Thursday, June 26, 2014


Base Metals & Energy 
D A I L Y B U Z Z 
Zinc futures were trading tad lower in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the base metal amid weak physical demand for zinc in the domestic spot market. Further, slower gain in US home prices signaled a cooling recovery in the world’s biggest economy, clouding the demand outlook for industrial metals. S&P said that its index of property values in 20 US cities rose 10.8 per cent in April 2014, year on year, down from an annual 12.4 per cent rise in March 2014. At the MCX, Zinc futures for June 2014 contract is trading at Rs. 130.45 per 1 kg, down by 0.08 per cent, after opening at Rs. 130.60, against the previous closing price of Rs. 130.55. It touched an intra-day low of Rs. 130.35. 

Copper prices rose by 0.14 per cent on Wednesday at the domestic markets after consumer confidence in the US rose to the highest level since January 2008 in June 2014 signaling a pickup in the world’s biggest econoD A I L Y B U Z Z my, lifting the demand outlook for the metal. The gauge measuring US consumer confidence rose to 85.2 in June from 82.2 in the previous month. At the MCX, copper futures for June 2014 contract were trading at Rs.419.15 per 1 kg, up by 0.14 per cent, after opening at Rs. 418.25 against the previous closing price of Rs. 418.55. It touched the intra-day high of Rs. 419.90 till the trading.