Friday, May 23, 2014


Base Metals & Energy 
D A I L Y B U Z Z 
Nickel prices recovered by 1.51 per cent to Rs 1,155.70 per kg in the futures market today largely in tandem with a rebound in base metals overseas. 

Besides, pick up in demand from alloy-makers in the spot markets supported the upside. 

At the Multi Commodity Exchange, nickel for delivery in May gained Rs 17.20, or 1.51 per cent, to Rs 1,155.70 per kg in business turnover of 1,009 lots. 

The metal for delivery in June rose by Rs 17.30, or 1.51 per cent, to Rs 1,160.90 per kg in 108 lots. 

Globally, nickel rose 1.3 per cent to USD 19,750 per tonne at the London Metal Exchange (LME), snapping a two-day decline. 

The metal is up 42 per cent this year so far, the most among the main six metals on the LME, as 
Indonesia, the world's largest producer from mines, banned ore exports in January. 

Market analysts said apart from increased domestic demand from alloy-makers, firmness in 
base metals overseas influenced nickel futures here.

Agro Outlook 
D A I L Y B U Z Z 
Jeera prices shot up by over 1 per cent to Rs 11,130 per quintal in futures trading today as speculators created fresh positions. 

At the National Commodity and Derivatives Exchange, jeera for delivery in June spurted by Rs 115, or 1.04 per cent, to Rs 11,130 per quintal with an open interest of 8,511 lots. 

Similarly, the spice for delivery in July shot up by Rs 115, or 1.03 per cent to Rs 11,255 per quintal in 3,627 lots. Analysts attributed rise in jeera futures to pick up in domestic and export demand in the spot market, triggering speculators to enlarge positions.