Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures fell in the domestic market on Tuesday as investors and speculators were cautious over booking fresh positions in the precious metal ahead of the two-day policy meet of the US Federal Reserve starting Tuesday in which the central bank may end its USD 15 billion monthly bond buying program, dimming the appeal of gold, a hedge against the inflationary risk of monetary stimulus. However, the losses in the yellow metal were trimmed by hopes of a pickup in physical demand for gold in India and China this quarter amid the festive and wedding season. Gold futures for December 2014 contract, at MCX, is trading at Rs. 27,180 per 10 grams, down by 0.12 per cent, after opening at Rs. 27,185, against the previous closing price of Rs 27,214. It touched an intra-day low of Rs 27,150. (At 11:20 AM).
Base Metals & Energy
D A I L Y B U Z Z
CRUDE OIL
Crude oil futures fell in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market ahead of data which may show that US crude oil supplies rose to a four-month high last week, signaling weaker demand for the fuel in the world’s biggest oil consumer. US crude oil stockpiles may have risen 3.8 million barrels to 381.5 million barrels last week, the EIA may say tomorrow, analysts’ estimated. Meanwhile, speculation is rife that the OPEC is not likely to slash output at a meet next month. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,969 per barrel, down by 0.20 per cent, after opening at Rs 4,975, against a previous close of Rs 4,979. It touched an intra-day low of Rs 4,956. (At 11:17 AM).
COPPER
Copper futures rose in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal as a strike loomed in Indonesia’s leading mine, raising supply concerns. Freeport-McMoRan Inc.’s labour union issued a notice that workers plan a 30-day strike from November 6 at the Grasberg mine in Indonesia, the world’s third biggest mine amid safety concerns. A rebound in China’s industrial profits last month signaled an improving demand outlook for the base metal. At the MCX, copper futures for November 2014 contract is trading at Rs. 418.25 per 1 kg, up by 0.36 per cent, after opening at Rs. 417.95, against the previous closing price of Rs. 416.75. It touched an intra-day high of Rs. 418.35. (At 11:27 AM).
