Friday, February 7, 2014

RESEARCH VIA DAILY COMMODITY REPORT FOR 07 JAN 2014

Precious Metals
                                                       D A I L Y B U Z Z
GOLD
Gold prices rose by 0.36 per cent to Rs 28,490 per ten gram in futures trading today as speculators created fresh positions, tracking a firming global trend.

At the Multi Commodity Exchange, gold for delivery in far-month June rose by Rs 101, or 0.36 per cent to Rs 28,490 per ten gram in business turnover of 52 lots.

Similarly, the yellow metal for delivery in April gained Rs 80, or 0.28 per cent to Rs 28,795 per ten gram in 1960 lots. Analysts attributed the rise in gold prices at futures trade to a firming trend in the overseas markets on speculation that the US economic recovery may be stalling, boosted demand for the precious metal. 

Meanwhile, gold traded marginally higher at 1,257.96 dollar an ounce from 1,257.92 dollar 
yesterday in Singapore. 

Base Metals & Energy
                                                          D A I L Y B U Z Z
NICKEL
Tracking a firm global trend on speculation that demand for the metal used in corrosion resistance in stainless steel will increase, nickel prices moved up by 0.44 per cent to Rs 875.70 per kg in futures trade today.

Besides, increased demand from alloy-makers in the domestic spot market further supported the uptrend. 

At the Multi Commodity Exchange, nickel for delivery in March moved up by Rs 3.80, or 0.44 per cent to Rs 875.70 per kg in business turnover of 24 lots. In a similar fashion, the metal for delivery in February traded higher by Rs 3.20, or 0.37 per cent to Rs 867.80 per kg in 918 lots.

Market analysts attributed the rise in nickel prices at futures trade to a firm global trend on speculation that demand for the metal used in corrosion resistance in stainless steel will increase. 

Meanwhile, nickel for delivery in three months rose 0.8 per cent to 13,866 dollar a metric tonne on the London Metal Exchange.

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