Gold, silver decline in morning session

Gold prices were trading in red during the morning trade on Tuesday on the account of weak trend overseas and subdued demand from local jewellers.

MCX Gold was down 0.31%, or Rs 94, at Rs 29,839 per 10 gram around 1035 hours, whereas MCX Silver was down 0.33%, or Rs 134, at Rs 41,030 per 1 kg.

The market participants expect that gold to trade sideways on Tuesday due to profit booking after the recent rally. While stronger dollar index and less damage by Hurricane IRMA are factors pushing down the gold prices.

Latest holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, declined 0.3% to 834.50 tonnes till September 8. Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,173.58 tonnes, remain unchanged from the previous business day.

Meanwhile, BSE Sensex was up 168 points, or 0.53%, at 32,050, while Nifty was up 47 points, or 0.47 per cent, at 10,053.

                                            
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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 October 2017 contract was trading at Rs 1191.40 per kg, up by 0.54 per cent, after opening at Rs 1195, against a previous close of Rs 1185. It touched the intra-day high of Rs 1195.

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Lead futures down 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 September 2017 contract is trading at Rs 146.80 per kg, down by 1.54 per cent, after opening at Rs 148.95, against a previous close of Rs 149.10. It touched the intra-day low of Rs 146.60.

 

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Essar Oil announces $250 mn capex for UK refinery

Ruia brothers led Essar Oil UK on Wednesday announced its plans to invest $250 million in capital expenditure and maintenance at Stanlow refinery to boost production and revenues.

"Major investment in 2018 will increase annual throughput from 68 million to 75 million barrels," the company said in a release here. 

Essar Oil UK Non-Executive Chairman Prashant Ruia in a statement said the major investment "we have confirmed in Stanlow will materially increase throughput and further grow revenues, building on the tremendous progress we have made in turning around the business over the past six years".

"Essar has committed this year to a significant multi-million dollar capex investment in the Tiger Cub project at Stanlow to deliver improved yields across the product slate and drive revenue growth," Chief Executive Officer S. Thangapandian said.

Essar Oil UK owns and operates the Stanlow refinery complex, which produces over 16 per cent of transport fuels in the UK, the company said.

 

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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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Copper futures surge 0.91% on robust demand

Copper futures were trading higher during the noon trade in the domestic market on Monday amid pick-up in demand at the domestic spot markets. Marketmen attributed the rise in copper futures to a rising demand from consuming industries at domestic spot markets.

At the MCX, copper futures for November 2017 contract was trading at Rs 445.95 per kg, up by 0.91 per cent, after opening at Rs 443.10, against a previous close of Rs 441.95. It touched the intra-day high of Rs 447.50. 

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Mentha oil futures rise on surging 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 September 2017 contract was trading at Rs 1198 per kg, up by 0.74 per cent, after opening at Rs 1195.30, against the previous closing price of Rs 1189.20. It touched the intra-day high of Rs 1201.50. 

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