Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures slumped in the domestic market on Wednesday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as holdings in bullion-backed exchange traded products slumped a six-year low, signaling weak demand for the bullion as an alternative asset.
Holdings in the SPDR Gold Trust slid to the lowest level since September 2008 to 738.8 metric tons on Tuesday.
Gold futures for December 2014 contract, at MCX, is trading at Rs. 25,625 per 10 grams, down by 1.30 per cent, after opening at Rs. 25,850, against the previous closing price of Rs 25,963. It touched an intra-day low of Rs 25,564. (At 11:28 AM).
Base Metals
D A I L Y B U Z Z
COPPER
Copper prices fell by 1.39 per cent on Wednesday at the domestic markets after a slowdown in China’s services activity signaled deceleration in growth in the world’s second biggest economy, clouding the demand outlook for copper. The China services index fell to 52.9 in October from 53.5 in September, with a reading above 50 signaling expansion, HSBC and Markit Economics said. At the MCX, copper futures for November 2014 contract were trading at Rs.404.20 per 1 kg, down by 1.39 per cent, after opening at Rs. 408.85 against the previous closing price of Rs. 409.90. It touched the intra-day high of Rs. 409 till the trading. (At 4.00 PM).However, losses were curbed due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 1750 metric tonnes to 160350 metric tonnes as on November 5, 2014.
