Friday, November 14, 2014

DAILY COMMODITY REPORT FOR 14 NOV 2014

Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures recovered by 0.27 per cent to Rs 25,857 per 10 grams today as speculators covered-up their short positions at prevailing levels amdist pick-up in demand in spot markets.

At the Multi Commodity Exchange, gold for delivery in December rose by Rs 69, or 0.27 per cent, to Rs 25,857 per 10 grams with a business turnover of 609 lots.

In a similar fashion, the metal for delivery in February next year moved up by Rs 42, or 0.16 per cent, to Rs 26,012 per 10 grams with a trade volume of 7 lots.

Market analysts said the rise in gold futures was mainly due to covering-up of short positions by speculators at prevailing levels and a firming trend at the spot markets on the back of pick-up in demand but a weak trend overseas, capped the gains.

Meanwhile, gold fell as much as 0.4 per cent to USD 1,157.54 an ounce in Singapore today. 

Energy
D A I L Y B U Z Z
CRUDE OIL
Crude oil futures fell in the domestic market on Thursday as investors and speculators exited positions in the energy commodity amid bets that the OPEC will not reduce output to stem a slump in prices and ease a supply glut while investors were cautious ahead of the US crude oil supplies data which may show a sixth straight gain in stockpiles last week, a sign that the global oil market remains awash in crude. Further, caution ahead of US jobless claims data which may show an uptick in claims last week, signaling a slowing labour market recovery, weighed on sentiment. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,752 per barrel, down by 0.08 per cent, after opening at Rs 4,742, against a previous close of Rs 4,756. It touched an intra-day low of Rs 4,741. (At 11:26 AM).

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