Monday, December 8, 2014

DAILY COMMODITY REPORT FOR 08 DEC 2014

Precious Metals
D A I L Y B U Z Z
GOLD
Gold prices fell by Rs 30 to Rs 26,870 per ten gram at the bullion market in the national capital today largely in tandem with a weak trend in the global markets. 

Tracking gold, silver declined by Rs 100 to Rs 36,900 per kg on reduced offtake by industrial users. 

Gold in Singapore, which normally set price trend on the domestic front, edged lower by 0.3 per cent to USD 1,201.81 an ounce and silver by 0.2 per cent to USD 16.43 an ounce. 

In Delhi, gold of 99.9 and 99.5 per cent purity were down by Rs 30 each to Rs 26,870 and Rs 26,670 per ten gram respectively, while sovereign held steady at Rs 23,700 per piece of eight gram. 

Silver ready traded lower by Rs 100 to Rs 36,900 per kg and weekly-based delivery by Rs 150 to Rs 36,500 per kg. 

Base Metals 
D A I L Y B U Z Z
COPPER
Copper futures fell in the domestic market on Friday as investors and speculators exited positions in the industrial metal after the ECB cut its growth and inflation forecasts for the 18-member Euro area economy, dimming the demand outlook for copper. The ECB cut its growth forecasts for the Euro area economy to 0.8 per cent in 2014 and 1 per cent next year, from 1.1 per cent and 1.6 per cent, respectively predicted earlier. It cut its inflation forecast for the region to 0.5 per cent in 2014 from 1.1 per cent predicted a year earlier. At the MCX, Copper futures for February 2015 contract is trading at Rs. 403.10 per 1 kg, down by 0.20 per cent, after opening at Rs. 403.30, against the previous closing price of Rs. 403.90. It touched an intra-day low of Rs 402.40. (At 11:04 AM).

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