Profit street blog | stock and commodity market news

Commodities, both agri and non-agri, witnessed a slump in prices this week. In the agri commodity basket, coriander suffered the most, while in the non-agri category prices of crude oil, gold, copper and nickel slipped significantly.  Crude oil prices have been in a falling territory since past few weeks as prices have declined by around 3.2 per cent since 19th April- 1st May 2017, while MCX oil prices have declined by 4.5 percent in the same time frame. Fading geo-political tension between US and Syria and US and North Korea and increasing oil inventories in the US have resulted in a drop in prices.  "We have noticed fall in all the risk assets including oil as market sentiments remains weak across the globe. Linkage international prices and domestic prices will not change any basic fundamentals, except the adaptation of price behaviour linked to markets. Oil inventories have to fall constantly, which can only happen if the summer driving season starts with a bang ...

Indian equity , forex, money and commodity markets will remain closed today on account of Labour Day/Maharashtra Day.The benchmark indices on Friday settled lower as investors booked profits in index heavyweights such as ITC and HDFC ahead of a long weekend, but posted their biggest weekly gain in six weeks. The S&P BSE Sensex ended at 29,918 down 111 points, while the broader Nifty50 closed at 9,304, down 38 points.  In the broder market, the S&P BSE Midcap and S&P BSE Smallcap indices outperformed to gain 0.2% and 0.6%, respectively.Asian stocks shook off a sluggish start and steadied on Monday, with Japan outperforming on upbeat earnings, while the dollar regained traction as the US government looked likely to avoid a shutdown. MSCI's broadest index of Asia-Pacific shares outside Japan was largely flat. Japan's Nikkei added 0.4%, with high-tech blue chips gaining on strong earnings.Many markets in Asia and Europe are also closed for Labour Day. ...

The rally in base steel prices in the last two days when costs elevated 4-5% may not sustain for long though the larger endure cycle appears to have reversed, analysts say. They predict broader consolidation in metals to continue. “The more or less rally viewed in ultimate two days is just not anticipated to increase for lengthy as it has been constructed primarily on two components ­ China resuming trading on Wednesday after a short destroy, and secondly the expectations of sure talks between US president Donald Trump and chinese president Xi Jinping," said Himanshu Gupta, chief market strategist at Karvy Commodities. Nickel costs have long gone up by 5% in ultimate couple of sessions to touch Rs 670 per kg whereas copper prices have long past up by means of 4.05% right through the same period. Aluminium continues to stay robust and has preferred 8% since the starting of the year. Kishore Narne, head of commodity and currency at Motilal OswalBSE 0.14 % Commodities, said ...