Wednesday, February 4, 2015


Precious Metals
D A I L Y B U Z Z 
Gold futures prices today fell by 0.20 per cent to Rs 27,610 per 10 grams as speculators offloaded their positions amid a weak global trend. At the Multi Commodity Exchange, gold prices for delivery in far-month April fell by Rs 56, or 0.20 per cent, to Rs 27,610 per 10 grams in business turnover of 99 lots. Similarly, metal prices for delivery this month declined by Rs 40, or 0.14 per cent, to Rs 27,800 per ten grams in nine lots. Market analysts said the fall in gold futures was mostly attributed to trimming of positions by speculators, tracking a weak trend overseas as investors weighed prospects for higher US interest rates amid signs that a global slowdown may be hurting the world's largest economy. Meanwhile, gold traded lower at $1,272.83 an ounce from $1,274.41 in Singapore in yesterday. Silver prices declined by Rs 124 to Rs 38,440 per kg in futures trade today as speculators reduced their exposures amid weak trend in the global markets.At the Multi Commodity Exchange ( MCX), silver prices for delivery in far-month May contracts traded lower by Rs 124, or 0.32 per cent, to Rs 38,440 per kg in business turnover of 9 lots. Similarly, the white metal prices for delivery in March declined by Rs 119, or 0.31 per cent, to Rs 37,886 per kg in business volume of 278 lots.In the international market, silver prices traded 0.29 per cent lower at $17.18 an ounce in New York yesterday. Market analysts attributed fall in silver prices at futures trade to a weak trend in global markets. 

Base Metals 
Copper prices rose by 3.02 per cent on Tuesday at the domestic markets as a rally in oil and global equity markets lifted sentiment. Oil prices rallied as investors closed out bets on lower prices after data showed the number of U.S. oil drilling rigs had fallen by the most in nearly 30 years last week. Further, hopes that Greece’s new government would be able to reach a compromise with its international creditors on the terms of its bailout also helped lift sentiment. At the MCX, copper futures for February 2015 contract were trading at Rs. 351.20 per 1 kg, up by 3.02 per cent, after opening at Rs. 343 against the previous closing price of Rs. 340.90. It touched the intra-day high of Rs. 353.15 till the trading. (At 4.25 PM).