Thursday, May 30, 2013

Commodity Market Update For 30/may/2013

Gold News

Gold rebounded smartly at the domestic market today on emergence of fresh demand from stockiest and traders as well as good retail buying.

Silver also gained owing to renewed industrial demand. Brisk low-level buying, ongoing wedding season off take and sliding rupee valuations too supported the price trend in the yellow metal. Rupee today hit nearly 10-month low of 56.17 against the greenback. 

Standard gold of 99.5 per cent purity rose by Rs 240 to conclude at Rs 26,630 per 10 gm from Tuesday's closing level of Rs 26,390. 

Pure gold of 99.9 per cent purity shot up by Rs 245 to end at Rs 26,775 per 10 gm from Rs 26,530. 

Silver ready (.999 fineness) firmed up by Rs 230 to conclude at Rs 44,660 per kg as against Rs 44,430 yesterday. 

In overseas trade, the yellow metal traded higher on strong Asian demand despite improving US macroeconomic data amid stimulus uncertainty in the world's largest economy. 

Spot gold rose to USD 1,391 an ounce in European trade, while spot silver was up at USD 22.38 an ounce.

Base metals News
Led by nickel, select copper, brass and aluminum utensils prices recovered at the non-ferrous metal market here today on stockiest buying amidst better demand from industrial users. 

Meanwhile, tin declined on subdued demand from alloy industries. 

In the global, the London Metal Exchange (LME) market was closed for a holiday. 

Nickel shot-up by Rs 10 per kg to Rs 990 from last Saturday's closing level of Rs 980. 

Copper sheet cutting and aluminum utensils scrap climbed by Rs 3 per kg each to Rs 459 and Rs 117 from Rs 456 and Rs 114. 

Brass sheet cutting moved up by Rs 2 per kg to Rs 333 from Rs 331. 

Copper cable scrap, copper armiture, copper wire bar and brass utensils scrap all inched up by a rupee per kg to Rs 482, Rs 463, Rs 510 and Rs 323, respectively.