Monday, August 4, 2014

DAILY COMMODITY REPORY FOR 04 AUG 2014

Precious Metals
D A I L Y B U Z Z

SILVER 
Silver futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal amid a pickup in physical demand for the bullion in the domestic spot market. 

However, caution ahead of the US jobs data which may show strength in the labour market of the world’s biggest economy and may prompt the Fed to raise interest rates in the near-term, dimmed the appeal of silver as a store of value, trimming gains in the precious metal. The US economy may have added more than 200,000 jobs for a sixth straight month in July, data may show today. 

At the MCX, Silver futures, for the September 2014 contract, closed at Rs. 44,484 per kg, up by 0.19 per cent, after opening at Rs. 44,393, against the previous closing price of Rs 44,399. It touched an intra-day high of Rs 44,580 

Base Metals & Energy

ZINC 
Zinc prices eased 0.28 per cent to Rs 143.55 per kg in futures trade today as speculators trimmed positions amidst a weak trend overseas. Besides, low demand in domestic spot markets fuelled the downtrend. 

At the Multi Commodity Exchange, zinc for delivery in August traded lower by 40 paise, or 0.28 per cent, to Rs 143.55 per kg in a business turnover of 280 lots. 

Similarly, the metal for delivery in September shed 30 paise, or 0.21 per cent, to Rs 144.05 per kg in three lots. Market analysts attributed the fall in zinc futures to a weak global trend and subdued demand from consuming industries at domestic spot markets. 

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