Saturday, December 21, 2013


Precious Metals
                                                   D A I L Y B U Z Z
Gold prices extended losses for the second straight session by falling Rs 205 to Rs 30,160 per ten grams in the national capital today on sustained selling by stockists, triggered by a weakening global trend.

While silver prices dropped for the third day and lost Rs 725 at Rs 43,500 per kg on poor offtake by industrial units and coin makers.

In Mumbai, Gold of 99.9 and 99.5 per cent purity dropped by Rs 320 each to Rs 29,630 and Rs 29,480 per ten grams, respectively Silver declined by Rs 450 to Rs 43,800 per kg.

Traders said sustained selling by stockists against sluggish demand amid a weakening global trend, where gold dropped below $1,200 an ounce as the Federal Reserve scaled back monetary stimulus, mainly kept pressure on precious metals.

Gold in New York, which normally sets price trend on the domestic front, fell by 3.4 per cent to $1,193.60 an ounce and silver by 4.4 per cent to $19.18 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity tumbled by Rs 205 each to Rs 30,160 and Rs 29,960 per ten grams, respectively. It had shed Rs 65 yesterday. Sovereign declined by Rs 50 to Rs 25,150 per piece of eight gram.

Base Metals & Energy
                                                   D A I L Y B U Z Z
Crude oil futures prices today fell by 0.74 per cent to Rs 6,193 per barrel, as speculators trimmed     positions amid a weakening trend in the Asian trade.

At the Multi Commodity Exchange, crude oil for delivery in January next year fell Rs 54, or 0.74 per 
cent, to Rs 6,193 per barrel in 3,671 lots.

Similarly, the oil for February delivery moved down by Rs 41, or 0.65 per cent, to Rs 6,234 per barrel in 156 lots.

The trading sentiment turned weak at futures trade after crude oil prices declined in Asian trade on 
profit-taking following gains in New York fuelled by upbeat sentiment over the US Federal Reserve's 
decision to start easing its stimulus programme, marketmen said.

Meanwhile, crude oil for February delivery was down 26 cents at $98.78 a barrel on the New York 
Mercantile Exchange.

Buoyed by a firm global trend and increased domestic demand, copper prices rose marginally by 0.09 
per cent to Rs 460.80 per kg in futures trade today.

At the Multi Commodity Exchange, copper for delivery in February contracts traded higher by 40 paise, or 0.09 per cent, to Rs 460.80 per kg in business turnover of 357 lots.

Similarly, the metal for delivery in the far-month April edged up by 10 paise, or 0.02 per cent.

Agro Outlook
                                                    D A I L Y B U Z Z
The sugar futures edged higher on Friday on bargain-buying, driven by hopes the government's decision to provide interest-free loans to sugar mills will limit distress sale in the market.

Ample stocks and a pick-up in cane crushing capped the upside.

The cabinet has approved a scheme of interest free loans to sugar mills, Food Minister K V Thomas said on Thursday, as part of a bail-out package to beleaguered mills.

"Some mills are making distress sale in the market as they need money to make cane payments. 
The government assistance can reduce distress sale," said Ashok Jain, president of the Bombay 
Sugar Merchants Association.

At 0959 GMT, the key January contract on the National Commodity and Derivatives Exchange was up 0.33 per cent at 2,769 rupees ($44.56) per 100 kg. It hit a low of 2,746 rupees on Dec. 12, the lowest level in more than two years.

Mills have been swamped with massive stocks, as India is set to produce surplus sugar for the fourth year in a row.

In overseas markets, raw sugar futures were trading up 1.73 per cent after rising 1.6 per cent in the previous session as low prices drove buying.