Thursday, March 27, 2014

RESEARCH VIA MCX COMMODITY UPDATE 27 MARCH 2014

Precious Metals
D A I L Y B U Z Z
GOLD
Gold extended losses for the third day by falling Rs 270 to Rs 29,580 per ten grams in the national capital today on reduced offtake and firming rupee against the dollar.

Silver also maintained a downward trend for the eight consecutive day by losing Rs 250 to Rs 43,950 per kg on sustained selling.

Traders said appreciating rupee against the American currency made imports of dollar denominated precious metal cheaper, which mainly kept pressure on bullion prices.

On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 270 each to Rs 29,580 and Rs 29,380 per ten grams, respectively. It had lost Rs 500 in last two days.

Sovereign followed suit and declined by Rs 100 to Rs 25,000 per piece of eight grams.

SILVER
Silver ready dropped by Rs 250 to Rs 43,950 per kg and weekly-based delivery by Rs 220 to Rs 43,570 per kg.

The white metal had lost Rs 3,000 in the previous seven sessions.

Base Metals & Energy
D A I L Y B U Z Z
COPPER
Copper prices declined 0.15 per cent to Rs 406 per kg in futures trade today as speculators trimmed their positions in tandem with a weak global trend.

At the Multi Commodity Exchange, copper for delivery in June declined by 60 paise, or 0.15 per cent to Rs 406 per kg in business turnover of 108 lots.

Similarly, the metal for delivery in April traded lower by 45 paise, or 0.11 per cent to Rs 402.50 per kg in 4,617 lots.

Analysts attributed the fall in Copper futures to weak global trend amid concern that economic growth is slowing and default risks are rising in the biggest-user China at a time when global supplies increasing.

Meanwhile, copper for delivery in three months retreated 0.7 per cent to $6,554.25 a tonne on the London Metal Exchange. 

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