Saturday, September 14, 2013


Precious Metals
                                       D A I L Y  B U Z Z
Continuing its slide, silver prices fell by 0.56 per cent to trade at Rs 51,401 per kg in futures trade today as participants engaged in reducing their positions amid a weakening trend in the global markets.

At the Multi Commodity Exchange, silver for delivery in far-month March traded Rs 286, or 0.56 per cent, lower at Rs 51,401 per kg in a business turnover of 19 lots. 

In a similar fashion, the white metal for delivery in December fell by Rs 265, or 0.49 per cent, to Rs 50,230 per kg in 1,248 lots.

Market analysts said offloading of positions by speculators following a weak trend overseas, before the US Federal Reserve meets to consider tapering its monthly asset purchases, put pressure on silver futures prices here. 

Meanwhile, silver fell by 0.18 per cent to 21.70 dollar an ounce in Singapore today.

Base Metals & Energy
                                        D A I L Y  B U Z Z
Buoyed by increased domestic demand, copper prices rose 0.33 per cent to Rs 460.75 per kg in futures trade today as speculators enlarged positions.

At the Multi Commodity Exchange, copper for delivery in November traded higher by Rs 1.50, or 0.33 per cent, to Rs 460.75 per kg in business turnover of 3,742 lots.

The metal for delivery in far-month February edged up by Rs 1.15, or 0.25 per cent, to Rs 469.70 per kg in 97 lots.

Globally, copper for delivery in three months on the London Metal Exchange rose 0.3 per cent to $ 7,078.50 a metric tonne.

Market analysts said apart from increased demand at domestic spot markets from consuming industries, a firming overseas trend, mainly influenced copper prices at futures trade here.

Agro Outlook
                                      D A I L Y  B U Z Z
Turmeric futures rose on Friday on bargain-buying, supported by hopes of a pickup in local demand in the festive season, while export demand also aided sentiment.

The most-actively traded turmeric contract for October delivery was up 1.68 per cent at Rs 4,966 per 100 kg on the National Commodity and Derivatives Exchange (NCDEX) at 1017 GMT. It fell 7.6 per cent between Sept. 3 and Sept. 12.

"Some bargain buying is seen after the recent fall in prices. Local demand may pick up ahead of festivals," said Sudha Acharya, an analyst at Kotak Commodities. At Nizamabad, a key market in
Andhra Pradesh, spot turmeric edged up 26 rupees to Rs 4,968 per 100 kg.

Acharya expects the October contract to rise to Rs 5,040 in the near term. Jeera, or cumin seed, futures rose due to overseas demand while a pickup in the local demand also supported the upside.

However, higher spot supplies and prospects of better sowing capped the gains. Traders expect
jeera sowing to be better this season because of ample rains that have increased moisture in the soil.

Jeera is a winter crop sown from October. Farmers mainly depend on rains to moisten the land for sowing.