures closed lower in the domestic market on Thursday as traders showed disappointment with the Organization of the Petroleum Exporting Countries’ decision to extend production cuts by nine months. An extension was widely expected, but traders had started to speculate that the cartel would make deeper reductions to output or extend the out-limit deal by 12 months. At the MCX, crude oil futures for June 2017 contract closed at Rs 3179 per barrel, down by 4.51 per cent, after opening at Rs 3350, against a previous close of Rs 3329. It touched the intra-day low of Rs 3166.

Tax burden on gold should reduce under GST regime: WGC

The World Gold Council today urged the government to reduce the tax incidence on gold and gold products under the new Goods and Sevices Tax regime. "In the GST regime, we urge and expect that the total tax burden on gold be halved from the current level of around 12 per cent," WGC managing director Somasundaram PR said here today during launch of a new comprehensive India gold report in Bengali. The report is published after 15 years and is also available in English, Hindi, Malayam and Tamil for a ready reference to Indian gold industry. Currently, total taxation comes to between 12 and 13 per cent. Custom duty is 10 per cent, excise is one per cent and VAT of 1-1.5 per cent depending upon states. "In the GST regime, we demand the total tax burden on gold to be not more than 6-7 per cent. But, we have to wait for a few days more when the GST rates on gold is expected to be announced," Somasundaram said. He tried to convince that gold import was not as bad as was perceived to be when asked why government should offer low tax on gold which is an idle asset and contribute a lot for current account deficit. "According to a 2014-15 report of PWC, value addition in gold is to the tune of USD 30 billion with a lot more scope. Gold loan is also to the tune of around USD 10 billion with about 1,250 tonne as collateral allowing persons access to credit be it formal or informal," Somasundaram said. Hoping GST will bring lot of transperency in the gold industry including check on illgeal imports which is about 120 tonnes a year now. But it will take few months industry to get stabilised, the WGC official said. Somasundaram said government should promote gold investment through ETF with tax breaks rather than physical gold. He reteriated that the country needed a gold policy that would help all stakeholders. Meanwhile, the gold demand during Q1 (January-March, 2017) grew by 15 per cent to 123 tonnes, but it was 18 per cent down compared to the corresponding period in the last five years on average.

Nickel futures dip 0.49% on overseas cues

Nickel futures were trading lower during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal on slackned demand as Asian equities soared after minutes of the Federal Reserve's last policy meeting suggested the US central bank was cautious about raising interest rates. Besides, after credit ratings agency Moody's Investors Service downgraded China's credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise. At the MCX, nickel futures for May 2017 contract is trading at Rs 586.90 per kg, down by 0.49 per cent, after opening at Rs 589, against a previous close of Rs 589.80. It touched the intra-day low of Rs 585.60 (at 17:04 hours).

Zinc futures slip 1.46% on global cues

Zinc futures plunged over 1 per cent during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal on slackned demand as Asian equities soared after minutes of the Federal Reserve's last policy meeting suggested the US central bank was cautious about raising interest rates. Besides, after credit ratings agency Moody's Investors Service downgraded China's credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise. At the MCX, zinc futures for May 2017 contract is trading at Rs 168.80 per kg, down by 1.46 per cent, after opening at Rs 170.10, against a previous close of Rs 171.30. It touched the intra-day low of Rs 168.40 (at 16:59 hours).

White metal little changed after Fed minutes

Silver futures were little changed during evening trade in the domestic market on Thursday as investors and speculators extended their positions in the precious metal as the greenback dropped and minutes of the Federal Reserve's last policy meeting suggested the US central bank was cautious about raising interest rates. The metal is highly sensitive to higher rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. At the MCX, silver futures for July 2017 contract is trading at Rs 39,867 per kg, up by 0.09 per cent, after opening at Rs 39,878, against a previous close of Rs 39,832. It touched the intra-day high of Rs 39,990 (at 16:51 hours).

Copper futures in reverse gear

Copper futures were trading lower during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal on slackned demand as Asian equities soared after minutes of the Federal Reserve's last policy meeting suggested the US central bank was cautious about raising interest rates. Besides, after credit ratings agency Moody's Investors Service downgraded China's credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise, too influenced copper prices. At the MCX, copper futures for June 2017 contract is trading at Rs 368.60 per kg, down by 0.78 per cent, after opening at Rs 369.95, against a previous close of Rs 371.50. It touched the intra-day low of Rs 368.40 (at 14:19 hours).

Yellow metal little changed after Fed minutes

Gold futures were little changed during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the precious metal as the greenback dropped and minutes of the Federal Reserve's last policy meeting suggested the US central bank was cautious about raising interest rates. The metal is highly sensitive to higher rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. At the MCX, gold futures for June 2017 contract is trading at Rs 28728 per 10 grams, up by 0.05 per cent, after opening at Rs 28750, against a previous close of Rs 28713. It touched the intra-day high of Rs 28765 (at 14:06 hours).

Crude oil rises on hopes of a deal

Crude oil futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity on expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies would be able to extend their pledge to slash output to tighten supply. OPEC and its allies meeting already began in Vienna on Thursday to discuss output cut extension for further 9 months, instead of current deal of covering the first half of 2017. “I think 9 months is most likely,” one OPEC delegate said, quoted Reuters. Four other delegates agreed it was the most probable outcome. At the MCX, crude oil futures for June 2017 contract is trading at Rs 3361 per barrel, up by 0.96 per cent, after opening at Rs 3350, against a previous close of Rs 3329. It touched the intra-day high of Rs 3365 (at 13:47 hours).

Lead futures drop on subdued physical demand

Lead futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators cut down their bets in the industrial metal on subdued physical demand for lead, from battery-makers, in the domestic spot market. Further, a fall in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 133.75 per kg, down by 0.15 per cent, after opening at Rs 133.30, against a previous close of Rs 133.95. It touched the intra-day low of Rs 133.30 (at 11:06 hours).

Muted physical demand bites aluminium futures

Aluminium futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the industrial metal amid muted physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 125.75 per kg, down by 0.28 per cent, after opening at Rs 125.80, against a previous close of Rs 126.10. It touched the intra-day low of Rs 125.70 (at 10:56 hours).

Uptick in demand buoys mentha oil futures

Mentha oil futures were trading higher during morning trade in the domestic market on Thursday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for mentha oil from major consuming industries in the domestic spot market. Further, building up of fresh bets by traders in the spot market was led by a surge 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 May 2017 contract is trading at Rs 964.60 per kg, up by 0.67 per cent, after opening at Rs 955.50, against the previous closing price of Rs 958.20. It touched the intra-day high of Rs 967.90 (at 10:52 hours).

Cardamom futures surge 0.39% as demand ticks up

Cardamom futures were trading higher during morning trade in the domestic market on Thursday as investors and speculators build up fresh bets in the agri-commodity amid surge in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for June 2017 contract is trading at Rs 987 per kg, up by 0.39 per cent, after opening at Rs 986, against a previous close of Rs 983.20. It touched the intra-day high of Rs 990 (at 10:48 hours).

Crude oil dips as traders weigh OPEC meet outcome

Crude oil futures closed lower in the domestic market on Wednesday as traders weighed potential outcomes for a much-anticipated meeting of major oil producers that will help decide the fate of global crude production levels. A joint committee of members and nonmembers of the Organization of the Petroleum Exporting Countries on Wednesday recommended a nine-month extension to the production-cut agreement that expires in June. At the MCX, crude oil futures for June 2017 contract closed at Rs 3331 per barrel, down by 0.30 per cent, after opening at Rs 3351, against a previous close of Rs 3341. It touched the intra-day low of Rs 3317.

Silver down on feeble global cues

Silver futures closed lower in the domestic market on Wednesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for July 2017 contract closed at Rs 39,830 per kg, down by 0.32 per cent, after opening at Rs 39,740, against a previous close of Rs 39,958. It touched the intra-day low of Rs 39,471.

Gold dips on US rate hike expectation

Gold futures closed lower in the domestic market on Wednesday pressured by rising U.S. interest-rate hike expectations. Prices briefly climbed, then eased back after minutes from the Federal Reserve’s May policy meeting appeared to show that the majority of the central bank’s officials remain resolute about hiking rates at their meeting in June, which is widely expected. At the MCX, gold futures for June 2017 contract ended at Rs 28710 per 10 grams, down by 0.35 per cent, after opening at Rs 28,750 against a previous close of Rs 28,811. It touched the intra-day low of Rs 28,645.

Mentha oil futures keep head above water

Mentha oil futures were trading higher during evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the agri-commodity amid surge 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 surge in physical demand for mentha oil from consuming industries at the domestic spot market against insufficient stocks position on higher supplies from producing regions, supported mentha oil prices at futures trade. At the MCX, mentha oil futures for May 2017 contract is trading at Rs 945.70 per kg, up by 0.14 per cent, after opening at Rs 943.40, against a previous close of Rs 944.40. It touched the intra-day high of Rs 948.50 (at 18:12 hours).

Sluggish demand bites cardamom futures

Cardamom futures were trading lower during evening trade in the domestic market on Tuesday as investors and speculators cut down their positions in the agri-commodity on sluggish 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 June 2017 contract is trading at Rs 999.80 per kg, down by 0.43 per cent, after opening at Rs 995, against a previous close of Rs 1004.10. It touched the intra-day low of Rs 978 (at 18:09 hours).

Nickel futures in reverse gear

Nickel 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 diminishing demand from consuming industries at the domestic spot markets. Further, trimming of positions by participants, tracking a reversing trend at the spot market on falling demand from alloy-makers, mainly influenced the slide in nickel prices at futures trade. At the MCX, nickel futures for May 2017 contract is trading at Rs 603.60 per kg, down by 0.31 per cent, after opening at Rs 606.60, against a previous close of Rs 605.50. It touched the intra-day low of Rs 602 (at 17:14 hours).

Zinc futures climb 1.15% on rise in Chinese imports

Zinc futures rose over 1 per cent during evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the industrial metal after imports of the metals into top consumer, China, rose, underlining a tightening supply situation. According to the customs data, refined zinc imports to China in April grew by 21 per cent to 47,469 tonnes y-o-y while shipments of ore and concentrates jumped 44 per cent. At the MCX, zinc futures for May 2017 contract is trading at Rs 172.20 per kg, up by 1.15 per cent, after opening at Rs 171, against a previous close of Rs 170.25. It touched the intra-day high of Rs 172.25 (at 17:00 hours).

White metal shines on safe-haven buying

Silver futures were little changed during evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the precious metal on safe-haven demand amid global worries after explosion in Manchester that left at least 22 people dead and around 59 injured. The explosion occurred at the end of a concert by US singer Ariana Grande on Monday, in which 2 US officials said was a suspected suicide bombing. Besides, US political woes continued over Trump's alleged links to Russia and his firing of former FBI Chief James Comey raised concerns about his ability to push through promised fiscal stimulus, too supported precious metal. At the MCX, silver futures for July 2017 contract is trading at Rs 39,898 per kg, up by 0.06 per cent, after opening at Rs 39,911, against a previous close of Rs 39,874. It touched the intra-day high of Rs 40,009 (at 16:54 hours).

Copper futures in reverse gear

Copper futures were little changed during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the industrial metal on slackened demand after China's refined copper imports in April fell 41 per cent from a year ago, on the back of compressed buying power of traders due to tighter credit access. Trade data showed on Tuesday that, refined copper imports slide to 202,645 tonnes last month, the lowest since February, and were down by 18 per cent from March’s levels. JP Morgan in a report said that, “In general, metals traders have been suffering from rising financing costs, fierce competition and a slowing economy.” At the MCX, copper futures for June 2017 contract is trading at Rs 371.15 per kg, down by 0.09 per cent, after opening at Rs 371, against a previous close of Rs 371.50. It touched the intra-day low of Rs 369.25 (at 16:36 hours).

Yellow metal shines amid global worries

Gold futures were trading slightly higher during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the precious metal on safe-haven demand amid global worries after explosion in Manchester that left at least 19 people dead and over 50 injured. The explosion occurred at the end of a concert by US singer Ariana Grande on Monday, in which 2 US officials said was a suspected suicide bombing. Besides, US political woes continued over Trump's alleged links to Russia and his firing of former FBI Chief James Comey raised concerns about his ability to push through promised fiscal stimulus, too supported precious metal. At the MCX, gold futures for June 2017 contract is trading at Rs 28,815 per 10 grams, up by 0.10 per cent, after opening at Rs 28,850, against a previous close of Rs 28,785. It touched the intra-day high of Rs 28,926 (at 14:08 hours).

Oil slips as White House proposes US oil reserve sales

Crude oil futures were trading lower during afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the energy commodity after reports that the US President Trump proposed the sale of half the country's strategic oil reserves, despite efforts of the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to slash output to tighten supply in the market. OPEC and its allies will meet in Vienna on Thursday to discuss output cut extension until March 2018. According to the documents released on Monday showed that, the White House budget plan would sell off half of the nation's emergency oil stockpile from 2018 to 2027 to raise USD 16.5 billion from October 2018. It also suggested opening up more production in Alaska. At the MCX, crude oil futures for June 2017 contract is trading at Rs 3301 per barrel, down by 0.27 per cent, after opening at Rs 3303, against a previous close of Rs 3310. It touched the intra-day low of Rs 3286 (at 13:44 hours).

Uptick in physical demand buoys lead futures

Lead futures were trading higher during morning trade in the domestic market on Tuesday as investors and speculators build up fresh bets in the industrial metal on uptick in physical demand for lead, from battery-makers, in the domestic spot market. Further, a surge in physical demand from battery-makers in the domestic spot market, supported prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 135.85 per kg, up by 0.93 per cent, after opening at Rs 135.50, against a previous close of Rs 134.60. It touched the intra-day high of Rs 136.35 (at 11:11 hours).

Aluminium futures slide 0.40% on diminishing demand

Aluminium futures were trading lower during morning trade in the domestic market on Tuesday as investors and speculators remained on the sidelines in the industrial metal amid subdued physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 124.75 per kg, down by 0.40 per cent, after opening at Rs 125, against a previous close of Rs 125.25. It touched the intra-day low of Rs 124.65 (at 11:08 hours).

Subdued physical demand bites mentha oil

Mentha oil futures were trading lower during morning trade in the domestic market on Tuesday as investors and speculators remained on the sidelines in the agri-commodity amid muted 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 May 2017 contract is trading at Rs 940.40 per kg, down by 0.42 per cent, after opening at Rs 943.40, against the previous closing price of Rs 944.40. It touched the intra-day low of Rs 938 (at 11:02 hours).

Sluggish demand drags down cardamom futures by 1.69%

Cardamom futures fell over 1 per cent during morning trade in the domestic market on Tuesday as investors and speculators cut down their bets in the agri-commodity amid 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 June 2017 contract is trading at Rs 987.10 per kg, down by 1.69 per cent, after opening at Rs 995, against a previous close of Rs 1004.10. It touched the intra-day low of Rs 983.20 (at 10:56 hours).

Gold rises as US dollar declines

Gold futures closed higher in the domestic market on Monday as declines in the U.S. dollar index sent prices to the highest finish in three weeks. The greenback continues to come under pressure amid continuing political controversy around the Trump administration. However, this is unlikely to deter the Federal Open Market Committee from hiking rates when it meets. At the MCX, gold futures for June 2017 contract ended at Rs 28781 per 10 grams, up by 0.51 per cent, after opening at Rs 28,593 against a previous close of Rs 28,635. It touched the intra-day high of Rs 28,800.

Silver rises on robust global cues

Silver futures closed higher in the domestic market on Monday tracking a firming trend in precious metals overseas as speculators widened their positions. Market analysts said speculative position built up by participants, driven by firm global trend, mainly contributed to the rise in silver prices at futures trade. At the MCX, silver futures for July 2017 contract closed at Rs 39,815 per kg, up by 1.80 per cent, after opening at Rs 39.177, against a previous close of Rs 39,111. It touched the intra-day high of Rs 39,920.

Crude oil rises as OPEC production cut likely

Crude oil futures closed higher in the domestic market on Monday as expectations grow for an extension to the OPEC-led production cut agreement into the first quarter of next year. Major oil producers will join members of the Organization of the Petroleum Exporting Countries in Vienna this week to discuss extending the six-month agreement to cut production by 1.8 million barrels a day set to expire in June. There is near unanimity among watchers that the deal will be extended, with the only real questions centered on length and severity of cuts. At the MCX, crude oil futures for June 2017 contract closed at Rs 3308 per barrel, up by 0.95 per cent, after opening at Rs 3299, against a previous close of Rs 3277. It touched the intra-day high of Rs 3330.

'India becomes 2nd largest stainless steel producer in world'

India has pipped Japan to become the second largest stainless steel producer in the world after China, an industry body said as per the PTI report. "Our sustained efforts in collaboration with industry has made this possible" the Indian Stainless Steel Development Association (ISSDA) said. India overtook Japan as the second-largest producer in 2016, according to data released by the International Stainless Steel Forum (ISSF) at their annual conference held on May 14-19, 2017 in Tokyo, Japan, ISSDA said in a statement. ISSF is a non-profit research and development organisation founded in 1996 and serves as the focal point for the international stainless steel industry. India's stainless steel production rose to 3.32 million tonne for 2016 showing an impressive growth of about 9 per cent over 3 million tonnes in 2015, it added. "This is a great moment for the Indian stainless steel industry. ISSDA urges continuous policy support from the government to take the Indian stainless steel industry to newer heights. ISSDA will continue to work with all stakeholders to promote stainless steel based solutions for sustainability and growth," ISSDA president K K Pahuja said. "Several government initiatives like 'Make in India', smart cities, focus on improving sanitation and waste management facilities, building new infrastructure etc is likely to give a strong push to the stainless-steel industry in future," he further added. "National Steel Policy released by the Ministry of Steel will give impetus for long term benefits. Increase in exports of stainless steel from India to the world market especially Europe and Americas has established Indian producers capable of producing quality material from their latest state of the art mills meeting stringent quality parameters," he said. ISSDA is India's apex stainless steel industry association which has been leading key industry initiatives and causes to enhance domestic demand in architecture, building and construction, automotive, railways and transport together with the process industry.

Nickel futures surge 0.65% on overseas cues

Nickel futures were trading higher during evening trade in the domestic market on Monday as investors and speculators extended their positions in the industrial metal on weakness in the greenback amid political uncertainty in the US dampened expectations that President Trump would be able to boost infrastructure spending. Further, investors hopes were diminished for US reform and rethinking strategies premised on Donald Trump's economic growth promises, as he faced his loudest criticism yet over possible collusion between his election campaign and Russia. At the MCX, nickel futures for May 2017 contract is trading at Rs 606.40 per kg, up by 0.65 per cent, after opening at Rs 604, against a previous close of Rs 602.50. It touched the intra-day high of Rs 608.80 (at 17:13 hours).

Zinc futures up on global cues

Zinc futures were trading higher during evening trade in the domestic market on Monday as investors and speculators extended their positions in the industrial metal on weakness in the US dollar amid political uncertainty in the US dampened expectations that President Trump would be able to boost infrastructure spending. Further, investors hopes were diminished for US reform and rethinking strategies premised on Donald Trump's economic growth promises, as he faced his loudest criticism yet over possible collusion between his election campaign and Russia. At the MCX, zinc futures for May 2017 contract is trading at Rs 170.15 per kg, up by 0.21 per cent, after opening at Rs 169.65, against a previous close of Rs 169.80. It touched the intra-day high of Rs 170.65 (at 17:09 hours).

White metal shines on safe-haven buying

Silver futures were trading higher during evening trade in the domestic market on Monday as investors and speculators extended their positions in the precious metal on safe-haven demand due to weakness in the greenback amid political turmoil in the US. Besides, a fresh test of an intermediate-range ballistic missile by North Korea to confirm the reliability of the late-stage guidance of the warhead, too supported safe-haven buying by investors. However, rise in Asian equities restricted further surge in prices of precious metal. At the MCX, silver futures for July 2017 contract is trading at Rs 39,353 per kg, up by 0.62 per cent, after opening at Rs 39177, against a previous close of Rs 39111. It touched the intra-day high of Rs 39449 (at 16:30 hours).

Copper futures keep head above water

Copper futures were little changed during evening trade in the domestic market on Monday as investors and speculators extended their positions in the industrial metal on weakness in the US dollar amid political uncertainty in the US dampened expectations that President Trump would be able to boost infrastructure spending. Further, investors hopes were diminished for US reform and rethinking strategies premised on Donald Trump's economic growth promises, as he faced his loudest criticism yet over possible collusion between his election campaign and Russia. At the MCX, copper futures for June 2017 contract is trading at Rs 369.85 per kg, up by 0.08 per cent, after opening at Rs 368.05, against a previous close of Rs 369.55. It touched the intra-day high of Rs 370.20 (at 16:13 hours).

Yellow metal shines on safe-haven demand

Gold futures were trading higher during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the precious metal on safe-haven demand due to weakness in the greenback amid political turmoil in the US. Besides, a fresh test of an intermediate-range ballistic missile by North Korea to confirm the reliability of the late-stage guidance of the warhead, too supported safe-haven buying by investors. However, rise in Asian equities restricted further surge in prices of precious metal. At the MCX, gold futures for June 2017 contract is trading at Rs 28,670 per 10 grams, up by 0.12 per cent, after opening at Rs 28,593, against a previous close of Rs 28,635. It touched the intra-day high of Rs 28,695 (at 14:33 hours).

Crude oil zooms 1.13% on output cut extension hopes

Crude oil futures jumped over 1 per cent during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity amid expectations that the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, likely to extend production cut until March 2018. Traders are expecting that the output cut extension will be discussed in the meeting of OPEC and its allies in Vienna on Thursday. According to the media reports, Saudi energy minister Khalid al-Falih will meet with his Iraqi counterpart on Monday to convince others to extend production cuts till March end next year ahead of an OPEC meet. At the MCX, crude oil futures for June 2017 contract is trading at Rs 3314 per barrel, up by 1.13 per cent, after opening at Rs 3299, against a previous close of Rs 3277. It touched the intra-day high of Rs 3317 (at 13:56 hours).

Lead futures little changed on sluggish demand

Lead futures were little changed during morning trade in the domestic market on Monday as investors and speculators remained on the sidelines in the industrial metal on subdued physical demand for lead, from battery-makers, in the domestic spot market. Further, a fall in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 135.60 per kg, down by 0.07 per cent, after opening at Rs 135.50, against a previous close of Rs 135.70. It touched the intra-day low of Rs 135.15 (at 11:09 hours).

Aluminium futures dip on subdued physical demand

Aluminium futures were trading lower during morning trade in the domestic market on Monday as investors and speculators remained on the sidelines in the industrial metal amid subdued physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 125.15 per kg, down by 0.16 per cent, after opening at Rs 125, against a previous close of Rs 125.35. It touched the intra-day low of Rs 124.85 (at 11:05 hours).

Mentha oil futures slip on ease in demand

Mentha oil futures were trading lower during morning trade in the domestic market on Monday as investors and speculators remained on the sidelines in the agri-commodity amid muted 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 May 2017 contract is trading at Rs 939 per kg, down by 0.15 per cent, after opening at Rs 941.20, against the previous closing price of Rs 940.40. It touched the intra-day low of Rs 936.10 (at 11:02 hours).

Muted physical demand bites cardamom

Cardamom futures were trading lower during morning trade in the domestic market on Monday as investors and speculators cut down their bets in the agri-commodity amid fall 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 June 2017 contract is trading at Rs 999.90 per kg, down by 0.71 per cent, after opening at Rs 1000.30, against a previous close of Rs 1007.10. It touched the intra-day low of Rs 998 (at 10:58 hours).

Gold dips as US dollar stabilizes

Gold futures closed lower in the domestic market on Friday after stocks and the U.S. dollar stabilized even as political uncertainty continued to surround the White House. A pickup in demand for assets perceived as risky and a stronger dollar tend to be a headwind to gains for precious metals like gold. At the MCX, gold futures for June 2017 contract ended at Rs 28644 per 10 grams, down by 0.21 per cent, after opening at Rs 28,647 against a previous close of Rs 28,705. It touched the intra-day low of Rs 28,530.

Silver up on firm global cues

Silver futures closed higher in the domestic market on Friday tracking a firming trend in precious metals overseas as speculators widened their positions. Market analysts said speculative position built up by participants, driven by firm global trend, mainly contributed to the rise in silver prices at futures trade. At the MCX, silver futures for July 2017 contract closed at Rs 39,124 per kg, up by 0.60 per cent, after opening at Rs 38,820, against a previous close of Rs 38,889. It touched the intra-day high of Rs 39,225.

Crude oil rises on OPEC meet optimism

Crude oil futures closed higher in the domestic market on Friday as investors expressed optimism about possible price-supportive outcomes from a closely watched OPEC meeting this week. Prices, however, settled below the session’s best levels as a weekly report revealed an 18th weekly increase in the number of active U.S. oil rigs. At the MCX, crude oil futures for May 2016 contract closed at Rs 3266 per barrel, up by 1.97 per cent, after opening at Rs 3220, against a previous close of Rs 3203. It touched the intra-day high of Rs 3282.

Steel exports jump 142% to 0.747 mn tonnes in April

Steel exports saw a 142 per cent jump in April to 0.747 million tonnes (MT) over the corresponding month a year-ago, amid steps to safeguard domestic industry. The government has provided extensive support to domestic steel industry by way of various trade remedial measures including anti-dumping. "Export of total finished steel was up by 142 per cent in April 2017 (0.747 MT) over April 2016 and declined by 54 per cent over March 2017," Joint Plant Committee, a body under the Ministry of Steel said in its latest data. Import of total finished steel saw a dip of 23 per cent in April to 0.504 MT over the corresponding month a year-ago. Imports during the month also declined by 16 per cent over March 2017. "India was a net exporter of total finished steel in April 2017," the report said. Production for sale of total finished steel at 8.43 MT registered a growth of 8.7 per cent during April 2017 over April 2016 but was down by 8.6 per cent over March 2017. SAIL, RINL, TSL, Essar, JSWL and JSPL together produced 4.786 MT during April 2017 which was a growth of 11 per cent over April 2016. The rest of the 4.478 MT steel produced during the month came from the other producers, which was a growth of 6 per cent over April 2016. "India's consumption of total finished steel saw a growth of 3.4 per cent in April 2017 at 6.015 MT over April 2016 but declined by 22 per cent over March 2017, under the influence of a declining supply side as both production for sale and imports declined in April 2017 over March 2017," the report said. During the month, crude steel production was 8.107 MT, a growth of 5.4 per cent over April 2016 but was down by 2.7 per cent over March 2017.

Sluggish demand drags down cardamom futures by 1.46%

Cardamom futures were trading lower during evening trade in the domestic market on Thursday as investors and speculators cut down their positions in the agri-commodity on sluggish 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 June 2017 contract is trading at Rs 1009 per kg, down by 1.46 per cent, after opening at Rs 1020.90, against a previous close of Rs 1024. It touched the intra-day low of Rs 995.10 (at 17:23 hours).

Nickel futures in reverse gear

Nickel futures were trading lower during evening trade in the domestic market on Thursday as investors and speculators trimmed their positions in the industrial metal after political uncertainty in the US dampened expectations that President Trump would be able to boost infrastructure spending. Moreover, investors’ hopes were diminished for US reform and rethinking strategies premised on Trump's economic growth promises, as he faced his loudest criticism yet over possible collusion between his election campaign and Russia. At the MCX, nickel futures for May 2017 contract is trading at Rs 584.40 per kg, down by 0.17 per cent, after opening at Rs 585.20, against a previous close of Rs 585.40. It touched the intra-day low of Rs 581.40 (at 16:30 hours).

Zinc futures slide 1.70% over White House turmoil

Zinc futures fell over 1 per cent during afternoon trade in the domestic market on Thursday as investors and speculators cut down their bets in the industrial metal after political uncertainty in the US dampened expectations that President Trump would be able to boost infrastructure spending. Moreover, investors’ hopes were diminished for US reform and rethinking strategies premised on Trump's economic growth promises, as he faced his loudest criticism yet over possible collusion between his election campaign and Russia. At the MCX, zinc futures for May 2017 contract is trading at Rs 161.55 per kg, down by 1.70 per cent, after opening at Rs 163.80, against a previous close of Rs 164.35. It touched the intra-day low of Rs 161.20 (at 16:22 hours).

White metal little changed as US political crisis deepens

Silver futures were little changed during evening trade in the domestic market on Thursday as investors and speculators extended their positions in the precious metal on safe-haven buying on account of political turmoil in the US and diminished expectations for an aggressive string of interest rate hikes by the US Fed. Pressure on US President Trump deepened after reports that he tried to interfere with a federal investigation. At the MCX, silver futures for July 2017 contract is trading at Rs 39219 per kg, up by 0.05 per cent, after opening at Rs 39159, against a previous close of Rs 39199. It touched the intra-day high of Rs 39375 (at 16:15 hours).

Copper futures plunge 1.16% on worries over Trump

Copper futures fell over 1 per cent during afternoon trade in the domestic market on Thursday as investors and speculators cut down their bets in the industrial metal after political uncertainty in the US dampened expectations that President Trump would be able to boost infrastructure spending. Further, investors hopes were diminished for US reform and rethinking strategies premised on Donald Trump's economic growth promises, as he faced his loudest criticism yet over possible collusion between his election campaign and Russia. At the MCX, copper futures for June 2017 contract is trading at Rs 358.95 per kg, down by 1.16 per cent, after opening at Rs 361, against a previous close of Rs 363.15. It touched the intra-day low of Rs 356.80 (at 14:21 hours).

Yellow metal shines as US political crisis deepens

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 on safe-haven buying on account of political turmoil in the US and diminished expectations for an aggressive string of interest rate hikes by the US Fed. Pressure on US President Trump deepened after reports that he tried to interfere with a federal investigation. At the MCX, gold futures for June 2017 contract is trading at Rs 28672 per 10 grams, up by 0.19 per cent, after opening at Rs 28650, against a previous close of Rs 28619. It touched the intra-day high of Rs 28735 (at 14:08 hours).

Crude oil futures in reverse gear

Crude oil futures were little changed during afternoon trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the energy commodity even as US crude oil inventories fell for a sixth straight week. The US Energy Information Administration (EIA) on Wednesday said that crude inventories fell 1.8 million barrels for the week to May 12, against expectations for a decline of 2.4 million barrels. At the MCX, crude oil futures for May 2017 contract is trading at Rs 3154 per barrel, down by 0.06 per cent, after opening at Rs 3151, against a previous close of Rs 3156. It touched the intra-day low of Rs 3141 (at 13:50 hours).

Lead futures slip 0.89% on ease in demand

Lead futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators trimmed their bets in the industrial metal on subdued physical demand for lead, from battery-makers, in the domestic spot market. Further, a fall in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 134.25 per kg, down by 0.89 per cent, after opening at Rs 134.40, against a previous close of Rs 135.45. It touched the intra-day low of Rs 133.90 (at 11:20 hours).

Aluminium futures drop 0.32% on muted demand

Aluminium futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the industrial metal amid subdued physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 123.30 per kg, down by 0.32 per cent, after opening at Rs 123.35, against a previous close of Rs 123.70. It touched the intra-day low of Rs 123.25 (at 11:17 hours).

Subdued physical demand bites mentha oil

Mentha oil futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators trimmed their positions in the agri-commodity amid sluggish 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 May 2017 contract is trading at Rs 960.20 per kg, down by 0.45 per cent, after opening at Rs 958, against the previous closing price of Rs 964.50. It touched the intra-day low of Rs 958 (at 11:09 hours).

Sluggish demand drags down cardamom futures by 1.37%

Cardamom futures fell over 1 per cent during morning trade in the domestic market on Thursday as investors and speculators cut down their bets in the agri-commodity amid fall 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 June 2017 contract is trading at Rs 1010 per kg, down by 1.37 per cent, after opening at Rs 1020.90, against a previous close of Rs 1024. It touched the intra-day low of Rs 995.10 (at 11:04 hours).

Silver up on firm global cues

Silver futures closed higher in the domestic market on Wednesday tracking a firming trend in precious metals overseas as speculators widened their positions. Market analysts said speculative position built up by participants, driven by firm global trend, mainly contributed to the rise in silver prices at futures trade. At the MCX, silver futures for July 2017 contract closed at Rs 38,235 per kg, up by 1.27 per cent, after opening at Rs 38,909, against a previous close of Rs 38,744. It touched the intra-day high of Rs 39,375.

Crude oil rises as US crude inventory dips

Crude oil futures closed higher in the domestic market on Wednesday after the EIA reported a sixth straight weekly decline in U.S. crude inventories. Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell by 1.8 million barrels for the week ended May 12. That was the sixth weekly drop in a row reported by the EIA. At the MCX, crude oil futures for May 2016 contract closed at Rs 3159 per barrel, up by 1.15 per cent, after opening at Rs 3111, against a previous close of Rs 3123. It touched the intra-day high of Rs 3174.

Gold rises on US political worries

Gold futures closed higher in the domestic market on Wednesday with fresh U.S. political worries lifting prices to their highest settlement of the month. The latest concerns come after a New York Times report said President Donald Trump tried to influence an FBI probe into links between his inner circle and Russia. At the MCX, gold futures for June 2017 contract ended at Rs 28625 per 10 grams, up by 1.89 per cent, after opening at Rs 28,150 against a previous close of Rs 28,094. It touched the intra-day high of Rs 28,645.

Nickel futures surge 0.61% on global cues

Nickel futures were trading higher during evening trade in the domestic market on Wednesday as investors and speculators extended their positions in the industrial metal on rise in physical demand due to weakness in Asian equities and US dollar amid controversy around US President Donald Trump that he tried to quash an FBI probe. According to Reuters report, Trump asked his now dismissed FBI Director James Comey to end a probe into ties between former national security adviser Michael Flynn and Russia, according to a source who has seen a memo written by Comey. The memo raises questions about whether Trump tried to interfere with a federal investigation. The White House denied the report. At the MCX, nickel futures for May 2017 contract is trading at Rs 589.20 per kg, up by 0.61 per cent, after opening at Rs 588.70, against a previous close of Rs 585.60. It touched the intra-day high of Rs 593 (at 17:05 hours).

Zinc futures gain 0.83% on overseas cues

Zinc futures were trading higher during evening trade in the domestic market on Wednesday as investors and speculators extended their positions in the industrial metal on upsurge in physical demand due to weakness in Asian equities and US dollar amid controversy around US President Donald Trump that he tried to quash an FBI probe. According to Reuters report, Trump asked his now dismissed FBI Director James Comey to end a probe into ties between former national security adviser Michael Flynn and Russia, according to a source who has seen a memo written by Comey. The memo raises questions about whether Trump tried to interfere with a federal investigation. The White House denied the report. At the MCX, zinc futures for May 2017 contract is trading at Rs 164.40 per kg, up by 0.83 per cent, after opening at Rs 163.60, against a previous close of Rs 163.05. It touched the intra-day high of Rs 164.90 (at 16:58 hours).

Silver shines on safe-haven demand

Silver futures were trading higher during evening trade in the domestic market on Wednesday as investors and speculators extended their positions in the precious metal on safe-haven demand due to weakness in Asian equities and US dollar amid controversy around US President Donald Trump that he tried to quash an FBI probe. According to Reuters report, Trump asked his now dismissed Federal Bureau of Investigation (FBI) Director James Comey to end a probe into ties between former national security adviser Michael Flynn and Russia, according to a source who has seen a memo written by Comey. The memo raises questions about whether Trump tried to interfere with a federal investigation. The White House denied the report. At the MCX, silver futures for July 2017 contract is trading at Rs 39115 per kg, up by 0.96 per cent, after opening at Rs 38909, against a previous close of Rs 38744. It touched the intra-day high of Rs 39170 (at 16:53 hours).

Copper futures in reverse gear on China growth worries

Copper futures were little changed during evening trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the industrial metal on muted physical demand amid concerns over top metals consumer China's slowing economic growth. Analysts expected that, economic growth will just about make China's target of 6.5 per cent as it slows over the rest of the year. China accounts for nearly half the world's demand for copper, widely used in construction and infrastructure. At the MCX, copper futures for June 2017 contract is trading at Rs 362.20 per kg, down by 0.07 per cent, after opening at Rs 363, against a previous close of Rs 362.45. It touched the intra-day low of Rs 360.60 (at 16:39 hours).

National steel policy bets on higher infra spending to boost demand

The National Steel Policy 2017 announced by the Ministry of Steel is betting on higher spending on infrastructure and construction sector through government initiatives to push steel demand and increase utilisation, says India Ratings and Research (Ind-Ra). It is a comprehensive policy, with a focus on targets and means to achieve them. Ind-Ra believes the policy will give a boost to the struggling Indian steel industry; however the execution of provisions in the policy will remain a key challenge for the government. The policy sets guideline to address all the pain points of the industry namely, muted demand, over capacity, raw material price volatility and technology inefficiency, which if adhered to diligently will enable the industry to be better placed to absorb any external shocks. According to Ind-Ra, in a bid to achieve the expected demand of 230 MT in 2030-31, steel demand will need to grow at a CAGR of around 7 per cent-7.5 per cent during the period against a CAGR of 3.5 per cent -4 per cent over the last 5 year. In order to achieve the aggressive demand growth target government’s focus on building steel demand will be the key, which requires accelerated spending in infrastructure, construction, railways and the defence sector. The policy also focuses on taking steps to encourage the higher use of steel in projects by replacing other materials being used with steel wherever possible. Ind-Ra believes that the expected growth in steel demand looks ambitious and may face hurdles namely, political instability, budget constraint and timely execution of projects. Further in order to protect the domestic industry from imports to meet the accelerated demand growth the government has announced another policy which provides preference to domestically manufactured iron & steel products for government procurement with immediate effect. The aforesaid policy excludes procurement of grades of steel not manufactured in India or where demand cannot be met through domestic sources. To meet the demand growth the government plans to increase the steel capacity to 300 MT by 2030-31 (122 MT 2015-16), which would require extensive efforts toward increasing the availability of resources namely, infrastructure, raw material and finance. Ind-Ra believes that the capacity creation which requires capital expenditure of around INR10 trillion will lead to stretched credit metrics on a sustained basis for companies, due to the continuous capex undertaken. Ind-Ra believes that policy will be positive for the steel industry, however timely implementation of various steps will be crucial. Further, for the policy to be successful immediate steps to improve the existing situation of the struggling steel industry and ways to build demand leading to improvement in capacity utilisations of existing plants is warranted.

Yellow metal shines on safe-haven demand

Gold futures were trading higher during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the precious metal on safe-haven demand due to weakness in Asian equities and US dollar amid controversy around US President Donald Trump that he tried to quash an FBI probe. According to Reuters report, Trump asked his now dismissed Federal Bureau of Investigation (FBI) Director James Comey to end a probe into ties between former national security adviser Michael Flynn and Russia, according to a source who has seen a memo written by Comey. The memo raises questions about whether Trump tried to interfere with a federal investigation. The White House denied the report. At the MCX, gold futures for June 2017 contract is trading at Rs 28245 per 10 grams, up by 0.54 per cent, after opening at Rs 28150, against a previous close of Rs 28094. It touched the intra-day high of Rs 28267 (at 14:02 hours).

Oil slips on rising US crude inventories

Despite efforts by top producers Saudi Arabia and Russia to extend output cuts, crude oil futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the energy commodity after data showed an increase in the US crude inventories. According to the American Petroleum Institute (API) data showed on Tuesday, US crude oil inventories rose by 882,000 barrels in the week ending May 12 to 523.4 million, against analyst expectations for a decrease of 2.4 million barrels. At the MCX, crude oil futures for May 2017 contract is trading at Rs 3101 per barrel, down by 0.70 per cent, after opening at Rs 3111, against a previous close of Rs 3123. It touched the intra-day low of Rs 3088 (at 13:46 hours).

Lead futures keep head above water

Lead futures were trading higher during morning trade in the domestic market on Wednesday as investors and speculators build up fresh bets in the industrial metal on uptick in physical demand for lead, from battery-makers, in the domestic spot market. Further, a surge in physical demand from battery-makers in the domestic spot market, supported prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 134.30 per kg, up by 0.64 per cent, after opening at Rs 134.10, against a previous close of Rs 133.45. It touched the intra-day high of Rs 134.35 (at 11:10 hours).

Aluminium futures little changed on muted demand

Aluminium futures were little changed during morning trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the industrial metal amid subdued physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 123.35 per kg, down by 0.08 per cent, after opening at Rs 123.25, against a previous close of Rs 123.45. It touched the intra-day low of Rs 123.20 (at 11:06 hours).

Mentha oil futures little changed on ease in demand

Mentha oil futures were little changed during morning trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the agri-commodity amid muted 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 May 2017 contract is trading at Rs 954 per kg, down by 0.04 per cent, after opening at Rs 951.90, against the previous closing price of Rs 954.40. It touched the intra-day low of Rs 951 (at 11:03 hours).

Subdued physical demand bites cardamom

Cardamom futures were trading lower during morning trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the agri-commodity amid fall 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 June 2017 contract is trading at Rs 1050.70 per kg, down by 0.25 per cent, after opening at Rs 1050.70, against a previous close of Rs 1053.30. It touched the intra-day low of Rs 1050.70 (at 10:59 hours).

Crude oil dips on IEA report warning

Crude oil futures closed lower in the domestic market on Tuesday as a report from the International Energy Agency warned that an extension to the OPEC-led production cut agreement won’t be enough to rebalance the global crude market. That offset support from expectations that the Organization of the Petroleum Exporting Countries and its allies will extend production cuts into 2018. At the MCX, crude oil futures for May 2016 contract closed at Rs 3120 per barrel, down by 0.92 per cent, after opening at Rs 3160, against a previous close of Rs 3149. It touched the intra-day low of Rs 3115.

Silver up on robust global cues

Silver futures closed higher in the domestic market on Tuesday tracking a firming trend in precious metals overseas as speculators widened their positions. Market analysts said speculative position built up by participants, driven by firm global trend, mainly contributed to the rise in silver prices at futures trade. At the MCX, silver futures for July 2017 contract closed at Rs 38,761 per kg, up by 0.67 per cent, after opening at Rs 38,621, against a previous close of Rs 38,502. It touched the intra-day high of Rs 38,775.

Gold rises on dipping US dollar

Gold futures closed higher in the domestic market on Tuesday buoyed by a slump in the U.S. dollar as investors took refuge in the precious metal following reports that President Donald Trump shared classified information with top Russian officials at a meeting last week. Gold is highly sensitive to rising rates, which increases the opportunity cost of holding assets such as bullion, which don’t bear a yield, while boosting the dollar, in which it is priced. At the MCX, gold futures for June 2017 contract ended at Rs 28101 per 10 grams, up by 0.39 per cent, after opening at Rs 28,020 against a previous close of Rs 27,992. It touched the intra-day high of Rs 28,135.

Mentha oil futures slip 0.48% on subdued physical demand

Mentha oil futures were trading lower during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the agri-commodity amid muted 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 May 2017 contract is trading at Rs 954 per kg, down by 0.48 per cent, after opening at Rs 950.20, against the previous closing price of Rs 958.60. It touched the intra-day low of Rs 947 (at 17:46 hours).

Cardamom futures little changed as demand picks up

Cardamom futures were little changed during evening trade in the domestic market on Tuesday as investors and speculators started building up fresh positions in the agri-commodity on uptick in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for June 2017 contract is trading at Rs 1055 per kg, up by 0.02 per cent, after opening at Rs 1050.20, against a previous close of Rs 1054.80. It touched the intra-day high of Rs 1056.20 (at 17:42 hours).

Nickel futures in reverse gear on global cues

Nickel 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 sluggish physical demand amid concerns over China's slowing economic growth and tighter capital markets in the world's top metals consumer. Further, China's factory output and fixed asset investment growth cooled more than expected last month, adding to signs that momentum in the world's second-biggest economy is slowing from a strong start in the first quarter, influenced nickel prices at futures trade. At the MCX, nickel futures for May 2017 contract is trading at Rs 581.40 per kg, down by 0.97 per cent, after opening at Rs 589.40, against a previous close of Rs 587.10. It touched the intra-day low of Rs 580.20 (at 17:37 hours).

Zinc futures plunge by 1.82% on overseas cues

Zinc futures fell over 1 per cent during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the industrial metal on diminishing physical demand amid concerns over China's slowing economic growth and tighter capital markets in the world's top metals consumer. Further, China's factory output and fixed asset investment growth cooled more than expected last month, adding to signs that momentum in the world's second-biggest economy is slowing from a strong start in the first quarter, influenced zinc prices at futures trade. At the MCX, zinc futures for May 2017 contract is trading at Rs 161.70 per kg, down by 1.82 per cent, after opening at Rs 164, against a previous close of Rs 164.70. It touched the intra-day low of Rs 161.30 (at 16:25 hours).

White metal shines on weak US data

Silver futures were trading higher during evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the precious metal as safe-haven demand emerged on account of weaker greenback on signs of slower economic activity in the US that dented expectations of an aggressive string of interest rate hikes by the US Fed. The New York Federal Reserve bank said on Monday that its Empire State Manufacturing Activity index, a report on business activity in the state, unexpectedly fell in May, sinking into negative territory for the first time since October. The weaker-than-expected report could be a harbinger a possible deterioration in the US manufacturing sector. At the MCX, silver futures for July 2017 contract is trading at Rs 38665 per kg, up by 0.42 per cent, after opening at Rs 38621, against a previous close of Rs 38502. It touched the intra-day high of Rs 38775 (at 16:21 hours).

Copper futures in reverse gear as China growth slows

Shrugging-off weakness in the US dollar, copper 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 subdued physical demand amid concerns over China's slowing economic growth and tighter capital markets in the world's top metals consumer. Further, China's factory output and fixed asset investment growth cooled more than expected last month, adding to signs that momentum in the world's second-biggest economy is slowing from a strong start in the first quarter, influenced copper prices at futures trade. At the MCX, copper futures for June 2017 contract is trading at Rs 360 per kg, dowm by 0.43 per cent, after opening at Rs 360.30, against a previous close of Rs 361.55. It touched the intra-day low of Rs 359 (at 16:07 hours).

Gold glitters on dollar weakness post weak US data

Gold futures were trading higher during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the precious metal as safe-haven demand emerged on account of weaker greenback on signs of slower economic activity in the US that dented expectations of an aggressive string of interest rate hikes by the US Fed. The New York Federal Reserve bank said on Monday that its Empire State Manufacturing Activity index, a report on business activity in the state, unexpectedly fell in May, sinking into negative territory for the first time since October. The weaker-than-expected report could be a harbinger a possible deterioration in the US manufacturing sector. At the MCX, gold futures for June 2017 contract is trading at Rs 28073 per 10 grams, up by 0.29 per cent, after opening at Rs 28020, against a previous close of Rs 27992. It touched the intra-day high of Rs 28119 (at 14:06 hours).

Oil rises on hopes of extended supply cuts

Crude oil futures extended yesterday’s gains during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the energy commodity after top producers Saudi Arabia, Russia and Kuwait supported extension of supply curbs untill March 2018 to drain out global glut. The Energy Minister’s of Saudi Arabia and Russia said on Monday that they agreed on the need for 1.8 million barrels per day (bpd) crude supply cut to be extended for 9 months, until the end of March 2018. Following Saudi Arabia and Russia, Kuwait's oil Minister, Essam al-Marzouq, said on Tuesday that he supported the Saudi/Russian initiative. Other OPEC states are also expected to back the move at a meeting in Vienna on May 25. At the MCX, crude oil futures for May 2017 contract is trading at Rs 3157 per barrel, up by 0.25 per cent, after opening at Rs 3160, against a previous close of Rs 3149. It touched the intra-day high of Rs 3160 (at 13:51 hours).

Sluggish demand drags down lead futures by 1.06%

Lead futures fell over 1 per cent during morning trade in the domestic market on Tuesday as investors and speculators cut down their bets in the industrial metal on diminishing physical demand for lead, from battery-makers, in the domestic spot market. Further, a drop in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 134.90 per kg, down by 1.06 per cent, after opening at Rs 136, against a previous close of Rs 136.35. It touched the intra-day low of Rs 134.80 (at 11:05 hours).

Aluminium futures little changed on subdued demand

Aluminium futures were little changed during morning trade in the domestic market on Tuesday as investors and speculators remained on the sidelines in the industrial metal amid muted physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 122.15 per kg, down by 0.08 per cent, after opening at Rs 122.30, against a previous close of Rs 122.25. It touched the intra-day low of Rs 122.05 (at 10:58 hours).

Mentha oil futures drop 0.57% on ease in demand

Mentha oil futures were trading lower during morning trade in the domestic market on Tuesday as investors and speculators exited their positions in the agri-commodity amid muted 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 May 2017 contract is trading at Rs 953.10 per kg, down by 0.57 per cent, after opening at Rs 950.20, against the previous closing price of Rs 958.60. It touched the intra-day low of Rs 950.20 (at 10:55 hours).

Muted physical demand bites cardamom

Cardamom futures were trading lower during morning trade in the domestic market on Tuesday as investors and speculators remained on the sidelines in the agri-commodity amid fall 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 June 2017 contract is trading at Rs 1053 per kg, down by 0.17 per cent, after opening at Rs 1050.20, against a previous close of Rs 1054.80. It touched the intra-day low of Rs 1050 (at 10:50 hours).

Crude oil rises as OPEC production cut likely

Crude oil futures closed higher in the domestic market on Monday after energy ministers from Saudi Arabia and Russia released a joint statement backing a nine-month extension of OPEC-led production cuts. Late last year, OPEC and a handful of non-cartel producers, including Russia, agreed to reduce collective daily output by 1.8 million barrels. The latest OPEC production data indicated that stockpiles remain elevated, even as participants have complied with the output quotas. At the MCX, crude oil futures for May 2016 contract closed at Rs 3152 per barrel, up by 2.80 per cent, after opening at Rs 3085, against a previous close of Rs 3066. It touched the intra-day high of Rs 3182.

Gold flat on rising North Korea tension

Gold futures closed flat in the domestic market on Monday as gold reversed losses on the back of rising tensions over North Korea. Some geopolitical concerns have given a positive hand to the metal: a successful missile test in North Korea and cyber-attacks around the world. At the MCX, gold futures for June 2017 contract ended at Rs 27993 per 10 grams, down by 0.04 per cent, after opening at Rs 28,024 against a previous close of Rs 28,005. It touched the intra-day low of Rs 27,982.

Silver rises on firm global cues

Silver futures closed higher in the domestic market on Monday tracking a firming trend in precious metals overseas as speculators widened their positions. Market analysts said speculative position built up by participants, driven by firm global trend, mainly contributed to the rise in silver prices at futures trade. At the MCX, silver futures for July 2017 contract closed at Rs 38,501 per kg, up by 0.91 per cent, after opening at Rs 38,231, against a previous close of Rs 38,155. It touched the intra-day high of Rs 38,884.

Mentha oil futures zoom 1.29% as demand ticks up

Mentha oil futures jumped over 1 per cent during evening trade in the domestic market on Monday as investors and speculators extended their positions in the agri-commodity amid pick up 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 May 2017 contract is trading at Rs 957 per kg, up by 1.29 per cent, after opening at Rs 950.10, against the previous closing price of Rs 944.80. It touched the intra-day high of Rs 960.70 (at 17:14 hours).

Sluggish physical demand bites cardamom

Cardamom futures were trading lower during evening trade in the domestic market on Monday as investors and speculators exited their positions in the agri-commodity on sluggish 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 May 2017 contract is trading at Rs 1245 per kg, down by 0.62 per cent, after opening at Rs 1219, against a previous close of Rs 1252.80. It touched the intra-day low of Rs 1219 (at 17:11 hours).

Nickel futures in reverse gear

Nickel futures were little changed during evening trade in the domestic market on Monday as investors and speculators remained on the sidelines in the industrial metal due to muted physical demand despite weakness in the US dollar. Further, China's factory output and fixed asset investment growth cooled more than expected last month, adding to signs that momentum in the world's second-biggest economy is slowing from a strong start in the first quarter, influenced nickel prices at futures trade. At the MCX, nickel futures for May 2017 contract is trading at Rs 599 per kg, down by 0.03 per cent, after opening at Rs 598, against a previous close of Rs 599.20. It touched the intra-day low of Rs 595.10 (at 16:18 hours).

Zinc futures climb 1.04% on global cues

Zinc futures rose over 1 per cent during evening trade in the domestic market on Monday as investors and speculators extended their positions in the industrial metal on weakness in the US dollar. However, China's factory output and fixed asset investment growth cooled more than expected last month, adding to signs that momentum in the world's second-biggest economy is slowing from a strong start in the first quarter, restricted further gains. At the MCX, zinc futures for May 2017 contract is trading at Rs 165.30 per kg, up by 1.04 per cent, after opening at Rs 164.90, against a previous close of Rs 163.60. It touched the intra-day high of Rs 165.60 (at 16:13 hours).

Gems, jewellery export likely to hit $41-42 bn this fiscal: GJEPC

Higher demand in the Middle-East and South-East Asia could help India's gems and jewellery export grow this fiscal to about USD 42 billion, an export promotion body said today. In 2016-17, the export totalled at around USD 36 billion. According to Anil Sankhwal, Gems and Jewellery Export Promotion Council (GJEPC) northern region chairman, Europe poses a challenge to exporters. "But in the US, Middle-East nations and South-East Asia, demand is growing. We are expecting that our exports will reach about USD 41-42 billion this fiscal," Sankhwal told reporters here. He also expressed concern over imposition of 5 per cent import duty by Dubai on gold and diamond jewellery. "The move would impact India's exports. We are discussing measures to deal with the situation as Dubai is an important market," Sankhwal said. About steps to boost export, he said GJEPC is organising a buyer-seller meet in the national capital. A three-day event -- India SAARC-Middle East Buyer Seller Meet -- started yesterday. "In this meet, 38 domestic manufacturers and 70 international buyers from South Asia, the Middle-East, including Bangladesh, Sri Lanka, the UAE, Egypt, Jordan, Oman and Qatar are participating," he said. On display is a wide range of jewellery products by exhibitors. "There is a huge potential in these markets. The event provides a platform to bring traders together and explore business opportunities," he said.

White metal shines on weak US data, N Korea concerns

Silver futures were trading higher during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the precious metal on rising safe-haven demand after weakness in the greenback on the back of weaker-than-expected economic data from the US and a missile test conducted by North Korea on Sunday. North Korea said on Monday it had successfully conducted a newly developed mid-to-long range missile test on Sunday, supervised by leader Kim Jong Un and aimed at verifying the capability to carry a "large scale heavy nuclear warhead." At the MCX, silver futures for July 2017 contract is trading at Rs 38484 per kg, up by 0.86 per cent, after opening at Rs 38231, against a previous close of Rs 38155. It touched the intra-day high of Rs 38498 (at 15:04 hours).

Copper futures gain 0.71% on dollar weakness

Copper futures were trading higher during evening trade in the domestic market on Monday as investors and speculators extended their positions in the industrial metal on weakness in the US dollar. However, China's factory output and fixed asset investment growth cooled more than expected last month, adding to signs that momentum in the world's second-biggest economy is slowing from a strong start in the first quarter, restricted further gains. At the MCX, copper futures for June 2017 contract is trading at Rs 362.35 per kg, up by 0.71 per cent, after opening at Rs 360.45, against a previous close of Rs 359.80. It touched the intra-day high of Rs 362.40 (at 14:50 hours).

Yellow metal shines on weak US data, N Korea concerns

Gold futures were trading higher during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the precious metal on rising safe-haven demand after weakness in the greenback on the back of weaker-than-expected economic data from the US and a missile test conducted by North Korea on Sunday. North Korea said on Monday it had successfully conducted a newly developed mid-to-long range missile test on Sunday, supervised by leader Kim Jong Un and aimed at verifying the capability to carry a "large scale heavy nuclear warhead." At the MCX, gold futures for June 2017 contract is trading at Rs 28047 per 10 grams, up by 0.15 per cent, after opening at Rs 28024, against a previous close of Rs 28005. It touched the intra-day high of Rs 28078 (at 13:40 hours).

Oil jumps as SA, Russia back output cut extension to Mar 2018

Crude oil futures jumped over 2 per cent during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity after Saudi Arabia and Russia supported crude output cut would be extended till March 2018. Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak said on Monday in Beijing, quoted Reuters that, a joint deal to cut crude supplies would be extended from the middle of this year until the end of March 2018. “We've come to conclusion that the agreement needs to be extended,” the statement said. “The two ministers agreed to do whatever it takes to achieve the desired goal of stabilizing the market and reducing commercial oil inventories to their 5-year average level,” it added. At the MCX, crude oil futures for May 2017 contract is trading at Rs 3137 per barrel, up by 2.32 per cent, after opening at Rs 3085, against a previous close of Rs 3066. It touched the intra-day high of Rs 3140 (at 12:57 hours).

Steel exports zoom 142%, imports decline 23% in April

Overtaking imports, India's steel exports jumped by 142 per cent in April to 0.747 million tonnes (mt) as compared to 0.308 mt in the same month last year, said a Steel Ministry report. Steel imports were down by 23 per cent to 0.504 mt in the last month from 0.654 mt imported in the corresponding month of the last financial year (FY). "Export of total finished steel was up by 142 per cent in April 2017 to 0.747 mt over April 2016 and declined by 54 per cent over March 2017. Import of total finished steel at 0.504 mt in April declined by 23 per cent over April 2016 and also declined by 16 per cent over March 2017. India was a net exporter of total finished steel in April 2017," said the report of Joint Plant Committee. India's consumption of total finished steel saw a growth of 3.4 per cent at 6.015 mt in the first month of the current FY over the same period last year but declined by 22 per cent over March 2017, under the influence of a declining supply side as both production for sale and imports declined in April 2017 over March. In April, production for sale of total finished steel at 8.43 mt, registered a growth of 8.7 per cent over corresponding month last year. The production was, however, down by 8.6 per cent over March 2017. SAIL, RINL, TSL, Essar, JSWL and JSPL together produced 4.786 mt during April 2017 which was a growth of 11 per cent over last year, the report said. The rest was 4.478 mt coming from the other producers, which was a growth of 6 per cent, it added. Meanwhile, the Union Cabinet, earlier this month, gave its approval to the National Steel Policy, 2017 which projects crude steel capacity of 300 million tonnes (mt), production of 255 mt and a robust finished steel per capita consumption of 158 kg by 2030-31, as against the current consumption of 61 kg. According to the policy, the 300 mt of steel making capacity would translate into additional investment of Rs 10 lakh crore by 2030-31. CRISIL Research, however, said in a report, that "the government's vision of adding 182 mt of new capacities over the next 14 years seems unlikely, given that only 60 mt of capacity was added in the past decade". "Further, stagnant demand in past five years has impacted utilisation, and also aggravated the debt position of the steel sector," it said. The research agency expects 24-26 mt of steel capacities to be added over the next five years, leading to aggregate steel capacity to rise to 140-145 mt by 2021-22.

Silver bars demand decline due to demonetisation: Report

The demonetisation drive by the Indian government to crackdown on unaccounted wealth combined with higher prices impacted demand for silver bar in India that led to global investment in silver bar drop by nearly half in 2016, according to a survey. The World Silver Survey 2017, released by the Silver Institute and produced on its behalf by the GFMS Team at Thomson Reuters (GFMS), said that global silver mine production in 2016 recorded its first decline since 2002, dropping by 0. 6 per cent in 2016 to a total of 885.8 million ounces (Moz). A large proportion of the drop was attributable to the lead/zinc and gold sectors, where production dipped by a combined 15.9 Moz. The report said that total physical demand for silver fell by 11 per cent last year to 1,027.8 Moz, dragged lower by weaker jewelry, silverware, and retail investment. The largest falls were recorded from coin and bar investment, which declined 29 per cent last year to 206.8 Moz with a slump in Indian purchases accounting for the bulk of the fall. The survey further added that silver coin and medals fabrication fell by 9 per cent in 2016, from its record high in 2015, to 123.2 Moz. "Silver bar investment fell by 46 per cent, mainly the result of lackluster demand in India due to a combination of higher prices, destocking and government measures on unaccounted wealth," the survey said. The introduction of an excise duty on gold in India also had a spillover effect on silver demand. "India played a huge role in last year's decline...This has a lot to do with the crackdown on unaccounted wealth and also the introduction of consignment basis which had a spillover effect to the silver sector as well," lead analyst at the GFMS Team/Thomson-Reuters in London Johann Wiebe told PTI. The survey added that jewelry fabrication also fell 9 per cent in 2016 to 207 Moz, a four-year low, as higher prices and moribund economic conditions dragged consumption lower in key markets, most notably in China and India, which both fell acutely. Silver bar demand weakened much more than coins, with offtake dropping by 46 per cent to 83.6 Moz. The decline was dominated by the particular characteristics of the Indian market, which had represented 53 per cent of global bar demand in 2015. In 2016, Indian demand was down by two-thirds, representing almost four-fifths of the worldwide drop. This was due to the combination of higher prices, government measures on unaccounted wealth and destocking. On the evening following the demonetization announcement the silver price was trading at 50 to 70 cents over the landed price as cash hoarders quickly wanted to convert their cash into physical assets. Further, turnover on the Multi Commodity Exchange of India (MCX) decreased by 7 per cent in 2016, to a nominal 6,931 Moz.

Lead futures rise 0.37% as demand picks up

Lead futures were trading higher during morning trade in the domestic market on Monday as investors and speculators build up fresh bets in the industrial metal on uptick in physical demand for lead, from battery-makers, in the domestic spot market. Further, a surge in physical demand from battery-makers in the domestic spot market, supported prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 136.80 per kg, up by 0.37 per cent, after opening at Rs 136.95, against a previous close of Rs 136.30. It touched the intra-day high of Rs 137 (at 10:54 hours).

Uptick in physical demand buoys aluminium futures

Aluminium futures were trading higher during morning trade in the domestic market on Monday as investors and speculators started building up fresh bets in the industrial metal amid surge in physical demand for aluminium at the domestic spot market. Further, a rise in physical demand for aluminium at the domestic spot market was led by widening of positions by traders in the spot markets, supported aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 121.35 per kg, up by 0.12 per cent, after opening at Rs 121.25, against a previous close of Rs 121.20. It touched the intra-day high of Rs 121.45 (at 10:50 hours).

Mentha oil futures keep head above water

Mentha oil futures were trading higher during morning trade in the domestic market on Monday as investors and speculators extended their positions in the agri-commodity amid surge 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 May 2017 contract is trading at Rs 949.10 per kg, up by 0.46 per cent, after opening at Rs 950.10, against the previous closing price of Rs 944.80. It touched the intra-day high of Rs 954 (at 10:45 hours).

Subdued demand drags down cardamom futures by 2.70%

Cardamom futures fell over 2 per cent during morning trade in the domestic market on Monday as investors and speculators exited their positions in the agri-commodity amid fall 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 May 2017 contract is trading at Rs 1219 per kg, down by 2.70 per cent, after opening at Rs 1219, against a previous close of Rs 1252.80. It touched the intra-day low of Rs 1219 (at 10:41 hours).

Steel sector outlook to remain negative in next fiscal: Reports

A report has said that the outlook for steel sector is likely to remain negative in next fiscal due to continued operational and financial challenges and lower demand from the realty sector. Commenting on the issue, an Ind-Ra Official told the media, "The regulatory support and increased government spending remain crucial for maintaining the profitability of steel producers in fiscal 2018. But the muted demand growth of 4-5 per cent and overcapacity leading to low capacity utilisation which limits companies' ability to fully pass on volatility in input prices, are likely to keep cash flows and profitability under pressure." “The demand growth will remain muted at 4-5 per cent in FY18, and is likely to be driven by demand growth from key end-user industries such as construction, capital goods and consumer durables. An increased government spending due to budget push on infrastructure and housing may support demand,” he added.

Gold rises on declining US dollar

Gold futures closed higher in the domestic market on Friday as the U.S. dollar took a break from recent strength. The pause in the greenback’s rally, as well as declines in the stock market helped to make gold more attractive to investors. Precious metals prices rebounded following the recent bearish run. At the MCX, gold futures for June 2017 contract ended at Rs 28015 per 10 grams, up by 0.04 per cent, after opening at Rs 28,008 against a previous close of Rs 28,004. It touched the intra-day high of Rs 28,129.

Crude oil dips on rising US oil rig count

Crude oil futures closed lower in the domestic market on Friday as the number of active U.S. rigs drilling for oil climbed by 9 to 712 rigs this week. The oil-rig count has climbed every week so far this year, except for one. The latest data showed a 17th weekly rise in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, rose 8 to 885. At the MCX, crude oil futures for May 2016 contract closed at Rs 3062 per barrel, down by 0.87 per cent, after opening at Rs 3082, against a previous close of Rs 3089. It touched the intra-day low of Rs 3054.

Silver rises on firm global cues

Silver futures closed higher in the domestic market on Friday tracking a firming trend in precious metals overseas as speculators widened their positions. Market analysts said speculative position built up by participants, driven by firm global trend, mainly contributed to the rise in silver prices at futures trade. At the MCX, silver futures for July 2017 contract closed at Rs 38,175 per kg, up by 0.48 per cent, after opening at Rs 38,093, against a previous close of Rs 37,992. It touched the intra-day high of Rs 38,293.

Gold up on firm global cues

Gold futures were trading higher during the evening trade in the domestic market on Friday as participants created fresh positions, tracking a firm trend overseas. Analysts said fresh positions built up by traders in line with a firm global trend, as the US and European stock markets retreated raising demand for the precious metal, influenced the trading sentiment. At the MCX, gold futures for June 2017 contract is trading at Rs 28080 per 10 grams, up by 0.27 per cent, after opening at Rs 28008, against a previous close of Rs 28004. It touched the intra-day high of Rs 28099 (at 17:11 hours).

Cardamom futures down on weak demand

Cardamom futures were trading lower during the evening trade in the domestic market on Friday as investors and speculators exited their positions in the agri-commodity amid fall 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 June 2017 contract is trading at Rs 1247.20 per kg, down by 0.92 per cent, after opening at Rs 1296, against a previous close of Rs 1258.80. It touched the intra-day low of Rs 1233.50 (at 16:30 hours).

Zinc futures rise on firm global cues

Zinc futures were trading higher during the afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the industrial metal on weakness in the US dollar. Meanwhile, traders eyed the industrial activity and investment data from top consumer China next week. At the MCX, zinc futures for May 2017 contract is trading at Rs 167.25 per kg, up by 0.54 per cent, after opening at Rs 166.15, against a previous close of Rs 166.35. It touched the intra-day high of Rs 167.65 (at 15:40 hours).

Nickel futures rises on firm global cues

Nickel futures were trading higher during the afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the industrial metal on weakness in the US dollar. Meanwhile, traders eyed the industrial activity and investment data from top consumer China next week. At the MCX, nickel futures for May 2017 contract is trading at Rs 601.20 per kg, up by 0.47 per cent, after opening at Rs 598.20 against a previous close of Rs 598.40. It touched the intra-day high of Rs 602.30 (at 15:06 hours).

Copper futures rise on firm global cues

Copper futures were trading higher during the afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the industrial metal on weakness in the US dollar. Meanwhile, traders eyed the industrial activity and investment data from top consumer China next week. At the MCX, copper futures for June 2017 contract is trading at Rs 359.90 per kg, up by 0.29 per cent, after opening at Rs 359.05, against a previous close of Rs 358.85. It touched the intra-day high of Rs 360.50 (at 14:10 hours).

White metal up on firm overseas cues

Silver futures were trading higher during the afternoon trade in the domestic market on Friday tracking a firming trend in precious metals overseas as speculators widened their positions. Market analysts said speculative position built up by participants, driven by firm global trend, mainly contributed to the rise in silver prices at futures trade. At the MCX, silver futures for June 2017 contract is trading at Rs 38240 per kg, up by 0.65 per cent, after opening at Rs 38093, against a previous close of Rs 37992. It touched the intra-day high of Rs 38293 (at 13:02 hours).

Yellow metal up on firm global cues

Gold futures were trading higher during the afternoon trade in the domestic market on Friday as participants created fresh positions, tracking a firm trend overseas. Analysts said fresh positions built up by traders in line with a firm global trend, as the US and European stock markets retreated raising demand for the precious metal, influenced the trading sentiment. At the MCX, gold futures for June 2017 contract is trading at Rs 28047 per 10 grams, up by 0.15 per cent, after opening at Rs 28008, against a previous close of Rs 28004. It touched the intra-day high of Rs 28064 (at 12:33 hours).

Lead futures trade higher on spot demand

Lead futures were trading higher during the morning trade in the domestic market on Friday tracking a firming trend at the domestic markets on better demand. Market analysts said better demand from battery-makers in spot market mainly helped lead to trade higher in futures market. At the MCX, lead futures for May 2017 contract is trading at Rs 140 per kg, up by 0.04 per cent, after opening at Rs 139.50, against a previous close of Rs 139.95. It touched the intra-day high of Rs 140.20 (at 11:35 hours).

Aluminium futures flat on muted physical demand

Aluminium futures were little changed during morning trade in the domestic market on Friday as investors and speculators remained on the sidelines in the industrial metal amid muted physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 120.85 per kg, down by 0.00 per cent, after opening at Rs 120.75, against a previous close of Rs 120.85. It touched the intra-day low of Rs 120.65 (at 11:29 hours).

Mentha oil dips on muted demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Friday as speculators trimmed positions, driven by sluggish demand from industries at the spot market. Besides, ample stocks position on higher supplies from producing regions too influenced mentha oil prices. Analysts said that offloading of positions by participants due to subdued demand from consuming industries in the spot market against ample stocks position on higher supplies from Chandausi in Uttar Pradesh mainly led to the decline in mentha oil prices in futures trade. At the MCX, mentha oil futures for May 2017 contract is trading at Rs 929 per kg, down by 0.17 per cent, after opening at Rs 927.80, against the previous closing price of Rs 930.60. It touched the intra-day low of Rs 926.60 (at 10:40 hours).

Cardamom futures down on sluggish demand

Cardamom futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators exited their positions in the agri-commodity amid fall 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 June 2017 contract is trading at Rs 1233.50 per kg, down by 2.01 per cent, after opening at Rs 1296, against a previous close of Rs 1058.80. It touched the intra-day low of Rs 1233.50 (at 10:30 hours).

Govt launches e-Krishi Samvad, an online interface

Union Agriculture and Farmers Welfare Minister Radha Mohan Singh has launched e-Krishi Samvad, an online interface, which will provide direct and effective solutions to the problems faced by farmers and stakeholders in the agriculture sector. The Minister launched the e-Krishi Samvad at Krishi Bhawan, said an official statement. On the occasion, the Union Agriculture Minister said people can directly connect to the ICAR website and get the appropriate solutions from the subject matter specialists and institutes through web or SMS. Stakeholders can upload photographs related to diseases of the crops, animals or fishes for diagnostics and remedial measures instantly from the specialists. Mr Singh further said those who have internet facility on the mobile phone can also avail this facility. e-Krishi Samvad is useful to get information pertaining to welfare and development of agricultural stakeholders.

Gold flat on declining US equities

Gold futures closed flat in the domestic market on Thursday as the U.S. dollar took a break from recent strength and U.S. and European equities declined. The pause in the greenback’s rally, as well as declines in the stock market helped to make gold more attractive to investors. Precious metals prices rebounded following the recent bearish run. At the MCX, gold futures for June 2017 contract ended at Rs 27987 per 10 grams, down by 0.03 per cent, after opening at Rs 27,984 against a previous close of Rs 27,996. It touched the intra-day high of Rs 28,093.

Silver rises on firm global cues

Silver futures closed higher in the domestic market on Thursday tracking a firming trend in precious metals overseas as speculators widened their positions. Market analysts said speculative position built up by participants, driven by firm global trend, mainly contributed to the rise in silver prices at futures trade. At the MCX, silver futures for July 2017 contract closed at Rs 37,980 per kg, up by 0.07 per cent, after opening at Rs 37,957, against a previous close of Rs 37,952. It touched the intra-day high of Rs 38,225.

Crude oil up on decline in US crude inventories

Crude oil futures closed higher in the domestic market on Thursday as traders were encouraged by a bigger-than-expected decline in weekly U.S. crude inventories. However, concerns lingered that further gains in U.S. production will offset the effect of OPEC-led efforts to balance the market. At the MCX, crude oil futures for May 2016 contract closed at Rs 3090 per barrel, up by 0.23 per cent, after opening at Rs 3097, against a previous close of Rs 3083. It touched the intra-day high of Rs 3112.

Mentha oil futures jump 1.97% as demand picks up

Mentha oil futures jumped nearly 2 per cent during evening trade in the domestic market on Thursday as investors and speculators extended their positions in the agri-commodity amid pick up 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 May 2017 contract is trading at Rs 930 per kg, up by 1.97 per cent, after opening at Rs 913.50, against the previous closing price of Rs 912. It touched the intra-day high of Rs 934 (at 17:15 hours).

Subdued demand bites cardamom

Cardamom futures were trading lower during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the agri-commodity on sluggish 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 May 2017 contract is trading at Rs 1253.30 per kg, down by 0.37 per cent, after opening at Rs 1260, against a previous close of Rs 1258. It touched the intra-day low of Rs 1253 (at 17:11 hours).

Nickel futures zoom 1.93% on global cues

Nickel futures rose over 1 per cent during evening trade in the domestic market on Thursday as investors and speculators extended their positions in the industrial metal on weakness in the US dollar post the US President Donald Trump dismissed FBI Director Comey. Meanwhile, traders eyed the industrial activity and investment data from top consumer China next week. At the MCX, nickel futures for May 2017 contract is trading at Rs 602.40 per kg, up by 1.93 per cent, after opening at Rs 591.60, against a previous close of Rs 591. It touched the intra-day high of Rs 604.40 (at 17:06 hours).

Zinc futures keep head above water

Zinc futures were trading higher during evening trade in the domestic market on Thursday as investors and speculators extended their positions in the industrial metal on weakness in the US dollar. Meanwhile, traders eyed the industrial activity and investment data from top consumer China next week. At the MCX, zinc futures for May 2017 contract is trading at Rs 169.20 per kg, up by 0.86 per cent, after opening at Rs 168.30, against a previous close of Rs 167.75. It touched the intra-day high of Rs 170 (at 16:18 hours).

White metal loses shine on overseas cues

Silver futures were little changed during evening trade in the domestic market on Thursday on fading safe-haven demand despite weakness in the greenback on the back of receding risk aversion in Europe and hawkish language from the US Federal Reserve. The dollar slide post the US President Donald Trump dismissed FBI Director Comey. Boston Fed President Eric Rosengren said on Wednesday that, the Fed should hike interest rates 3 more times this year. At the MCX, silver futures for June 2017 contract is trading at Rs 27994 per kg, down by 0.01 per cent, after opening at Rs 27984, against a previous close of Rs 27996. It touched the intra-day low of Rs 27940 (at 16:14 hours).

Copper futures rise 1.42% on global cues

Copper futures were trading higher during evening trade in the domestic market on Thursday as investors and speculators extended their positions in the industrial metal on weakness in the US dollar. Meanwhile, traders eyed the industrial activity and investment data from top consumer China next week. At the MCX, copper futures for June 2017 contract is trading at Rs 363.10 per kg, up by 1.42 per cent, after opening at Rs 358.65, against a previous close of Rs 358. It touched the intra-day high of Rs 365 (at 16:04 hours).

Yellow metal loses shine on global cues

Gold futures were trading lower during afternoon trade in the domestic market on Thursday on fading safe-haven demand despite weakness in the greenback on the back of receding risk aversion in Europe and hawkish language from the US Federal Reserve. The dollar slide post the US President Donald Trump dismissed FBI Director Comey. Boston Fed President Eric Rosengren said on Wednesday that, the Fed should hike interest rates 3 more times this year. At the MCX, gold futures for June 2017 contract is trading at Rs 27942 per 10 grams, down by 0.19 per cent, after opening at Rs 27984, against a previous close of Rs 27996. It touched the intra-day low of Rs 27940 (at 14:02 hours).

Crude oil rises on falling US inventories, Saudi cuts to Asia

Crude oil futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity on larger than expected fall in US crude inventories and cut in Saudi supplies to Asia. According to industry group, the American Petroleum Institute (API) data, the US crude inventories fall larger than expected last week, down 5.8 million barrels against analysts' expectations for a 1.8 million barrels decline. Besides, OPEC meets on May 25 to decide on production policy for the second half of 2017, and most analysts expect the group to extend cuts until at least the end of the year. At the MCX, crude oil futures for May 2017 contract is trading at Rs 3094 per barrel, down by 0.36 per cent, after opening at Rs 3097, against a previous close of Rs 3083. It touched the intra-day high of Rs 3100 (at 13:49 hours).

Lead futures drop 0.21% on subdued physical demand

Lead futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators cut down their bets in the industrial metal on subdued physical demand for lead, from battery-makers, in the domestic spot market. Further, a fall in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 141.40 per kg, down by 0.21 per cent, after opening at Rs 141.70, against a previous close of Rs 141.70. It touched the intra-day low of Rs 141.30 (at 10:58 hours).

Muted physical demand bites aluminium futures

Aluminium futures were little changed during morning trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the industrial metal amid muted physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 120.50 per kg, down by 0.08 per cent, after opening at Rs 120.65, against a previous close of Rs 120.60. It touched the intra-day low of Rs 120.45 (at 10:54 hours).

Uptick in physical demand buoys mentha oil

Mentha oil futures were trading higher during morning trade in the domestic market on Thursday as investors and speculators extended their positions in the agri-commodity amid surge 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 May 2017 contract is trading at Rs 917.60 per kg, up by 0.61 per cent, after opening at Rs 913.50, against the previous closing price of Rs 912. It touched the intra-day high of Rs 919.50 (at 10:49 hours).

Sluggish demand drags down cardamom futures by 1.63%

Cardamom futures fell over 1 per cent during morning trade in the domestic market on Thursday as investors and speculators exited their positions in the agri-commodity amid fall 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 June 2017 contract is trading at Rs 1035.10 per kg, down by 1.63 per cent, after opening at Rs 1045, against a previous close of Rs 1052.30. It touched the intra-day low of Rs 1035 (at 10:45 hours).

Crude oil up as US crude supply decline

Crude oil futures closed higher in the domestic market on Wednesday after U.S. government data revealed the biggest weekly decline in domestic crude supplies so far this year. Early Wednesday, the U.S. Energy Information Administration reported that domestic crude supplies dropped by 5.2 million barrels for the week ended May 5. At the MCX, crude oil futures for May 2016 contract closed at Rs 3087 per barrel, up by 3.97 per cent, after opening at Rs 2986, against a previous close of Rs 2969. It touched the intra-day high of Rs 3095.

Gold rises on escalating tension in US

Gold futures closed higher in the domestic market on Wednesday as investors favored haven plays on the heels of more upheaval in Washington, D.C. Action in metals trading comes against the backdrop of President Donald Trump’s dismissal late Tuesday of Federal Bureau of Investigation Director James Comey over what the White House said was his handling of the investigation into Hillary Clinton’s emails. At the MCX, gold futures for June 2017 contract ended at Rs 27989 per 10 grams, up by 0.06 per cent, after opening at Rs 28,086 against a previous close of Rs 27,971. It touched the intra-day high of Rs 28,145.

Silver rises on firm global cues

Silver futures closed higher in the domestic market on Wednesday tracking a firming trend in precious metals overseas as speculators widened their positions. Market analysts said speculative position built up by participants, driven by firm global trend, mainly contributed to the rise in silver prices at futures trade. At the MCX, silver futures for July 2017 contract closed at Rs 37,980 per kg, up by 0.51 per cent, after opening at Rs 37,989, against a previous close of Rs 37,789. It touched the intra-day high of Rs 38,290.

Mentha oil futures drop 2.31% on sluggish demand

Mentha oil futures fell over 2 per cent during evening trade in the domestic market on Wednesday 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, 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 May 2017 contract is trading at Rs 914 per kg, down by 2.31 per cent, after opening at Rs 936.20, against the previous closing price of Rs 936.20. It touched the intra-day low of Rs 910 (at 17:41 hours).

Subdued demand drags down cardamom futures by 0.89%

Cardamom futures were trading lower during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the agri-commodity on sluggish 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 May 2017 contract is trading at Rs 1254 per kg, down by 0.89 per cent, after opening at Rs 1275, against a previous close of Rs 1265.30. It touched the intra-day low of Rs 1252.70 (at 17:38 hours).

Nickel futures in reverse gear on overseas cues

Nickel futures were trading lower during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal amid ongoing concerns over rising supply and disappointing Chinese import data. However, a weaker US dollar after the US President Donald Trump abruptly fired FBI Director James Comey, restricted further fall in nickel prices. At the MCX, nickel futures for May 2017 contract is trading at Rs 596.30 per kg, down by 0.12 per cent, after opening at Rs 596.70, against a previous close of Rs 597. It touched the intra-day low of Rs 591.20 (at 17:04 hours).

Zinc futures drop 0.36% on global cues

Zinc futures were trading lower during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal amid ongoing concerns over rising supply and disappointing Chinese import data. However, a weaker US dollar after the US President Donald Trump abruptly fired FBI Director James Comey, restricted further fall in zinc prices. At the MCX, zinc futures for May 2017 contract is trading at Rs 168.30 per kg, down by 0.36 per cent, after opening at Rs 169.05, against a previous close of Rs 168.90. It touched the intra-day low of Rs 167.40 (at 17:00 hours).

White metal shines on weaker greenback

Silver futures were trading higher during evening trade in the domestic market on Wednesday on rising safe-haven demand after the weakness in the greenback post US President Donald Trump abruptly fired FBI Director James Comey. In a shocking move for Washington, US President Trump dismissed FBI Director Comey, resulted in a slid in the US dollar and the perceived safe-haven yen gained. Besides, fears reemerged that North Korea could be gearing up for another weapons test, also supported prices of precious metals. At the MCX, silver futures for July 2017 contract is trading at Rs 38122 per kg, up by 0.88 per cent, after opening at Rs 37989, against a previous close of Rs 37789. It touched the intra-day high of Rs 38136 (at 16:24 hours).

Copper in reverse gear on bleak China, supply outlook

Copper futures were trading lower during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal amid ongoing concerns over rising supply and disappointing Chinese import data. However, a weaker US dollar after the US President Donald Trump abruptly fired FBI Director James Comey, restricted further fall in copper prices. At the MCX, copper futures for June 2017 contract is trading at Rs 358.10 per kg, down by 0.28 per cent, after opening at Rs 359.50, against a previous close of Rs 359.10. It touched the intra-day low of Rs 357 (at 16:08 hours).

Yellow metal shines on dollar weakness

Gold futures were trading higher during afternoon trade in the domestic market on Wednesday on rising safe-haven demand after the weakness in the greenback post US President Donald Trump abruptly fired FBI Director James Comey. In a shocking move for Washington, US President Trump dismissed FBI Director Comey, resulted in a slid in the US dollar and the perceived safe-haven yen gained. Besides, fears reemerged that North Korea could be gearing up for another weapons test, also supported gold. At the MCX, gold futures for June 2017 contract is trading at Rs 28,109 per 10 grams, up by 0.49 per cent, after opening at Rs 28086, against a previous close of Rs 27971. It touched the intra-day high of Rs 28145 (at 14:02 hours).

Crude oil zooms 1.25% on global cues

Crude oil futures jumped over 1 per cent during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the energy commodity on expectation that the OPEC-led production cut likely to extend beyond 2017, and larger than expected fall in US crude inventories last week. According to industry group, the American Petroleum Institute (API) data, the US crude inventories fall larger than expected last week, down 5.8 million barrels against analysts' expectations for a 1.8 million barrels decline, too supported oil prices. Besides, according to the Reuters report, state-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June. At the MCX, crude oil futures for May 2017 contract is trading at Rs 3006 per barrel, up by 1.25 per cent, after opening at Rs 2986, against a previous close of Rs 2969. It touched the intra-day high of Rs 3006 (at 13:52 hours).

India to produce record food grains in FY17: Agri Ministry

India is likely to produce a record 273.38 million tonnes of food grains in 2016/17, slightly higher than the previous estimate of 271.98 million tonnes, Agriculture ministry said in a statement, as ample monsoon rains boosted crop yields. The South Asian nation is likely to produce a record 97.44 million tonnes of wheat, higher than a previous forecast of 96.64 million tonnes, the statement said. India's rice production is estimated at 109.15 million tonnes, while pulses output is pegged at 22.40 million tonnes.

Lead futures surge 0.50% as demand picks up

Lead futures were trading higher during morning trade in the domestic market on Wednesday as investors and speculators build up fresh bets in the industrial metal on uptick in physical demand for lead, from battery-makers, in the domestic spot market. Further, a surge in physical demand from battery-makers in the domestic spot market, supported prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 141.20 per kg, up by 0.50 per cent, after opening at Rs 141.20, against a previous close of Rs 140.50. It touched the intra-day high of Rs 141.40 (at 11:01 hours).

Subdued physical demand bites aluminium futures

Aluminium futures were flat during morning trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the industrial metal amid subdued physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading flat at Rs 121.05 per kg after opening at Rs 121.15, against a previous close of Rs 121.05. It touched the intra-day low of Rs 121 (at 10:57 hours).

Mentha oil futures little changed on muted demand

Mentha oil futures were little changed during morning trade in the domestic market on Wednesday as investors and speculators exited their positions in the agri-commodity amid muted 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 May 2017 contract is trading at Rs 935 per kg, down by 0.06 per cent, after opening at Rs 936.20, against the previous closing price of Rs 935.60. It touched the intra-day low of Rs 935.60 (at 10:52 hours).

Govt framing policy to attract foreign investors in steel sector: Reports

The Indian Government has said that India is making a policy among a variety of measures aimed at attracting foreign investment into the world's third largest steel producing market. As per reports, India is famous for making it difficult for foreign companies such as POSCO to buy land, losing out on billions of dollars of investments in key sectors such as steel and preventing the transfer of technology to local companies. Fluctuations in the domestic price of iron ore, which is determined by local miners, has also deterred investors. Commenting on the issue, Steel Secretary Aruna Sharma told the media that her department was preparing several policies aimed at boosting investor confidence after Prime Minister Narendra Modi last week approved a plan to nearly triple domestic steel capacity and raise consumption manifold by 2030. “The government will soon issue detailed guidelines on the mandatory use of locally made steel in big government projects, and use international benchmarks to prevent companies from jacking up prices through cartels, she added.

Uptick in demand buoys cardamom futures

Cardamom futures were trading higher during morning trade in the domestic market on Wednesday as investors and speculators extended their positions in the agri-commodity amid an increase in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for June 2017 contract is trading at Rs 1045 per kg, up by 0.23 per cent, after opening at Rs 1041, against a previous close of Rs 1042.60. It touched the intra-day high of Rs 1045 (at 10:47 hours).

Gold dips on strong US dollar

Gold futures closed lower in the domestic market on Tuesday as strength in the dollar and growing expectations for a U.S. interest-rate hike next month dulled demand for the metal. According to data, investors have been increasingly pricing in a U.S. rate increase next month, with fed-funds futures recently showing that markets are pricing in an 88 per cent chance of a rate increase at the Fed’s mid-June meeting. Higher rates can make precious metals, which don’t offer a yield, less appealing. At the MCX, gold futures for June 2017 contract ended at Rs 27976 per 10 grams, down by 0.41 per cent, after opening at Rs 28,141 against a previous close of Rs 28,091. It touched the intra-day low of Rs 27,951.

Silver dips on weak global cues

Silver futures closed lower in the domestic market on Tuesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for May 2017 contract closed at Rs 37,805 per kg, down by 0.54 per cent, after opening at Rs 38,157, against a previous close of Rs 38,011. It touched the intra-day low of Rs 37,720.

Crude oil rises as more production cut likely

Crude oil futures closed higher in the domestic market on Tuesday as investors bet on more production cuts by major producers, in the hope that global stockpiles will be reduced. The agreement between OPEC members and other major producers including Russia calls for participants to cut 1.8 million barrels a day of their collective output. The objective is to reduce global inventories to the five-year average. At the MCX, crude oil futures for May 2016 contract closed at Rs 2983 per barrel, up by 0.10 per cent, after opening at Rs 2999, against a previous close of Rs 2980. It touched the intra-day high of Rs 3024.

Sluggish physical demand bites cardamom

Cardamom futures were trading lower during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the agri-commodity on sluggish 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 May 2017 contract is trading at Rs 1260.80 per kg, down by 0.72 per cent, after opening at Rs 1256, against a previous close of Rs 1269.90. It touched the intra-day low of Rs 1256 (at 17:49 hours).

Uptick in demand lifts nickel futures by 1.39%

Nickel futures were trading higher during evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the industrial metal on pick up in physical demand from consuming industries. However, a sharp drop in imports to China, the world's biggest consumer, and high inventories, restricted further rise in nickel prices. At the MCX, nickel futures for May 2017 contract is trading at Rs 597.90 per kg, up by 1.39 per cent, after opening at Rs 588, against a previous close of Rs 589.70. It touched the intra-day high of Rs 598.70 (at 16:28 hours).

Zinc futures surge 1.95% on uptick in demand

Zinc futures rose over 1 per cent during evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the industrial metal on upsurge in physical demand from consuming industries. However, a sharp drop in imports to China, the world's biggest consumer, and high inventories, restricted further rise in zinc prices. At the MCX, zinc futures for May 2017 contract is trading at Rs 170.10 per kg, up by 1.95 per cent, after opening at Rs 167.15, against a previous close of Rs 166.85. It touched the intra-day high of Rs 170.25 (at 16:24 hours).

White metal little changed on global cues

Silver futures little changed during evening trade in the domestic market on Tuesday as safe-haven demand faded after the expected victory of pro-EU candidate Emmanuel Macron in the French presidential election. Besides, US job growth rebounded sharply in April and the unemployment rate dropped to 4.4 per cent, nearly 10-year low, pointing to a tightening labor market that likely seals the case for an interest rate hike in June despite moderate wage growth. At the MCX, silver futures for July 2017 contract is trading at Rs 38021 per kg, up by 0.03 per cent, after opening at Rs 38157, against a previous close of Rs 38011. It touched the intra-day high of Rs 38157 (at 15:46 hours).

Copper futures gain 0.67% on upsurge in demand

Copper futures were trading higher during evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the industrial metal on rising physical demand from consuming industries. However, a sharp drop in imports into China, the world's biggest consumer, capped further rise in copper prices. At the MCX, copper futures for June 2017 contract is trading at Rs 359.05 per kg, up by 0.67 per cent, after opening at Rs 356, against a previous close of Rs 356.65. It touched the intra-day high of Rs 359.15 (at 15:35 hours).

Yellow metal keeps head above water

Gold futures inched up during afternoon trade in the domestic market on Tuesday as safe-haven demand faded after the expected victory of pro-EU candidate Emmanuel Macron in the French presidential election. Besides, US job growth rebounded sharply in April and the unemployment rate dropped to 4.4 per cent, nearly 10-year low, pointing to a tightening labor market that likely seals the case for an interest rate hike in June despite moderate wage growth. At the MCX, gold futures for June 2017 contract is trading at Rs 28135 per 10 grams, up by 0.16 per cent, after opening at Rs 28141, against a previous close of Rs 28091. It touched the intra-day high of Rs 28174 (at 13:44 hours).

Crude oil futures jump 1.21% on global cues

Crude oil futures jumped over 1 per cent during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the energy commodity on expectation that the OPEC-led production cut likely to extend into the second half of the year and beyond 2017. During an industry event in Malaysia's capital Kuala Lumpur on Monday, Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih said that, “Based on the consultations I have had with participating members, I am rather confident the agreement will be extended into the second half of the year and possibly beyond.” However, concerns over slowing demand and a relentless rise in US crude output, restricted further rise in crude prices. At the MCX, crude oil futures for May 2017 contract is trading at Rs 3016 per barrel, up by 1.21 per cent, after opening at Rs 2999, against a previous close of Rs 2980. It touched the intra-day high of Rs 3024 (at 13:34 hours).

Lead futures slip 0.25% on subdued physical demand

Lead futures were trading lower during morning trade in the domestic market on Tuesday as investors and speculators trimmed their bets in the industrial metal on sluggish physical demand for lead, from battery-makers, in the domestic spot market. Further, a fall in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 139.45 per kg, down by 0.25 per cent, after opening at Rs 139.30, against a previous close of Rs 139.80. It touched the intra-day low of Rs 139.30 (at 11:08 hours).

Muted demand bites aluminium futures

Aluminium futures were little changed during morning trade in the domestic market on Tuesday as investors and speculators remained on the sidelines in the industrial metal amid muted physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 120.80 per kg, down by 0.08 per cent, after opening at Rs 121.10, against a previous close of Rs 120.90. It touched the intra-day low of Rs 120.75 (at 11:05 hours).

Uptick in physical demand buoys mentha oil

Mentha oil futures were trading higher during morning trade in the domestic market on Tuesday as investors and speculators extended their positions in the agri-commodity amid uptick 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 May 2017 contract is trading at Rs 911.10 per kg, up by 0.40 per cent, after opening at Rs 906.80, against the previous closing price of Rs 907.50. It touched the intra-day high of Rs 911.80 (at 11:00 hours).

Sluggish demand drags down cardamom futures by 1.09%

Cardamom futures fell over 1 per cent during morning trade in the domestic market on Tuesday as investors and speculators exited their positions in the agri-commodity amid diminishing 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 May 2017 contract is trading at Rs 1256 per kg, down by 1.09 per cent, after opening at Rs 1256, against a previous close of Rs 1269.90. It touched the intra-day low of Rs 1256 (at 10:55 hours).

Crude oil rises as OPEC output cut extension likely

Crude oil futures closed higher in the domestic market on Monday as comments from major producers hint at a possible extension in crude-output cuts beyond this year. According to media reports, the members of the Organization of the Petroleum Exporting Countries are discussing the possibility of extending the output curbs until the end of the first quarter of 2018. OPEC plans to make a decision on whether to extend the production-cut agreement at its next meeting in Vienna on May 25. At the MCX, crude oil futures for May 2016 contract closed at Rs 2983 per barrel, up by 0.47 per cent, after opening at Rs 2997, against a previous close of Rs 2969. It touched the intra-day high of Rs 3015.

Gold rises as US stocks suffer mild losses

Gold futures closed higher in the domestic market on Monday but a firmer U.S. dollar kept the price move in check as global markets digested Sunday’s French election. Although the dollar gained, U.S. stocks traded mostly lower, in line with mild losses for their European counterparts. That helped to temporarily steady battered gold’s recent selloff. At the MCX, gold futures for June 2017 contract ended at Rs 28080 per 10 grams, up by 0.03 per cent, after opening at Rs 28,118 against a previous close of Rs 28,072. It touched the intra-day low of Rs 28,071.

Silver dips on feeble global cues

Silver futures closed lower in the domestic market on Monday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for May 2017 contract closed at Rs 38,007 per kg, down by 0.03 per cent, after opening at Rs 38,099, against a previous close of Rs 38,018. It touched the intra-day low of Rs 37,926.

Nickel futures slip on weak global cues

Nickel futures were trading lower during evening trade in the domestic market on Monday as investors and speculators exited their positions in the industrial metal on fall in physical demand from consuming industries. Further, a sharp drop in imports to China, the world's biggest consumer, and high inventories, too influenced prices of nickel. At the MCX, nickel futures for May 2017 contract is trading at Rs 587.50 per kg, down by 0.37 per cent, after opening at Rs 584, against a previous close of Rs 589.70. It touched the intra-day low of Rs 581.30 (at 16:46 hours).

Zinc futures in reverse gear

Zinc futures were trading lower during evening trade in the domestic market on Monday as investors and speculators exited their positions in the industrial metal on fall in physical demand from consumer industries. Further, a sharp drop in imports to China, the world's biggest consumer, and high inventories, too influenced prices of zinc. At the MCX, zinc futures for May 2017 contract is trading at Rs 165.35 per kg, down by 0.81 per cent, after opening at Rs 165.10, against a previous close of Rs 166.70. It touched the intra-day low of Rs 163.65 (at 16:39 hours).

White metal shines on global cues

Silver futures were trading higher during evening trade in the domestic market on Monday as investors and speculators extended their positions in the precious metal on safe-haven demand and as the euro strengthened after the expected win of pro-EU candidate Emmanuel Macron in the French presidential election. Besides, US job growth rebounded sharply in April and the unemployment rate dropped to 4.4 per cent, nearly 10-year low, pointing to a tightening labor market that likely seals the case for an interest rate hike in June despite moderate wage growth. At the MCX, silver futures for July 2017 contract is trading at Rs 38197 per kg, up by 0.47 per cent, after opening at Rs 38099, against a previous close of Rs 38018. It touched the intra-day high of Rs 38287 (at 16:04 hours).

Copper drops 1.54% as China imports slip, inventories rise

Copper futures fell over 1 per cent during evening trade in the domestic market on Monday as investors and speculators exited their positions in the industrial metal on sharp drop in imports to China, the world's biggest consumer, and high inventories. The General Administration of Customs data showed that, April imports of copper dived 30.2 per cent from a month ago to 300,000 tonnes. At the MCX, copper futures for June 2017 contract is trading at Rs 355.90 per kg, down by 1.54 per cent, after opening at Rs 358.10, against a previous close of Rs 361.45. It touched the intra-day low of Rs 354.85 (at 15:48 hours).

Gold glitters on euro strength after Macron's win in France

Gold futures were trading higher during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the precious metal on safe-haven demand and as the euro strengthened after the expected win of pro-EU candidate Emmanuel Macron in the French presidential election. Besides, US job growth rebounded sharply in April and the unemployment rate dropped to 4.4 per cent, nearly 10-year low, pointing to a tightening labor market that likely seals the case for an interest rate hike in June despite moderate wage growth. At the MCX, gold futures for June 2017 contract is trading at Rs 28120 per 10 grams, up by 0.17 per cent, after opening at Rs 28118, against a previous close of Rs 28072. It touched the intra-day high of Rs 28132 (at 13:35 hours).

Crude oil futures rise on OPEC-led output cut extension hopes

Crude oil futures were trading higher during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity on expectation that the OPEC-led production cut likely to extend beyond 2017. During an industry event in Malaysia's capital Kuala Lumpur on Monday, Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih said that, “Based on the consultations I have had with participating members, I am rather confident the agreement will be extended into the second half of the year and possibly beyond.” At the MCX, crude oil futures for May 2017 contract is trading at Rs 2972 per barrel, up by 0.10 per cent, after opening at Rs 2997, against a previous close of Rs 2969. It touched the intra-day high of Rs 3015 (at 13:27 hours).

Volatile coking coal prices may put pressure on steel sector spreads: Ind-Ra

The volatility in input cost, mainly coking coal prices is likely to keep the steel sector spreads (difference between price and raw material cost) under pressure in FY18, says India Ratings and Research (Ind-Ra). According to Ind-Ra, the price of coking coal, a key raw material restarted its up move in April 2017, after softening from the elevated levels of November 2016. Ind-Ra believes the recent surge in prices is temporary and it may soften in the near term, however its unlikely to correct significantly in FY18. According to the agency, the increased government spending will be the Key’ that the softening of input cost would be a key determinant for the steel sector’s profitability. However, price of coking coal has surged by 100 per cent to around USD310/t in April 2017 mom. The agency opined that this may not be fully passed on and could impact profitability in 2QFY18, as for domestic steel producers it takes around two to three months from order to consumption. The sudden surge in coking coal prices in April 2017, is on account of the disruption in exports from Australia a major exporter of coal, due to a cyclone which damaged railway lines connecting mines. Ind-Ra believes that the current situation in Australia is temporary and once the supply situation eases, regular coking coal prices will correct from the current peak, however it may not decline to the lows of USD75/t witnessed in January 2016. However, if coking coal prices remain high without the commensurate opportunity for the players to pass on the increased cost during FY18, the profitability could be severely impacted. Input prices were volatile even in FY17, with coking coal prices surging 310 per cent between January 2016-November 2016 to USD308/t and thereafter correcting to around USD150/t in March 2017. Despite a correction of around 50 per cent, it remained significantly higher than the low of around USD75/t in January 2016. The surge in raw material prices have pushed both international and domestic finished steel prices close to the limits imposed by anti-dumping duty which has now been recommended by Directorate General of Anti-dumping and Allied Duties for five years at marginally higher rates, pending the final notification. The sustained high prices in finished steel in response to the increase in input cost can make the protection infructuous, as the domestic steel sector will open up for international competition and will have a fallout on the profitability of domestic players. Ind-Ra believes that companies producing a higher proportion of steel through the blast furnace route with a dependence on imported coking coal will be hurt more than players with access to domestic sources of coking coal or those producing steel through the direct-reduced iron route.

NAFED procures more than 8.76 Lakh MTs of pulses in FY17

NAFED, a National Level Cooperative Marketing Federation of India, has set a record of procurement of Pulses and Oilseeds during the year 2016-17, according to a statement released by the ministry of consumer affairs, food & public distribution. During the financial year 2016-17, it has achieved procurement of more than 8.76 Lakh MTs of Pulses (Gram 0.20 Lakh MTs, Masoor 0.03 Lakh MTs, Moong 1.29 Lakh MTs, Urad 0.59 MTs and Toor 6.65 Lakh MTs) and more than 2.20 Lakh MTs of Groundnut, Copra and other oilseeds and benefitted the farming community at large by providing them remunerative price for their produce and helping the country in creating buffer stocks and stabilizing the prices of Pulses and Oilseeds. NAFED has also started disposal of the buffer stocks. A substantial quantity would be supplied to Para-military forces and Defence Sector and also State Government as per their requirements under PDS and other such schemes. The agency has undertaken procurement of various commodities to the tune of Rs 5916.00 Crore approximately in this year and earned tentative profit of Rs. 106.00 Crore before interest which is the highest in the last decade and helped turn around financially. The Federation has strongly positioned itself as the “Pulse Arm” of the Government. During the current year also, procurement of Rabi Oilseeds and Pulses such as Mustard seeds, Sunflower seed, Gram, Masoor etc. has started and NAFED has already procured 2.95 Lakh MTs upto 30th April, 2017. The Financial Package for NAFED is also under active consideration of the Govt. of India and it is likely that a CCEA note would be placed in May, 2017 for approval of the Cabinet.

Lead futures drop 1.14% on diminishing physical demand

Lead futures fell over 1 per cent during morning trade in the domestic market on Monday as investors and speculators trimmed their bets in the industrial metal on sluggish physical demand for lead, from battery-makers, in the domestic spot market. Further, a fall in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 138.85 per kg, down by 1.14 per cent, after opening at Rs 139.15, against a previous close of Rs 140.45. It touched the intra-day low of Rs 138.80 (at 11:08 hours).

Subdued demand drags down aluminium futures by 0.29%

Aluminium futures were trading lower during morning trade in the domestic market on Monday as investors and speculators cut down their bets in the industrial metal amid subdued physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 121.70 per kg, down by 0.29 per cent, after opening at Rs 122, against a previous close of Rs 122.05. It touched the intra-day low of Rs 121.60 (at 11:05 hours).

Sluggish physical demand bites mentha oil

Mentha oil futures were trading lower during morning trade in the domestic market on Monday 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, 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 May 2017 contract is trading at Rs 909 per kg, down by 0.67 per cent, after opening at Rs 906.60, against the previous closing price of Rs 915.10. It touched the intra-day low of Rs 904.60 (at 11:01 hours).

Cardamom futures little changed as demand ticks up

Cardamom futures were little changed during morning trade in the domestic market on Monday as investors and speculators started building up fresh bets in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for May 2017 contract is trading at Rs 1270 per kg, up by 0.01 per cent, after opening at Rs 1250.10, against a previous close of Rs 1269.90. It touched the intra-day high of Rs 1279 (at 10:58 hours).

Domestic steel demand to grow by 6% in 5 years: Crisil

A Crisil report has said that domestic steel demand is expected to grow by 6-6.5 per cent in the next five years, but the target reaching 300 tonne steel capacity by 2030 under NSP seems unlikely. The rating agency said that the consumption of the alloy has grown at a steady pace of 6 per cent, during the last decade (2006-07 to 2016-17). Commenting on the issue, a Crisil Official told the media, "Over the next five years, steel demand is expected to register 6-6.5 per cent growth driven by various government led initiatives in affordable housing and infrastructure sector, coupled with robust growth in automotive and capital goods segments." "A similar trajectory of growth in expected to continue even in long run, subject to continuation of government's initiatives. Also, NSP is expected to encourage in-house production of flat and alloy steel products, reducing their share in overall imports," he added.

Crude oil up as OPEC plans output cut extension

Crude oil futures closed higher in the domestic market on Friday as OPEC plans to make a decision on a possible extension of the output cuts at its meeting on May 25. A number of technical indicators are giving oversold signals, which could provide a catalyst for the current sell-off to pause or bounce back a little before it continues its steep downward move again. At the MCX, crude oil futures for May 2016 contract closed at Rs 2970 per barrel, up by 1.33 per cent, after opening at Rs 2917, against a previous close of Rs 2931. It touched the intra-day high of Rs 3009.

Silver dips on weak global cues

Silver futures closed lower in the domestic market on Friday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for May 2017 contract closed at Rs 37,593 per kg, down by 0.30 per cent, after opening at Rs 37,900, against a previous close of Rs 37,706. It touched the intra-day low of Rs 37,593.

Gold dips on strong US job data

Gold futures closed lower in the domestic market on Friday after April’s strong U.S. jobs report was seen as keeping the Federal Reserve on a path of higher interest rates, with another hike increasingly likely as soon as next month. Higher rates tend to be bullish for the dollar and bearish for commodities pegged to the currency, making them more expensive to buyers using other currencies. At the MCX, gold futures for June 2017 contract ended at Rs 28070 per 10 grams, down by 0.01 per cent, after opening at Rs 28,140 against a previous close of Rs 28,072. It touched the intra-day low of Rs 28,055.

Mentha oil futures little changed on muted physical demand

Mentha oil futures were little changed during evening trade in the domestic market on Friday as investors and speculators exited their positions in the agri-commodity amid muted 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 May 2017 contract is trading at Rs 916 per kg, down by 0.09 per cent, after opening at Rs 915.50, against the previous closing price of Rs 916.80. It touched the intra-day low of Rs 911.60 (at 17:51 hours).

Uptick in physical demand buoys cardamom futures

Cardamom futures were trading higher during evening trade in the domestic market on Friday as investors and speculators extended their positions in the agri-commodity on uptick in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for May 2017 contract is trading at Rs 1270 per kg, up by 0.63 per cent, after opening at Rs 1264.90, against a previous close of Rs 1262.10. It touched the intra-day high of Rs 1273 (at 17:47 hours).

Subdued demand bites nickel futures

Nickel futures were trading lower during evening trade in the domestic market on Friday as investors and speculators exited their positions in the industrial metal on subdued physical demand at the domestic spot market and taking weak cues from overseas market. Traders said easing demand from consuming industries at domestic spot market, mainly put pressure on nickel prices. At the MCX, nickel futures for May 2017 contract is trading at Rs 577.90 per kg, down by 0.36 per cent, after opening at Rs 577.80, against a previous close of Rs 580. It touched the intra-day low of Rs 574.60 (at 17:08 hours).

Zinc futures gain on upsurge in demand

Zinc futures were trading higher during evening trade in the domestic market on Friday as investors and speculators extended their positions in the industrial metal on rise in physical demand amid weakness in the US dollar. However, concerns about rising inventories and weakening consumption, restricted further rise in zinc prices. At the MCX, zinc futures for May 2017 contract is trading at Rs 165.45 per kg, up by 0.15 per cent, after opening at Rs 164.60, against a previous close of Rs 165.20. It touched the intra-day high of Rs 166.15 (at 17:02 hours).

White metal shines on weaker greenback

Silver futures rose over 1 per cent during evening trade in the domestic market on Friday as investors and speculators extended their positions in the precious metal on emerging safe-haven demand on the back of weakness in the greenback. However, expectations of Macron’s victory in the presidential election in France and possibility of rate hike by the US Federal Reserve in June, restricted further rise in prices of precious metal. At the MCX, silver futures for May 2017 contract is trading at Rs 38096 per kg, up by 1.03 per cent, after opening at Rs 37900, against a previous close of Rs 37706. It touched the intra-day high of Rs 38147 (at 15:51 hours).

Copper futures keep head above water

Copper futures were trading higher during evening trade in the domestic market on Friday as investors and speculators extended their positions in the industrial metal on weakness in the greenback. However, concerns about rising inventories and weakening consumption, kept rise in copper prices under check. At the MCX, copper futures for June 2017 contract is trading at Rs 360.95 per kg, up by 0.67 per cent, after opening at Rs 358.20, against a previous close of Rs 358.55. It touched the intra-day high of Rs 361.30 (at 15:38 hours).

Yellow metal shines on weaker dollar

Gold futures were trading higher during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the precious metal on emerging safe-haven demand on the back of weakness in the greenback. However, expectations of Macron’s victory in the presidential election in France and possibility of rate hike by the US Federal Reserve in June, restricted further rise in prices of precious metal. At the MCX, gold futures for June 2017 contract is trading at Rs 28180 per 10 grams, up by 0.38 per cent, after opening at Rs 28140, against a previous close of Rs 28072. It touched the intra-day high of Rs 28240 (at 13:49 hours).

Crude oil futures in reverse gear

Crude oil futures were trading lower during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity on mounting concerns over global oversupply. Emerging doubts that the OPEC-led production cuts, even when fully implemented, will be deep enough to draw down bloated storage levels around the world, weighed on oil prices. At the MCX, crude oil futures for May 2017 contract is trading at Rs 2918 per barrel, down by 0.44 per cent, after opening at Rs 2917, against a previous close of Rs 2931. It touched the intra-day low of Rs 2839 (at 13:35 hours).

Sluggish demand drags down lead futures by 0.42%

Lead futures were trading lower during morning trade in the domestic market on Friday as investors and speculators trimmed their bets in the industrial metal on sluggish physical demand for lead, from battery-makers, in the domestic spot market. Further, a fall in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 140.60 per kg, down by 0.42 per cent, after opening at Rs 140.70, against a previous close of Rs 141.20. It touched the intra-day low of Rs 140.20 (at 10:51 hours).

Aluminium futures slip 0.20% on subdued physical demand

Aluminium futures were trading lower during morning trade in the domestic market on Friday as investors and speculators cut down their bets in the industrial metal amid subdued physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 122.65 per kg, down by 0.20 per cent, after opening at Rs 122.80, against a previous close of Rs 122.90. It touched the intra-day low of Rs 122.60 (at 10:48 hours).

Muted physical demand bites mentha oil

Mentha oil futures were trading lower during morning trade in the domestic market on Friday 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, 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 May 2017 contract is trading at Rs 913.80 per kg, down by 0.33 per cent, after opening at Rs 915.50, against the previous closing price of Rs 916.80. It touched the intra-day low of Rs 911.60 (at 10:44 hours).

Uptick in physical demand buoys cardamom futures

Cardamom futures were trading higher during morning trade in the domestic market on Friday as investors and speculators started building up fresh bets in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for May 2017 contract is trading at Rs 1265.90 per kg, up by 0.30 per cent, after opening at Rs 1264.90, against a previous close of Rs 1262.10. It touched the intra-day high of Rs 1266 (at 10:41 hours).

Govt planning to set up new steel plants soon: Reports

The Indian Government has said that it is planning to set up new steel plants on surplus land available with PSUs. As per reports, the Government plans to forge partnership with private sector to help more than double steel production capacity to 300 million tonnes by 2030. Commenting on the issue, Steel Minister Chaudhary Birender Singh told the media, "After 12 years, a new policy for steel sector has been approved, which will provide a great boost to the industry and make it globally competitive." “The government plans to utilise the surplus land of steel PSUs to set up new plant in joint venture with private companies. If we have to create steel-making capacity of 300 million tonnes, we cannot wait for long time", he added. “The share of PSUs and private companies is expected to remain at the present level in future capacity addition. At present, the PSUs contribute 19 per cent to the total country's production capacity,” he further said.

Crude oil dips on rising US crude output

Crude oil futures closed lower in the domestic market on Thursday with expectations for a recovery in Libyan crude production and rising U.S. output sending prices back to levels they hadn’t seen since before the OPEC output cut deal in November. OPEC is set to decide whether to extend the pact into the second half of the year, when it meets on May 25 in Vienna. At the MCX, crude oil futures for May 2016 contract closed at Rs 2931 per barrel, down by 4.43 per cent, after opening at Rs 3079, against a previous close of Rs 3067. It touched the intra-day low of Rs 2924.

Gold down on slowdown in demand

Gold futures closed lower in the domestic market on Thursday pressured by a report showing a slowdown in demand for the precious metal a day after the Federal Reserve signaled confidence in the U.S. economy. The market is still positioned for higher prices but the lure of the equity bull is becoming irresistible for traders. At the MCX, gold futures for June 2017 contract ended at Rs 28055 per 10 grams, down by 1.46 per cent, after opening at Rs 28,371 against a previous close of Rs 28,472. It touched the intra-day low of Rs 28,020.

Silver down on feeble global cues

Silver futures closed lower in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for May 2017 contract closed at Rs 37,777 per kg, down by 1.34 per cent, after opening at Rs 38,211, against a previous close of Rs 38,292. It touched the intra-day low of Rs 37,504.

Aluminium futures down on muted physical demand

Aluminium futures were trading lower during the evening trade in the domestic market on Thursday as investors and speculators cut down their bets in the industrial metal amid subdued physical demand for aluminium at the domestic spot market. At the MCX, aluminium futures for May 2017 contract is trading at Rs 122.90 per kg, down by 0.20 per cent, after opening at Rs 123.15, against a previous close of Rs 123.15. It touched the intra-day low of Rs 122.85 (at 17:05 hours).

Cardamom futures up on rising demand

Cardamom futures were trading higher during the evening trade in the domestic market on Thursday as investors and speculators built fresh bets in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for May 2017 contract is trading at Rs 1259.50 per kg, up by 1.29 per cent, after opening at Rs 1235, against a previous close of Rs 1243.50. It touched the intra-day high of Rs 1264.80 (at 17:00 hours).

Nickel futures dip on weak demand

Nickel futures were trading lower during the evening trade in the domestic market on Thursday amid a weakening trend at domestic spot markets on sluggish demand from alloy-makers. Market analysts said the fall in nickel prices at futures trade was mostly in tune with a weak trend in other base metals. At the MCX, nickel futures for May 2017 contract was trading at Rs 584.50 per kg, down by 1.61 per cent, after opening at Rs 594.60, against a previous close of Rs 595. It touched the intra-day low of Rs 580.40 (at 16:33 hours).

Zinc futures decline amid muted demand

Zinc futures were trading lower during the evening trade in the domestic market on Thursday after speculators reduced their exposure amid muted demand at domestic spot markets. Market analysts said zinc futures softened due to a weak trend in select base metals at the domestic spot markets amid low demand from consuming industries. At the MCX, zinc futures for May 2017 contract was trading at Rs 164.20 per kg, down by 0.48 per cent, after opening at Rs 165.50, against a previous close of Rs 165. It touched the intra-day low of Rs 163.05 (at 16:00 hours).

Copper futures dip on firm dollar

Copper futures were trading lower during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal on stronger greenback. At the MCX, copper futures for June 2017 contract is trading at Rs 361 per kg, down by 0.35 per cent, after opening at Rs 362.20, against a previous close of Rs 362.25. It touched the intra-day low of Rs 358.80 (at 15:01 hours).

White metal loses shine on weak overseas cues

Silver futures were trading lower during the evening trade in the domestic market on Thursday as investors and speculators exited their positions in the precious metal on stronger greenback. Analysts attributed the fall in silver prices at the futures trade to a weak trajectory in global markets. At the MCX, silver futures for May 2017 contract is trading at Rs 38,037 per kg, down by 0.67 per cent, after opening at Rs 38211, against a previous close of Rs 38292. It touched the intra-day low of Rs 37900 (at 14:10 hours).

Yellow metal dips on strengthening dollar

Gold futures were trading lower during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the precious metal on diminishing safe-haven demand as risk appetite return back to the markets and the greenback remained firm after the outcome of the US Federal Reserve's two-day policy meeting. At the MCX, gold futures for June 2017 contract is trading at Rs 28177 per 10 grams, down by 1.04 per cent, after opening at Rs 28371, against a previous close of Rs 28472. It touched the intra-day low of Rs 28155 (at 13:05 hours).

Crude oil dips on rising crude output

Crude oil futures were trading lower during afternoon trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the energy commodity on concerns that the OPEC-led production cut may not significantly tighten a bloated market. Also, rising output in Libya and the U.S., and a survey showing a fall last month in compliance with the Organization of the Petroleum Exporting Countries’ production cut, sent futures to their lowest settlements in several weeks. At the MCX, crude oil futures for May 2017 contract is trading at Rs 3054 per barrel, down by 0.42 per cent, after opening at Rs 3079, against a previous close of Rs 3067. It touched the intra-day low of Rs 3053 (at 12:43 hours).

Lead futures dip on sluggish demand

Lead futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators trimmed their bets in the industrial metal on sluggish physical demand for lead, from battery-makers, in the domestic spot market. Further a fall in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for May 2017 contract was trading at Rs 140.65 per kg, down by 0.14 per cent, after opening at Rs 141.15, against a previous close of Rs 140.85. It touched the intra-day low of Rs 140.55 (at 11:55 hours).

Mentha oil futures dip on muted demand

Mentha oil futures dipped during the morning trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the agri-commodity amid subdued 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 May 2017 contract is trading at Rs 920.30 per kg, down by 0.13 per cent, after opening at Rs 923.90, against the previous closing price of Rs 921.50. It touched the intra-day low of Rs 919.30 (at 11:50 hours).

Cardamom futures rise amid increasing demand

Cardamom futures were trading higher during morning trade in the domestic market on Thursday as investors and speculators started building up fresh bets in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for May 2017 contract is trading at Rs 1248 per kg, up by 0.36 per cent, after opening at Rs 1235, against a previous close of Rs 1243.50. It touched the intra-day high of Rs 1256.40 (at 11:25 hours).

Aluminium futures dip on subdued physical demand

Aluminium futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators cut down their bets in the industrial metal amid subdued physical demand for aluminium at the domestic spot market. Further, a rise in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 122.90 per kg, down by 0.20 per cent, after opening at Rs 123.15, against a previous close of Rs 123.15. It touched the intra-day low of Rs 122.85 (at 11:30 hours).

Govt approves New Steel Policy, local products get priority

A new policy that aims to achieve steel making capacity of 300 million tonnes by 2030 with an additional investment of Rs 10 lakh crore got the Cabinet green light, reported PTI. The Cabinet also approved a policy for use of domestic steel products in government organisations. "The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to the National Steel Policy (NSP) 2017," the steel ministry said in a statement. "The Cabinet... Has approved the policy for providing preference to domestically manufactured iron and steel products on government procurement," the ministry said in another statement. The policy makes it mandatory to give preference to domestically manufactured iron and steel products (DMI&SP) in government procurement. The policy is applicable to all government tenders where price bid is yet to be opened. "The DMI&SP policy provides a minimum value addition of 15 per cent in notified steel products which are covered under preferential procurement. In order to provide flexibility, the Ministry of Steel may review specified steel products and the minimum value addition criterion," it said. The NSP enshrines a long-term vision to give impetus to the steel sector. It seeks to boost domestic steel consumption and ensure high quality steel production and create a technologically advanced and globally competitive steel industry. The policy projects crude steel capacity of 300 mt, production of 255 mt and robust finished steel per capita consumption of 158 kg by 2030-31, as against the current use of 61 kg. "The policy also envisages domestically meeting the entire demand of high-grade automotive steel, electrical steel, special steels and alloys for strategic applications and increasing domestic availability of washed coking coal so as to reduce import dependence on coking coal from about 85 per cent to around 65 per cent by 2030-31," the statement said. Steel Minister Chaudhary Birender Singh is confident that the policy will give a concrete shape to future plans and policies for the steel industry in India. "We have taken a holistic and comprehensive view of the steel sector in India and its key growth drivers to ensure sustainable growth of all segments of the industry," he said. Thrust areas in the policy include raw material securitisation, import substitution, increasing production efficiency and enhancing steel consumption, he said. "I am confident that the policy will make the Indian steel sector more vibrant and competitive, and facilitate taking the steel industry to new heights of success," the minister added. The potential of the MSME steel sector has been recognised, too. As per the policy, adoption of energy efficient technologies in the MSME steel sector will be encouraged to improve overall productivity and reduce energy intensity. The ministry will also ensure availability of raw materials like iron ore, coking coal and non-coking coal, natural gas etc at competitive rates. The policy envisages development of globally competitive steel manufacturing capabilities, cost-efficient production, facilitating foreign investment and asset acquisitions of raw materials. R&D in the sector will take spotlight through establishment of the Steel Research and Technology Mission of India (SRTMI). The initiative is aimed at spearheading R&D of national importance in the iron and steel sector utilising tripartite synergy among the industry, national R&D laboratories and academic institutes. "With the rollout of the National Steel Policy 2017, it is envisaged that the industry will be steered in creating an environment for promoting domestic steel and thereby ensuring a scenario where production meets the anticipated pace of growth in consumption through a technologically advanced and globally competitive steel industry," it said. This will be facilitated by the steel ministry, in coordination with relevant ministries, as may be required. While implementing the policy, it puts trust in each domestic manufacturer that provides self-certification to the procuring government agency declaring that the products are domestically manufactured in terms of the value addition prescribed. It will not normally be the responsibility of procuring agency to verify the correctness of the claim. In a few cases, the onus of demonstrating the correctness of the same will be on the bidder when asked to do so. In case any manufacturer is aggrieved, a grievance redressal committee set up under the steel ministry will dispose of the complaint in four weeks. There are provisions in the policy for waivers to all such procurements where specific grades of steel are not manufactured in the country or the quantities as per the demand of the project cannot be met through domestic sources.

Crude oil down on rising US crude supply

Crude oil futures closed lower in the domestic market on Wednesday as rising output in Libya and the U.S., and a survey showing a fall last month in compliance with the Organization of the Petroleum Exporting Countries’ production cut, sent futures to their lowest settlements in several weeks. At the MCX, crude oil futures for May 2016 contract closed at Rs 3070 per barrel, down by 0.55 per cent, after opening at Rs 3103, against a previous close of Rs 3087. It touched the intra-day low of Rs 3045.

Gold dips on rising US dollar

Gold futures closed lower in the domestic market on Wednesday as the U.S. dollar strengthened against currency rivals following the Federal Reserve’s monetary policy statement. The central bank on Wednesday, after prices for metals futures settled for the session, kept interest rates unchanged, as expected, and signaled that it’s still on track to raise rates at a gradual pace. At the MCX, gold futures for June 2017 contract ended at Rs 28490 per 10 grams, down by 0.32 per cent, after opening at Rs 28,572 against a previous close of Rs 28,582. It touched the intra-day low of Rs 28,405.

Silver dips on weak global cues

Silver futures closed lower in the international market on Wednesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for May 2017 contract closed at Rs 38,300 per kg, down by 1.01 per cent, after opening at Rs 38,744, against a previous close of Rs 38,689. It touched the intra-day low of Rs 38,108.

Nickel futures drop 2.23% on firm dollar

Nickel futures plunged over 2 per cent during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal on stronger US dollar on expectations that the US Fed will signal a June rate hike in the outcome of its two-day policy meeting later in the day. US Federal Reserve likely to stand pat on key interest rates this time, but expected to drop hints on the possibility of a rate hike in near term. At the MCX, nickel futures for May 2017 contract is trading at Rs 600.30 per kg, down by 2.23 per cent, after opening at Rs 610.70, against a previous close of Rs 614. It touched the intra-day low of Rs 596.20 (at 17:48 hours).

Zinc futures in reverse gear

Zinc futures fell over 1 per cent during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal on stronger greenback on expectations that the US Fed will signal a June rate hike in the outcome of its two-day policy meeting later in the day. US Federal Reserve likely to stand pat on key interest rates this time, but expected to drop hints on the possibility of a rate hike in near term. At the MCX, zinc futures for May 2017 contract is trading at Rs 167.05 per kg, down by 1.82 per cent, after opening at Rs 169, against a previous close of Rs 170.15. It touched the intra-day low of Rs 166.20 (at 17:44 hours).

White metal loses shine on overseas cues

Silver futures were trading lower during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal on stronger greenback on expectations that the US Fed will signal a June rate hike in the outcome of its two-day policy meeting later in the day. US Federal Reserve likely to stand pat on key interest rates this time, but expected to drop hints on the possibility of a rate hike in near term. At the MCX, silver futures for May 2017 contract is trading at Rs 38,621 per kg, down by 0.18 per cent, after opening at Rs 38744, against a previous close of Rs 38689. It touched the intra-day low of Rs 38526 (at 16:28 hours).

Copper futures plunge 2.41% on firm dollar

Copper futures fell over 2 per cent during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal on stronger greenback on expectations that the US Fed will signal a June rate hike in the outcome of its two-day policy meeting later in the day. US Federal Reserve likely to stand pat on key interest rates this time, but expected to drop hints on the possibility of a rate hike in near term. At the MCX, copper futures for June 2017 contract is trading at Rs 367.05 per kg, down by 2.41 per cent, after opening at Rs 374.65, against a previous close of Rs 376.10. It touched the intra-day low of Rs 366.75 (at 16:16 hours).

Yellow metal loses shine on higher risk appetite

Gold futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal on diminishing safe-haven demand as risk appetite return back to the markets and the greenback remained firm ahead of the outcome of the US Federal Reserve's two-day policy meeting later in the day. Market participants are expecting that the US Fed likely to stand pat on key interest rates, but may drop hints on the possibility of a rate hike in near term. At the MCX, gold futures for June 2017 contract is trading at Rs 28536 per 10 grams, down by 0.16 per cent, after opening at Rs 28572, against a previous close of Rs 28582. It touched the intra-day low of Rs 28526 (at 14:09 hours).

Crude oil little changed on global cues

Crude oil futures were little changed during afternoon trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the energy commodity on concerns that the OPEC-led production cut may not significantly tighten a bloated market. However, data from industry group the American Petroleum Institute (API) showed on Tuesday that, US crude stocks fell last week, and both gasoline and distillate inventories also dropped, restricted further fall in crude prices. Meanwhile, US government will release its Energy Information Administration (EIA) inventory data on Wednesday at 1430 GMT. At the MCX, crude oil futures for May 2017 contract is trading at Rs 3085 per barrel, down by 0.06 per cent, after opening at Rs 3103, against a previous close of Rs 3087. It touched the intra-day low of Rs 3076 (at 13:49 hours).

Sluggish demand drags down lead futures by 0.87%

Lead futures were trading lower during morning trade in the domestic market on Wednesday as investors and speculators trimmed their bets in the industrial metal on sluggish physical demand for lead, from battery-makers, in the domestic spot market. Further, a fall in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 143 per kg, down by 0.87 per cent, after opening at Rs 142.80, against a previous close of Rs 144.25. It touched the intra-day low of Rs 142.55 (at 11:05 hours).

Aluminium futures slip 0.48% on subdued physical demand

Aluminium futures were trading lower during morning trade in the domestic market on Wednesday as investors and speculators cut down their bets in the industrial metal amid subdued physical demand for aluminium at the domestic spot market. Further, a rise in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 123.15 per kg, down by 0.48 per cent, after opening at Rs 123.25, against a previous close of Rs 123.75. It touched the intra-day low of Rs 123.10 (at 11:01 hours).

Mentha oil futures little changed as demand ticks up

Mentha oil futures were little changed during morning trade in the domestic market on Wednesday as investors and speculators extended their positions in the agri-commodity amid an increase 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 surge 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 May 2017 contract is trading at Rs 929.60 per kg, up by 0.09 per cent, after opening at Rs 922.30, against the previous closing price of Rs 928.80. It touched the intra-day high of Rs 930.90 (at 10:57 hours).

Uptick in physical demand buoys cardamom futures

Cardamom futures were trading higher during morning trade in the domestic market on Wednesday as investors and speculators started building up fresh bets in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. At the MCX, cardamom futures for May 2017 contract is trading at Rs 1218 per kg, up by 0.16 per cent, after opening at Rs 1210, against a previous close of Rs 1216.10. It touched the intra-day high of Rs 1219.40 (at 10:29 hours).

Nickel futures slip 0.70% on subdued demand

Nickel 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 subdued spot demand from consuming industries. According to Reuters poll, pace of expansion in China's manufacturing sector likely to be slowed down this month as factory-gate price-growth slowed and authorities moved to tackle risks in the property market and credit growth, influenced nickel prices. At the MCX, nickel futures for May 2017 contract is trading at Rs 613.30 per kg, down by 0.70 per cent, after opening at Rs 616.40, against a previous close of Rs 617.60. It touched the intra-day low of Rs 612.60 (at 17:33 hours).

Zinc futures in reverse gear

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 muted spot demand from consuming industries. According to Reuters poll, pace of expansion in China's manufacturing sector likely to be slowed down this month as factory-gate price-growth slowed and authorities moved to tackle risks in the property market and credit growth, influenced zinc prices. At the MCX, zinc futures for May 2017 contract is trading at Rs 169.90 per kg, down by 0.59 per cent, after opening at Rs 170.05, against a previous close of Rs 170.90. It touched the intra-day low of Rs 168.80 (at 17:24 hours).

White metal shines on firm global cues

Silver futures were trading higher during evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the precious metal tracking firm cues globally as caution prevailed ahead of the US Fed's 2-day policy meeting on Tuesday and Wednesday. Traders widely expecting that the central bank to leave rates unchanged in a target range of 1.00 to 1.25 per cent. At the MCX, silver futures for May 2017 contract is trading at Rs 38951 per kg, up by 0.69 per cent, after opening at Rs 38808, against a previous close of Rs 38685. It touched the intra-day high of Rs 39012 (at 16:20 hours).

Copper futures dip 1.47% on muted spot demand

Copper futures fell over 1 per cent during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the industrial metal on muted spot demand from consuming industries even as the metal rose overseas. Analysts attributed the fall in copper futures to cutting down of positions by investors and speculators despite overnight gains in the metal in global market. At the MCX, copper futures for June 2017 contract is trading at Rs 374.95 per kg, down by 1.47 per cent, after opening at Rs 378.80, against a previous close of Rs 380.55. It touched the intra-day low of Rs 374.30 (at 16:05 hours).

Yellow metal loses shine on global cues

Gold futures were trading lower during afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the precious metal on diminishing safe-haven demand as equities rallied and the US dollar gained versus the yen. Asian equities rose and the dollar hit a one-month high against the yen as US Treasury yields surged. At the MCX, gold futures for June 2017 contract is trading at Rs 28610 per 10 grams, down by 0.15 per cent, after opening at Rs 28620, against a previous close of Rs 28653. It touched the intra-day low of Rs 28590 (at 13:41 hours).

Crude oil little changed on oversupply concerns

Crude oil futures were little changed during afternoon trade in the domestic market on Tuesday as investors and speculators remained on the sidelines in the energy commodity on worries over rising production and that the OPEC-led production cut may not significantly tighten a bloated market. Analysts said that crude oil has been weighed down by the market's impatience with the slow pace of inventory drawdown. At the MCX, crude oil futures for May 2017 contract is trading at Rs 3141 per barrel, down by 0.03 per cent, after opening at Rs 3138, against a previous close of Rs 3142. It touched the intra-day low of Rs 3125 (at 12:52 hours).

Lead futures slip 0.85% on diminishing physical demand

Lead futures were trading lower during morning trade in the domestic market on Tuesday as investors and speculators trimmed their bets in the industrial metal on subdued physical demand for lead, from battery-makers, in the domestic spot market. Further, a fall in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for May 2017 contract is trading at Rs 145.30 per kg, down by 0.85 per cent, after opening at Rs 145.55, against a previous close of Rs 146.55. It touched the intra-day low of Rs 145.25 (at 10:23 hours).

Aluminium futures drop 0.53% on sluggish demand

Aluminium futures were trading lower during morning trade in the domestic market on Tuesday as investors and speculators cut down their bets in the industrial metal amid subdued physical demand for aluminium at the domestic spot market. Further, a rise in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for May 2017 contract is trading at Rs 123.15 per kg, down by 0.53 per cent, after opening at Rs 123.30, against a previous close of Rs 123.80. It touched the intra-day low of Rs 122.90 (at 10:18 hours).

Subdued demand drags down mentha oil futures by 0.70%

Mentha oil futures were trading lower during morning trade in the domestic market on Tuesday as investors and speculators exited their positions in the agri-commodity amid sluggish 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 May 2017 contract is trading at Rs 946.60 per kg, down by 0.70 per cent, after opening at Rs 948.50, against the previous closing price of Rs 953.30. It touched the intra-day low of Rs 944 (at 10:13 hours).

Cardamom futures little changed on muted physical demand

Cardamom futures were little changed during morning trade in the domestic market on Tuesday as investors and speculators remained on the sidelines in the agri-commodity amid muted 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 June 2017 contract is trading at Rs 1,010 per kg, down by 0.03 per cent, after opening at Rs 1010, against a previous close of Rs 1010.30. It touched the intra-day low of Rs 1010 (at 10:06 hours).

Cardamom futures little changed on ease in demand

Cardamom futures were little changed during evening trade in the domestic market on Friday as investors and speculators exited their positions in the agri-commodity on muted 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 May 2017 contract is trading at Rs 1,204.70 per kg, down by 0.07 per cent, after opening at Rs 1207.90, against a previous close of Rs 1205.60. It touched the intra-day low of Rs 1200 (at 17:36 hours).

Nickel futures climb 1.86% as demand picks up

Nickel futures jumped over 1 per cent during evening trade in the domestic market on Friday as investors and speculators extended their positions in the industrial metal on rise in demand after recent price fall. However, according to Reuters poll, pace of expansion in China's manufacturing sector likely to be slowed down this month as factory-gate price-growth slowed and authorities moved to tackle risks in the property market and credit growth, capped gains further. At the MCX, nickel futures for April 2017 contract is trading at Rs 607.30 per kg, up by 1.86 per cent, after opening at Rs 598.10, against a previous close of Rs 596.20. It touched the intra-day high of Rs 610.40 (at 16:59 hours).

Zinc futures surge 1.32% on uptick in demand

Zinc futures rose over 1 per cent during evening trade in the domestic market on Friday as investors and speculators extended their positions in the industrial metal on rise in demand after recent price fall. However, according to Reuters poll, pace of expansion in China's manufacturing sector likely to be slowed down this month as factory-gate price-growth slowed and authorities moved to tackle risks in the property market and credit growth, capped gains further. At the MCX, zinc futures for April 2017 contract is trading at Rs 169.20 per kg, up by 1.32 per cent, after opening at Rs 168.10, against a previous close of Rs 167. It touched the intra-day high of Rs 169.60 (at 16:48 hours).

White metal shines on Akshaya Tritiya

Silver futures were trading higher during evening trade in the domestic market on Friday as investors and speculators extended their positions in the precious metal tracking a better trend at the spot markets on token by retailers on the auspicious occasion of Akshaya Tritiya. Silver futures rise was mostly supported by token purchases by retailers at spot markets mainly on account of Akshaya Tritiya, considered to be most auspicious day for buying gold and silver. At the MCX, silver futures for May 2017 contract is trading at Rs 39960 per kg, up by 0.73 per cent, after opening at Rs 39720, against a previous close of Rs 39670. It touched the intra-day high of Rs 39990 (at 16:18 hours).

Copper futures up 0.11% on spot demand

Copper futures were trading higher during evening trade in the domestic market on Friday as investors and speculators extended their positions in the industrial metal after recent price fall. However, caution prevailed as broader industry sentiment pointed to a weaker outlook, restricted further rise in copper prices. At the MCX, copper futures for April 2017 contract is trading at Rs 365.75 per kg, up by 0.11 per cent, after opening at Rs 366.20, against a previous close of Rs 365.35. It touched the intra-day high of Rs 367.35 (at 15:55 hours).

Gold glitters on Akshaya Tritiya

Gold futures were trading higher during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the precious metal tracking a better trend at the spot markets on token by retailers on the auspicious occasion of Akshaya Tritiya. Gold futures rise was mostly supported by token purchases by retailers at spot markets mainly on account of Akshaya Tritiya, considered to be most auspicious day for buying gold and silver. At the MCX, gold futures for June 2017 contract is trading at Rs 28808 per 10 grams, up by 0.14 per cent, after opening at Rs 28813, against a previous close of Rs 28769. It touched the intra-day high of Rs 28834 (at 13:58 hours).

Crude oil rises 1.08% on potential OPEC cut extension

Crude oil futures rose over 1 per cent during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the energy commodity on potential OPEC cut extension. Analysts said that oil rises on the back of OPEC saying it was keen to find a deal that would ensure a drawdown of excess fuel supplies. At the MCX, crude oil futures for May 2017 contract is trading at Rs 3181 per barrel, up by 1.08 per cent, after opening at Rs 3159, against a previous close of Rs 3147. It touched the intra-day high of Rs 3196 (at 13:41 hours).

Cardamom futures little changed as demand picks up

Cardamom futures were little changed during morning trade in the domestic market on Friday as investors and speculators indulged in building up fresh bets in the agri-commodity amid increase in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upwardtrend in the domestic cardamom prices. At the MCX, cardamom futures for May 2017 contract is trading at Rs 1205.90 per kg, up by 0.02 per cent, after opening at Rs 1207.90, against a previous close of Rs 1205.60. It touched the intra-day high of Rs 1208 (at 10:49 hours).

Aluminium futures keep head above water

Aluminium futures were trading higher during morning trade in the domestic market on Friday as investors and speculators build up fresh bets in the industrial metal amid uptick in physical demand for aluminium at the domestic spot market. Further, a rise in physical demand for aluminium at the domestic spot market was led by widening of positions by traders in the spot markets, supported aluminium prices at futures trade. At the MCX, aluminium futures for April 2017 contract is trading at Rs 123.60 per kg, up by 0.69 per cent, after opening at Rs 123.40, against a previous close of Rs 122.75. It touched the intra-day high of Rs 123.65 (at 10:56 hours).

Uptick in demand buoys Lead futures

Lead futures were trading higher during morning trade in the domestic market on Friday as investors and speculators widened their bets in the industrial metal on uptick in physical demand for lead, from battery-makers, in the domestic spot market. Further, a surge in physical demand from battery-makers in the domestic spot market, supported prices of lead at futures trade. At the MCX, lead futures for April 2017 contract is trading at Rs 143.75 per kg, up by 0.42 per cent, after opening at Rs 143.45, against a previous close of Rs 143.15. It touched the intra-day high of Rs 143.80 (at 10:59 hours).

Mentha oil futures little changed on ease in demand

Mentha oil futures were little changed during morning trade in the domestic market on Friday as investors and speculators exited their positions in the agri-commodity amid muted 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 April 2017 contract is trading at Rs 925.20 per kg, down by 0.08 per cent, after opening at Rs 924.50, against the previous closing price of Rs 925.90. It touched the intra-day low of Rs 923.70 (at 10:53 hours).

Crude oil dips on rising US crude supply

Crude oil futures closed lower in the domestic market on Thursday as growing concerns over rising U.S. production and the restart of Libya’s largest oil field rattled the market. The report from the U.S. Energy Information Administration also showed a rise in oil production in the lower 48 states, stirring up concerns of higher oil prices in the beginning of the year have encouraged U.S. producers to boost output. At the MCX, crude oil futures for May 2016 contract closed at Rs 3152 per barrel, down by 1.47 per cent, after opening at Rs 3191, against a previous close of Rs 3199. It touched the intra-day low of Rs 3101.

Silver down on weak global cues

Silver futures closed lower in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for May 2017 contract closed at Rs 39,695 per kg, down by 0.41 per cent, after opening at Rs 40,047, against a previous close of Rs 39,858. It touched the intra-day low of Rs 39,625.

Gold up on rising jobless benefit claims

Gold futures closed higher in the domestic market on Thursday after a report showing a climb to one-month highs for weekly jobless benefit claims proved mildly supportive for gold. Gold also trimmed losses after the White House provided an outline of President Donald Trump’s broad tax plan. At the MCX, gold futures for June 2017 contract ended at Rs 28765 per 10 grams, up by 0.16 per cent, after opening at Rs 28,789 against a previous close of Rs 28,719. It touched the intra-day high of Rs 28,817.

Mentha oil futures plunge 1.14% on sluggish demand

Mentha oil futures were trading lower during evening trade in the domestic market on Thursday 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, 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 April 2017 contract is trading at Rs 926 per kg, down by 1.14 per cent, after opening at Rs 935, against the previous closing price of Rs 936.70. It touched the intra-day low of Rs 920 (at 18:05 hours).

Cardamom futures slide 0.35% on ease in demand

Cardamom futures were trading lower during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the agri-commodity on muted 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 May 2017 contract is trading at Rs 1205 per kg, down by 0.35 per cent, after opening at Rs 1205, against a previous close of Rs 1209.20. It touched the intra-day low of Rs 1199.30 (at 18:00 hours).

Nickel futures drop 0.32% on profit-booking

Nickel futures were trading lower during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal to book profits. Further, nickel futures slide as participants indulged in profit booking amid muted demand at the domestic spot markets. At the MCX, nickel futures for April 2017 contract is trading at Rs 589.40 per kg, down by 0.32 per cent, after opening at Rs 589.50, against a previous close of Rs 591.30. It touched the intra-day low of Rs 588.50 (at 17:26 hours).

Zinc futures in reverse gear

Zinc futures were trading lower during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal to book profits. Further, zinc futures slide as participants indulged in profit booking amid muted demand at the domestic spot markets. At the MCX, zinc futures for April 2017 contract is trading at Rs 167.80 per kg, down by 0.27 per cent, after opening at Rs 167.60, against a previous close of Rs 168.25. It touched the intra-day low of Rs 167.45 (at 17:22 hours).

White metal shines on doubts over Trump tax reform

Silver futures were trading higher during evening trade in the domestic market on Thursday as investors and speculators extended their positions in the precious metal as investors attracted towards safe-haven assets after a long-awaited US tax plan failed to inspire investors. Meanwhile, traders keenly eyed the central bank meetings in Europe and Japan. At the MCX, silver futures for May 2017 contract is trading at Rs 39991 per kg, up by 0.33 per cent, after opening at Rs 40047, against a previous close of Rs 39858. It touched the intra-day high of Rs 40087 (at 15:55 hours).

Copper futures drop 0.37% on profit-booking

Copper futures were trading lower during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal to book profits. Further, copper futures slide as participants indulged in profit booking amid muted demand at the domestic spot markets. At the MCX, copper futures for April 2017 contract is trading at Rs 365.45 per kg, down by 0.37 per cent, after opening at Rs 365.95, against a previous close of Rs 366.80. It touched the intra-day low of Rs 364.50 (at 15:40 hours).

Yellow metal loses shine on doubts over Trump tax reform

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 as investors attracted towards safe-haven assets after a long-awaited US tax plan failed to inspire investors. Meanwhile, traders keenly eyed the central bank meetings in Europe and Japan. At the MCX, gold futures for June 2017 contract is trading at Rs 28751 per 10 grams, up by 0.11 per cent, after opening at Rs 28789, against a previous close of Rs 28719. It touched the intra-day high of Rs 28810 (at 12:50 hours).

Gems and jewellery exports surge by 12.32% in 2016-17

The gems and jewellery exports grew by 12.32 per cent to Rs 2,89,194.30 crore during 2016-17, compared to the previous year, as the markets in the US, Hong Kong and the Middle East picked up. The total exports stood at Rs 2,57,463.66 crore during 2015-16, as per the data provided by the Gems and Jewellery Export Promotion Council (GJEPC). The export of cut and polished diamonds went up by 12.76 per cent at Rs 1,52,682.29 crore during FY17, compared to Rs 1,35,401.23 crore in the previous financial year. The gold jewellery exports grew by 4.14 per cent at Rs 58,464.42 crore compared to Rs 56,137.90 crore in the same period last year.

Crude oil futures in reverse gear on oversupply concerns

Crude oil futures were trading lower during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the energy commodity on lingering oversupply worries in global markets. Further, traders lost confidence due to record supplies in the global market, and because of pledged output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia will rein in oversupply. At the MCX, crude oil futures for May 2017 contract is trading at Rs 3169 per barrel, down by 0.94 per cent, after opening at Rs 3191, against a previous close of Rs 3199. It touched the intra-day low of Rs 3169 (at 12:37 hours).

Diminishing demand drags down lead futures by 0.43%

Lead futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators trimmed their bets in the industrial metal on sluggish physical demand for lead, from battery-makers, in the domestic spot market. Further, a fall in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for April 2017 contract is trading at Rs 140.40 per kg, down by 0.43 per cent, after opening at Rs 140.25, against a previous close of Rs 141. It touched the intra-day low of Rs 140.15 (at 10:59 hours).

Mentha oil futures slip on subdued physical demand

Mentha oil futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators exited their positions in the agri-commodity amid sluggish 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 April 2017 contract is trading at Rs 935.80 per kg, down by 0.10 per cent, after opening at Rs 935, against the previous closing price of Rs 936.70. It touched the intra-day low of Rs 935 (at 10:49 hours).

Sluggish demand drags down aluminium futures by 0.28%

Aluminium futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the industrial metal amid muted physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for April 2017 contract is trading at Rs 125.25 per kg, down by 0.28 per cent, after opening at Rs 125.15, against a previous close of Rs 125.60. It touched the intra-day low of Rs 125.15 (at 10:53 hours).

Muted physical demand bites cardamom

Cardamom futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators exited their positions in the agri-commodity amid fall 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 May 2017 contract is trading at Rs 1205 per kg, down by 0.35 per cent, after opening at Rs 1205, against a previous close of Rs 1209.20. It touched the intra-day low of Rs 1205 (at 10:47 hours).

Silver down on feeble global cues

Silver futures closed lower in the domestic market on Wednesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. At the MCX, silver futures for May 2017 contract closed at Rs 39,960 per kg, down by 1.13 per cent, after opening at Rs 41,317, against a previous close of Rs 40,416. It touched the intra-day low of Rs 39,748.

Crude oil up on fall in US crude supply

Crude oil futures closed higher in the domestic market on Wednesday after U.S. government data revealed that crude supplies fell a third week in a row, booking the largest weekly drop of 2017. The U.S. Energy Information Administration reported Wednesday that domestic-crude supplies fell 3.6 million barrels for the week ended April 21—the largest weekly decline so far this year. Crude stockpiles also posted declines in each of the previous two weeks. At the MCX, crude oil futures for May 2016 contract closed at Rs 3201 per barrel, up by 0.57 per cent, after opening at Rs 3182, against a previous close of Rs 3183. It touched the intra-day high of Rs 3227.

Gold dips on rising US dollar

Gold futures closed lower in the domestic market on Wednesday as the dollar firmed and stocks traded broadly higher. But prices for the precious metal moved a bit higher in electronic trading after Trump administration unveiled some details of a broad tax plan. At the MCX, gold futures for June 2017 contract ended at Rs 28763 per 10 grams, down by 0.18 per cent, after opening at Rs 29,753 against a previous close of Rs 28,814. It touched the intra-day low of Rs 28,660.

Mentha oil futures gain 0.89% on upsurge in demand

Mentha oil futures were trading higher during evening trade in the domestic market on Wednesday as investors and speculators extended their positions in the agri-commodity amid uptick 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 surge 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 April 2017 contract is trading at Rs 936.80 per kg, up by 0.89 per cent, after opening at Rs 927.20, against the previous closing price of Rs 928.50. It touched the intra-day high of Rs 937.50 (at 17:36 hours).

Muted physical demand bites cardamom

Cardamom futures were trading lower during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the agri-commodity on muted 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 May 2017 contract is trading at Rs 1206.10 per kg, down by 0.11 per cent, after opening at Rs 1201, against a previous close of Rs 1207.40. It touched the intra-day low of Rs 1187.10 (at 17:32 hours).

Nickel futures slip 0.34% on muted physical demand

Nickel futures were trading lower during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal on sluggish physical demand from consuming industries. Besides, approaching monthly expiry too weighed on nickel futures. At the MCX, nickel futures for April 2017 contract is trading at Rs 594.70 per kg, down by 0.34 per cent, after opening at Rs 595.50, against a previous close of Rs 596.70. It touched the intra-day low of Rs 592.30 (at 16:27 hours).

Zinc futures keep head above water

Zinc futures were trading higher during evening trade in the domestic market on Wednesday as investors and speculators extended their positions in the industrial metal on emergence of risk appetite among investors and boosting equities, amid optimism on possibility of US corporate tax rate cut to 15 per cent from 35 per cent that will boost company earnings. Besides, an improving outlook for the US economy also bolstering the demand prospects for industrial metals used in iPhones, refrigerators and electrical wiring. At the MCX, zinc futures for April 2017 contract is trading at Rs 167.25 per kg, up by 0.27 per cent, after opening at Rs 167.20, against a previous close of Rs 166.80. It touched the intra-day high of Rs 167.90 (at 16:20 hours).

White metal loses shine on improved risk appetite

Silver futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal as safe-haven demand dried up on emergence of risk appetite among investors and boosting equities, amid optimism on possibility of US corporate tax rate cut to 15 per cent from 35 per cent that will boost company earnings. Besides, an improving outlook for the US economy also bolstering the demand prospects for industrial metals used in iPhones, refrigerators and electrical wiring. At the MCX, silver futures for May 2017 contract is trading at Rs 40283 per kg, down by 0.33 per cent, after opening at Rs 40317, against a previous close of Rs 40416. It touched the intra-day low of Rs 40150 (at 15:15 hours).

Copper futures in reverse gear

Copper futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal even as metal strengthened overseas. Further, copper futures slide as speculators trimmed their positions at existing levels and indulged in profit-booking, while metal's strength at the London Metal Exchange (LME), restricted further losses. At the MCX, copper futures for April 2017 contract is trading at Rs 364.40 per kg, down by 0.52 per cent, after opening at Rs 365.55, against a previous close of Rs 366.30. It touched the intra-day low of Rs 363.80 (at 15:02 hours).

Niti Aayog clarifies on news reports regarding taxing farm income

NITI Aayog on Wednesday clarified on news reports regarding taxing farm income, stating that this is neither the view of the Aayog nor is such a recommendation made anywhere in the draft action agenda document. The clarification came in response of several newspaper reports published on April 26th, 2017, that NITI Aayog or its draft three year action agenda has recommended that farm income in India be taxed to expand the existing income tax base. “The NITI Aayog categorically states that this is neither the view of the Aayog nor is such a recommendation made anywhere in the Draft Action Agenda document as circulated to the Governing Council at the meeting on 23rd April 2017,” read a press release released by the government of India. The government body further said that the views on taxing farm income expressed by member BibekDebroy were personal and not those of the Aayog.

Yellow metal loses shine on improved risk appetite

Gold futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal as safe-haven demand dried up on emergence of risk appetite among investors and boosting equities, amid optimism on possibility of US corporate tax rate cut to 15 per cent from 35 per cent that will boost company earnings. Besides, an improving outlook for the US economy also bolstering the demand prospects for industrial metals used in iPhones, refrigerators and electrical wiring. At the MCX, gold futures for June 2017 contract is trading at Rs 28690 per 10 grams, down by 0.43 per cent, after opening at Rs 28753, against a previous close of Rs 28814. It touched the intra-day low of Rs 28660 (at 12:42 hours).

Oil falls on ballooning US crude inventories

Crude oil futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the energy commodity as API report showed that US crude inventories grew by 8,97,000 barrels in the week to April 21 to 532.5 million barrels. Besides, record supplies in the rest of the world, lost traders’ confidence that pledged output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and a group other producers including Russia will rein in oversupply. At the MCX, crude oil futures for May 2017 contract is trading at Rs 3177 per barrel, down by 0.19 per cent, after opening at Rs 3182, against a previous close of Rs 3183. It touched the intra-day low of Rs 3173 (at 12:28 hours).

Lead futures plunge 0.32% on diminishing demand

Lead futures were trading lower during morning trade in the domestic market on Wednesday as investors and speculators trimmed their bets in the industrial metal on sluggish physical demand for lead, from battery-makers, in the domestic spot market. Further, a fall in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. At the MCX, lead futures for April 2017 contract is trading at Rs 139.25 per kg, down by 0.32 per cent, after opening at Rs 139.60, against a previous close of Rs. 139.70. It touched the intra-day low of Rs 139.15 (at 10:34 hours).

Aluminium futures drop 0.40% on muted physical demand

Aluminium futures were trading lower during morning trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the industrial metal amid muted physical demand for aluminium at the domestic spot market. Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for April 2017 contract is trading at Rs 125.10 per kg, down by 0.40 per cent, after opening at Rs 124.50, against a previous close of Rs 125.60. It touched the intra-day low of Rs 124.50 (at 10:31 hours).

Subdued physical demand bites mentha oil

Mentha oil futures were trading lower during morning trade in the domestic market on Wednesday as investors and speculators exited their positions in the agri-commodity amid sluggish 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 April 2017 contract is trading at Rs 924.40 per kg, down by 0.44 per cent, after opening at Rs 927.20, against the previous closing price of Rs 928.50. It touched the intra-day low of Rs 923 (at 10:29 hours).

Sluggish demand drags down cardamom futures by 1.44%

Cardamom futures were trading lower during morning trade in the domestic market on Wednesday as investors and speculators exited their positions in the agri-commodity amid fall 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 downwardtrend in the domestic cardamom prices. At the MCX, cardamom futures for May 2017 contract is trading at Rs 1190 per kg, down by 1.44 per cent, after opening at Rs 1190, against a previous close of Rs 1190. It touched the intra-day low of Rs 1188.40 (at 10:25 hours).

Crude oil down on US crude supply worries

Crude oil futures closed lower in the domestic market on Tuesday as traders continued to show concerns over growth in U.S. oil production and doubts that OPEC can effectively lead the market back into balance after several years of oversupply. Crude had come under fresh pressure last week as U.S. production showed further growth and gasoline supplies surprisingly increased. At the MCX, crude oil futures for May 2016 contract closed at Rs 3186 per barrel, down by 0.13 per cent, after opening at Rs 3191, against a previous close of Rs 3190. It touched the intra-day low of Rs 3154.

Gold down on French presidential election outcome

Gold futures closed lower in the domestic market on Tuesday extending the previous session’s decline that followed the first round of France’s presidential election. The election eased fears that politicians eager to pull the country out of the European Union would emerge as front-runners. Traders’ expectation that Le Pen will not become the next French President has resulted in a technical correction for gold. At the MCX, gold futures for June 2017 contract ended at Rs 28825 per 10 grams, down by 1.05 per cent, after opening at Rs 29,070 against a previous close of Rs 29,131. It touched the intra-day low of Rs 28,765.

Silver dips on weak global cues

Silver futures closed lower in the domestic market on Tuesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing leve