Daily commodity MCX, NCDEX Review

Commodity Review 

The prices of pepper for the October contract fell by Rs 94, or 0.50 per cent, to Rs 18,660 per quintal, with an open interest of 1,437 lots at the National Commodity and Derivatives Exchange (NCDEX) due to the decline in the local and the export demand. The spice for the November contract also lost Rs 82, or 0.43 per cent, to Rs 18,962 per quintal, with an open interest of 10,367 lots at the MCX.

The prices of zinc for the October contract rose 50 paise, or 0.48 per cent, to Rs 105.40 per kg, with a business turnover of 835 lots at the Multi Commodity Exchange (MCX) since the traders enlarged their holdings tracking a steady trend in base metals in the overseas markets. The metal for the November contract also moved up by 40 paise, or 0.38 per cent, to Rs 106.50 per kg, with a business turnover of 83 lots at the MCX. Moreover, another reason that supported the prices of the metal is a steady trend in base metals in global markets. 

MCX Metal Commodity Review

Spot gold prices were trading flat and are hovering around Rs 1345.60/oz till 3.45 pm IST today. The yellow metal prices were cushioned on the back of weakness in the US Dollar Index (DX) today. The DX depreciated around 0.4% against a basket of currencies today. Global equities were trading in the green today. The domestic equity indices rallied, gaining more than 1.5% after declining in the previous sessions of this week. On the MCX platform, gold prices gained 0.2%, touching an intra-day high of Rs.19, 578 till 3.45 pm IST.

Copper prices rose around 0.4% on the LME, touching an intra-day high of $8372/tonne till 3.45 pm IST today. The red metal prices were hovering around its intra-day high in the afternoon trade. Weakness in the DX coupled with revival in the global financial markets helped the metal prices to gain in today’s trading session. On the MCX, copper prices gained 0.5%, and were trading around Rs 374.25/kg. Falling inventory levels on the LME warehouse also acted as a positive factor for the red metal prices to gain today. Copper inventories on the LME slipped by 750 tonnes to reach at 370,000 tonnes today.

Crude oil prices declined by 0.4% on the Nymex, touching an intra-day low of $81.88/bbl till 3.45 pm IST today. Despite weakness in the DX oil prices declined after the China’s growth slowed down to 9.6% in the third quarter from 10.3% in the second quarter. On the MCX, crude oil prices gained slightly by 0.2% and were trading at Rs3683/bbl till 3.45pm IST today. Moreover. Increasing inventories in the US also kept oil prices under pressure. US crude oil inventories rose by 667,000 barrels to 361.20 million barrels in the last week ending October 16th as per report released by the US Energy department yesterday. 

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