Precious Metals
D A I L Y B U Z Z
GOLD
Gold
futures slumped in the domestic market on Monday as investors and
speculators booked fresh positions in the precious metal tracking a
weak trend in the overseas market after Swiss voters rejected a plan
for the country’s central bank to boost bullion reserves. 77 per
cent of Swiss voters said no to a plan for the Swiss National Bank to
hold a fixed proportion of its assets in bullion. A plunge in oil
prices to a five-year low signaled weaker global inflation, dimming
the appeal of gold as a hedge against the inflationary risk of
monetary stimulus. Gold futures for December 2014 contract, at MCX,
is trading at Rs. 25,348 per 10 grams, down by 1.73 per cent, after
opening at Rs. 25,401, against the previous closing price of Rs
25,794. It touched an intra-day low of Rs 25,224. (At 11:24 AM).
Base Metals
D A I L Y B U Z Z
COPPER
Copper
prices fell by 1.18 per cent on Monday at the domestic markets after
research group Markit said the euro zone’s manufacturing PMI fell
to 50.1, from 50.4 in the preceding month signaling weak
manufacturing activity in the region which reduced the demand outlook
for the metal. At the MCX, copper futures for February 2015 contract
were trading at Rs.393.70 per 1 kg, down by 1.18 per cent, after
opening at Rs. 396.10 against the previous closing price of Rs.
398.40. It touched the intra-day low of Rs. 390.40 till the trading.
(At 3.20 PM today).
Sentiment
weakened further due to the surge in the copper stockpiles at the
London Metal Exchange (LME) on account of the weak demand for the
commodity. LME copper stocks rose by 500 metric tonnes to 164800
metric tonnes as on December 1, 2014.
Agro Outlook
D A I L Y B U Z Z
CARDAMOM
Cardamom
prices rose by 0.13 per cent on Monday at the Multi Commodity
Exchange (MCX) on account of good buying support from both exporters
and upcountry buyers and also on hopes of improved export demand. At
MCX, Cardamom futures for December 2014 contract were trading at Rs
776 per kg, up by 0.91 per cent, after opening at Rs. 778 against the
previous closing price of Rs. 775. It touched the intra-day high of
Rs. 785 till the trading. (At 10.44 AM today).
