Saturday, February 28, 2015

DAILY REPORT AND BUDGET SPECIAL ON COMMODITY MARKET

Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal as a deepening sell-off in oil threatened to push global inflation even lower, dimming the appeal of the bullion, a hedge against rising consumer prices.However, bets that the US Fed may delay a planned rate hike boosted the appeal of gold as a store of value, curbing losses in gold.A pickup in physical demand for gold from China, the world’s second biggest bullion consumer supported sentiment as China’s net gold imports from Hong Kong rose to 71.6 metric tons in January from 58.8 tons in December.At the MCX, Gold futures for April 2015 contract is trading at Rs 26,178 per 10 gram, down by 0.14 per cent after opening at Rs 26,240, against the previous closing price of Rs 26,216. It touched the intra-day low of Rs 26,151 till the closing. (At 11:48 AM).

Base Metals
D A I L Y B U Z Z
COPPER
Copper futures rose in the domestic market on Friday as a rebound in US durable goods orders last month signaled a pickup in the world’s biggest economy, lifting the demand outlook for the base metal.Bookings for US goods meant to last at least three years rose for the first time in three months, up 2.8 per cent in January from December when they fell a revised 3.7 per cent.Further, speculation that policymakers in China may boost stimulus to stem a slowdown in the world’s biggest copper consumer lifted demand outlook for copper.Chinese Premier Li Keqiang urged the need for a more active fiscal policy, while a central bank publication called for additional monetary easing to boost demand and economic growth.At the MCX, Copper futures for February 2015 contract closed at Rs 369.45 per 1 kg, up by 0.16 per cent after opening at Rs 367, against the previous closing price of Rs 368.85. It touched the intra-day high of Rs 369.95 till the closing. (At 11:53 AM).

Followers