MCX REPORT:-
 |
| Mcx Tips |
- India Natural Gas output up 5.69% in July.
- MCX Crude Oil Sep17 drops 5.18% in August; Silver Sep17 gains 2.98% .
- MCX Gold Oct17 gains by 1.99% for the week; Crude Oil Sep17 down 2.22%.
- MCX reports Rs. 10,739.11 crore in daily turnover.
- MCX Copper Aug17 up by 1.24%; Cardamom Sep17 down 1.72%.
- MCX Natural Gas Aug17 down 1.01%; MCX Mentha Oil Aug17 up 1.74%.
- Global Zinc market deficit widens 3% in Jan-Jun .
Special News:-
What happens if the OPEC deal expires?
OPEC appears to be nervous that its production cut deal will once again fall short, and the group is already discussing the possibility of yet another extension. While the aftermath of Hurricane Harvey continues to drive headlines in the energy sector, the attention will once again shift back to OPEC as the year wears on and we head into 2018. OPEC had hoped that a nine-month extension of its original six-month production cut deal – 1.2 million barrels per day from OPEC, plus reductions of nearly 0.6 mb/d from non-OPEC countries – would be enough to “rebalance” the market. But with seven months or so left to go on the deal, they are already coming around to the conclusion that it won’t be enough.
Commodity Buzz :-
MCX Mentha Oil likely to trade in a range between 1162.6-1188.
Technically now Mentha oil is getting support at 1170.5 and below same could see a test of 1162.6 levels,and resistance is now likely to be seen at 1183.4, a move above could see prices testing 1188.4. Mentha oil on MCX settled down by 0.14% at 1178.5 on subdued demand in the physical market from the consuming industries. Prices of mentha oil were down on higher supplies from oil producing regions while the demand is sluggish. Traders are ready to offload stocks available in their warehouses but the demand from mentha oil consuming industries is low against the sufficient stock which is keeping prices under pressure. As per the report “Essential Oil- Global Industry Perspective, Comprehensive Analysis and Forecast, 2014-2020” the global demand of essential oil will increase in the coming years.
Nickel market under fresh buying; Support seen at 769.5.
Technically Nickel market is under fresh buying as market has witnessed gain in open interest by 11.79% to settled at 9332 while prices up 14.2 rupees. Now MCX Nickel is getting support at 769.5 and below same could see a test of 756.6 level, And resistance is now likely to be seen at 789.6, a move above could see prices testing 796.8. Nickel on MCX settled up 1.85% at 782.4 as support seen after news that protesters stormed a mining event in the Philippines, demanding that mineral extraction be halted. China’s refined nickel output grew in August on a monthly basis. In August, China produced 14,100 tonnes of refined nickel, up 304 tonnes or 2.2 per cent on a monthly basis. The output from January to August totaled 104,000 tonnes, down 11.6 percent on a yearly basis.
No comments:
Post a Comment