Monday, November 17, 2014

DAILY MCX GOLD & COPPER REPORT FOR 17 NOV 2014

Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures tumbled in the domestic market on Friday as investors and speculators exited positions in the precious metal as a slump in energy prices dimmed gold’s appeal as an inflation hedge while holdings in gold backed exchange traded products (ETP) stretched the longest decline since last May, signaling plunging investment demand. Holdings in the SPDR, the largest exchange-traded product backed by the bullion, shrank for an eighth straight day to a six-year low of 720.62 metric tons on Thursday. Gold futures for December 2014 contract, at MCX, is trading at Rs. 25,700 per 10 grams, down by 0.47 per cent, after opening at Rs. 25,826, against the previous closing price of Rs 25,822. It touched an intra-day low of Rs 25,667. (At 11:24 AM).

Base Metals
D A I L Y B U Z Z
COPPER
Copper futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal ahead of US retail sales data which may show a mild reboundin sales last month after a 0.3 per cent contraction in September. However, the gains in copper were curbed by a worsening demand outlook in China after year on year industrial output growth slowed to 7.7 per cent in October 2014 from 8 per cent in September 2014. At the MCX, copper futures for November 2014 contract is trading at Rs. 407.70 per 1 kg, up by 0.15 per cent, after opening at Rs. 407.70, against the previous closing price of Rs. 407.10. It touched an intra-day high of Rs. 409.10. (At 11:27 AM). 

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