Thursday, December 11, 2014

DAILY COMMODITY REPORT 11 DEC 2014

Precious Metals
D A I L Y B U Z Z
GOLD/SILVER
Gold prices rose by 0.21 per cent to Rs 27,336 per 10 grams in futures trade as speculators created fresh positions taking positive cues from the global market. 

At Multi Commodity Exchange, gold for delivery in far- month April was up by Rs 58, or 0.21 per cent, to Rs 27,336 per 10 gram in business turnover of 38 lots. The precious metal for delivery in February moved up by Rs 34, or 0.13 per cent, to Rs 27,193 per 10 gram in a turnover of 1,765 lots. 

Meanwhile, gold rose to USD 1,238.32 an ounce in New York, the highest price since October 23. 

Silver prices were marginally up by 0.08 per cent to Rs 38,550 per kg in futures trading today as participants built up fresh positions, tracking a better trend overseas. 

At the Multi Commodity Exchange, silver for delivery in March next year gained by Rs 29, or 0.08 per cent to Rs 38,550 per kg in business turnover of 1,734 lots. Likewise, the white metal for delivery in far-month May contracts traded higher by Rs 33, or 0.08 per cent to Rs 39,162 per kg in 43 lots. 

Energy
D A I L Y B U Z Z
CRUDE OIL
Crude oil futures fell in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity after Iran predicted a further dip in prices amid discord among OPEC members. An Iranian official said that crude may fall to as low as USD 40 per barrel due to a price war or divisions in the OPEC. Major OPEC members such as Saudi Arabia and Iraq have cut prices for its Asian buyers to the lowest level in over a decade as they bid to maintain their market share amid surging US crude output. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 3,932 per barrel, down by 0.28 per cent, after opening at Rs 3,915, against a previous close of Rs 3,943. It touched an intra-day low of Rs 3,910. (At 11:37 AM).

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