Saturday, April 5, 2014

WEEKLY COMMODITY REPORT FOR 07 APRIL 2014

Precious Metals
D A I L Y B U Z Z
GOLD
Gold prices fell by Rs 115 to Rs 29,235 per ten gram today on stockists selling against sluggish demand amid weak global cues. 

Silver also declined by Rs 380 to Rs 43,550 per kg on reduced offtake. 

Traders said stockists selling against sluggish demand at prevailing higher levels amid weak global trend mainly kept pressure on precious metals. 

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.2 per cent, to $1,284.27 an ounce. 

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 115 each to Rs 29,235 and Rs 29,035 per ten gram respectively. It had gained Rs 100 yesterday. Sovereign remained steady at Rs 24,900 per piece of eight gram. 

Silver ready dropped by Rs 380 to Rs 43,550 per kg and weekly-based delivery by Rs 355 to Rs 42,975 per kg, after gaining Rs 530 in the previous session. 

Silver coins held steady at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.

Base Metals & Energy
D A I L Y B U Z Z
NICKEL
Nickel prices moved up by 0.53 per cent to Rs 991.30 per kg in futures market today after speculators enlarged positions, tracking a firming trend in spot market on increased demand from alloy-makers. Besides, an encouraging trend in copper and other base metals in the global markets supported the upside. 

At the Multi Commodity Exchange, nickel for delivery in April gained Rs 5.20, or 0.53 per cent, 
to Rs 991.30 per kg in business turnover of 675 lots. In a similar fashion, the metal for delivery 
in May rose by Rs 5.30, or 0.53 per cent, to Rs 997.40 per kg in 46 lots. 

ZINC
Zinc futures prices today edged up by 0.17 per cent to Rs 121.25 per kg after speculators built-up positions amid a firming trend in the spot market on good demand. 

However, metal's weakness at the London Metal Exchange (LME) limited the gains. At the Multi Commodity Exchange, zinc for delivery in May edged up by 20 paise, or 0.17 per cent, to Rs 121.25 per kg with a business turnover of 3 lots. 

The metal for delivery in April gained 15 paise, or 0.12 per cent, to trade at Rs 120.45 per kg with a business turnover of 398 lots. raders said fresh positions created by speculators on the back of improved demand in the spot market helped zinc futures to trade higher but that metal's losses at the LME limited the upside. 

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