Wednesday, August 7, 2013


Precious Metals
S I L V E R   G O L D                                                          D A I L Y B U Z Z
Gold futures prices today rose by 0.31 per cent to Rs 27,821 per 10 grams as speculators 
covered-up their short positions even as metal weakened overseas.

Weakening rupee also influenced gold prices at futures trade.

At the Multi Commodity Exchange, metal prices for delivery in December gained Rs 86, or 0.31 per cent, to trade higher at Rs 27,821 per 10 gm in a turnover of 325 lots.

Similarly, the metal prices for delivery in October edged up by Rs 53, or 0.19 per cent, to Rs 
27,909 per 10 gm, clocking a business volume of 6,177 lots.

Analysts attributed gains in the precious metal at futures trade to covering-up of short positions 
by speculators even as metal showed weakness in the global market.

Besides, weakening rupee dropped to an all-time low of Rs 61.51 against the dollar, which made imports costlier, also influenced gold prices.

Globally, gold fell USD 11.70, or 0.90 per cent, to USD 1,292.10 an ounce in Singapore.

Base Metals & Energy
C O P P E R   C R U D E O I L
                                                        D A I L Y B U Z Z
Copper prices rose 0.60 per cent to Rs 430.75 per kg in futures trade today as speculators 
created fresh positions after increased industrial demand in the spot market.

At the Multi Commodity Exchange, copper for delivery in August rose by Rs 2.55, or 0.60 per 
cent to Rs 430.75 per kg in business turnover of 5958 lots.

Similarly, the metal for delivery in November traded higher by Rs 2.10, or 0.48 per cent to Rs 
438.30 per kg in 404 lots.

Market analysts said fresh positions created by speculators on the back of increased industrial 

demand in the spot market mainly helped copper to trade higher at futures trade.

Agro Outlook
                                                   D A I L Y B U Z Z
Sugar futures edged lower on Tuesday on surplus supplies, though an improvement in demand 
due to festivals and prospects of exports due a weak rupee limited the downside.

At 0900 GMT, the key September contract on the National Commodity and Derivatives 
Exchange was down 0.26 per cent at Rs 3,011 ($48.88) per 100 kg.

"In the coming weeks we may see few exports deals happening. The depreciation in the rupee is bringing parity."

The rupee lost as much as 1.5 per cent to 61.80 per dollar on Tuesday, breaking a previous record low of 61.21 on July 8, on sustained worries about the country's record high current account deficit.
Spot sugar rose Rs 11 to Rs 3,062 per 100 kg at the Kolhapur market in Maharashtra state.

India is likely to produce 23.7 million tonnes of sugar in the 2013/14 marketing year beginning 
October, down 5.2 per cent from a year earlier, but higher than the local demand of around 23 

million tonnes.