Aluminium futures dip 0.25% on sluggish spot demand

Aluminium futures were trading lower during the noon trade in the domestic market on Monday as speculators cut down bets amid subdued demand from consuming industries at spot market. Analysts said offloading of positions by participants due to tepid demand from consuming industries in the spot market, mainly influenced aluminium prices at futures trade.

At the MCX, aluminium futures for November 2017 contract is trading at Rs 140.60 per kg, down by 0.25 per cent, after opening at Rs 140.90, against a previous close of Rs 140.95. It touched the intra-day low of Rs 140.50 .

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Crude palm oil, Cardamom prices tank while Mentha oil soars

Agri commodities namely crude palm oil and mentha oil prices in futures trading witnessed a dip during Tuesday’s trade.

Crude palm oil prices shed 0.13% to Rs 526.30 per 10 kg in futures trade as traders reduced exposure due to lower demand in the spot market against adequate stock positions. At the MCX, crude palm oil for delivery in October drifted down by 70 paise or 0.13% to Rs 526.30 per 10 kg in business turnover of 9 lots.

Cardamom prices drifted lower by 1.02% to Rs 1,200 per kg as market participants reduced their exposure amid easing demand in the spot market against adequate stocks. At the Multi Commodity Exchange, cardamom for delivery in September fell by Rs 12.40 or 1.02% to Rs 1,200 per kg in business turnover of 15 lots.

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.

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Crude Oil prices to trade lower

WTI oil prices declined by 0.3 percent yesterday to close at D46.4 per barrel as Reuters estimated that at least 3.65 million barrels per day (bpd) of refining capacity was offline or 19.6 percent of total U.S. capacity after Motiva  shuttered the largest U.S. refinery. Tropical Storm Harvey knocked out several refineries and disrupted fuel production, while a backup in crude supplies pushed U.S. crude oil futures down more than 2.5 percent.

Brent crude, the international benchmark for crude trading, was down 30 cents at $51.70 a barrel by 0825 GMT. U.S. crude fell 25 cents to $46.19.

U.S. crude inventories fell by 5.78 million barrels last week, the API industry group reported on Tuesday, suggesting a gradual tightening of the U.S. oil market. The figures, however, do not reflect the impact from Harvey.

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Aluminium futures gain 0.38% on spot demand

Aluminium futures were trading higher during the noon trade in the domestic market on Monday as speculators built up fresh positions. Analysts said participants created fresh positions on the back of rise in demand from consuming industries in physical market.

At the MCX, aluminium futures for August 2017 contract is trading at Rs 131.80 per kg, up by 0.38 per cent, after opening at Rs 130.70, against a previous close of Rs 131.30. It touched the intra-day high of Rs 132.10.

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