Wednesday, November 13, 2013


Precious Metals
                                                          D A I L Y B U Z Z

Gold prices recovered by 0.25 per cent to Rs 29,778 per 10 grams in futures trade today as  speculators covered short positions even as precious metal remained weak overseas.

At the Multi Commodity Exchange, gold for delivery in December recovered by Rs 73, or 0.25  per cent, to Rs 29,778 per 10 gram in business turnover of 1,106 lots.

The metal for delivery in far-month February moved up by Rs 50, or 0.17 per cent, to Rs 29,479  per 10 gm in a turnover of 54 lots.

Silver prices recovered by 0.37 per cent to Rs 49,849 per kg in futures trade today, largely  supported by covering-up of short positions by speculators even as the metal weakened in  overseas markets.

Base Metals & Energy
                                                          D A I L Y B U Z Z

Lead prices traded lower by 0.55 per cent to Rs 135.20 per kg in futures market today as speculators
reduced their positions due to sluggish demand from battery makers in the spot market.

At the Multi Commodity Exchange, lead for delivery in December declined by 75 paise, or 0.55 per cent,  to Rs 135.20 per kg in business turnover of 81 lots.

Likewise, the metal for delivery in November shed 70 paise, or 0.52 per cent, to Rs 134.10 per kg in 2,527  lots.

Analysts attributed the weakness in lead futures to offloading of positions by speculators on sluggish

demand from battery-maker in the spot market.

Agro Outlook
                                                       D A I L Y B U Z Z

Sugar futures dropped due to poor demand and ample stocks with mills, and many trade and  industry officials believe the contract could fall further.

The key December contract was down 0.11 percent at 2,837 rupees per 100 kg at 1033 GMT on  the National Commodity and Derivatives Exchange.

India started the new sugar-marketing year with carry-forward stocks of 8.8 million tonnes. The
country is expected to produce 25 million tonnes this year against a demand of 23 million  tonnes.

A pick-up in exports could help mills in trimming inventory and support prices, dealers said. Indian traders have struck deals to export about 175,000 tonnes of raw sugar for DecemberJanuary delivery, marking their first sale in the new season that started on Oct. 1.