Precious Metals
Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal after a spate of mostly bright US economic data raised bets that the US Federal Reserve will continue to taper QE in the coming months, dimming the appeal of the yellow metal as an alternative asset. US jobless claims fell to a seven-year low last week, signaling a firm labour market recovery. Caution ahead of US housing starts and consumer sentiment data also weighed on sentiment. Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,130 per 10 grams, down by 0.98 per cent, after opening at Rs. 28,351, against the previous closing price of Rs 28,408. It touched an intra-day low of Rs 28,060
Base Metals & Energy
Zinc futures slumped in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Factory output in the US fell last month, signaling a faltering recovery in the world’s biggest economy, darkening the demand outlook for industrial metals. US factory production fell by 0.4 per cent in April 2014 over the previous month. Zinc futures may trade on a cautious note today ahead of US housing starts and consumer sentiment data. At the MCX, Zinc futures for May 2014 contract closed at Rs. 122.45 per 1 kg, down by 1.92 per cent, after opening at Rs. 124.55, against the previous closing price of Rs. 124.85. It touched an intra-day high of Rs 122.35.
NATURAL GAS
Natural gas futures surged in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity tracking a sharp rally in the overseas market as a small rise in US gas stockpiles last week signaled a pickup in demand for the fuel in the world’s biggest economy. US gas supplies rose by 105 billion cubic feet to 1.16 trillion cubic feet in the week ended May 9, 2014. Still, stockpiles remain well below levels seen last year, a sign that supply concerns remain. Natural gas futures may continue the upward journey today on bullish inventory data. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 267 per mmBtu, up by 3.05 per cent, after opening at Rs 258.60, against the previous closing price of Rs 259.10. It touched an intra-day low of Rs 256.
D A I L Y B U Z Z
GOLD Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal after a spate of mostly bright US economic data raised bets that the US Federal Reserve will continue to taper QE in the coming months, dimming the appeal of the yellow metal as an alternative asset. US jobless claims fell to a seven-year low last week, signaling a firm labour market recovery. Caution ahead of US housing starts and consumer sentiment data also weighed on sentiment. Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,130 per 10 grams, down by 0.98 per cent, after opening at Rs. 28,351, against the previous closing price of Rs 28,408. It touched an intra-day low of Rs 28,060
Base Metals & Energy
D A I L Y B U Z Z
ZINC Zinc futures slumped in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Factory output in the US fell last month, signaling a faltering recovery in the world’s biggest economy, darkening the demand outlook for industrial metals. US factory production fell by 0.4 per cent in April 2014 over the previous month. Zinc futures may trade on a cautious note today ahead of US housing starts and consumer sentiment data. At the MCX, Zinc futures for May 2014 contract closed at Rs. 122.45 per 1 kg, down by 1.92 per cent, after opening at Rs. 124.55, against the previous closing price of Rs. 124.85. It touched an intra-day high of Rs 122.35.
NATURAL GAS
Natural gas futures surged in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity tracking a sharp rally in the overseas market as a small rise in US gas stockpiles last week signaled a pickup in demand for the fuel in the world’s biggest economy. US gas supplies rose by 105 billion cubic feet to 1.16 trillion cubic feet in the week ended May 9, 2014. Still, stockpiles remain well below levels seen last year, a sign that supply concerns remain. Natural gas futures may continue the upward journey today on bullish inventory data. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 267 per mmBtu, up by 3.05 per cent, after opening at Rs 258.60, against the previous closing price of Rs 259.10. It touched an intra-day low of Rs 256.
