Monday, February 9, 2015

WEEKLY MARKET ANALYSIS ON COMMODITY 09/FEB/2015

Precious Metals
D A I L Y B U Z Z
GOLD/SILVER
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. Continued their rising streak for the third straight day, silver prices rose 0.64 per cent to Rs 38,101 per kg in futures trade today as speculators indulged in enlarging positions on the back of firming global trend. At the Multi Commodity Exchange ( MCX), silver for delivery in March moved up by Rs 242, or 0.64 per cent, to Rs 38,101 per kg in a business turnover of 1,218 lots. Similarly, the white metal for delivery in May traded higher by Rs 212, or 0.56 per cent, to Rs 38,350 per kg in 32 lots. Analysts said enlarging of positions by speculators in tandem with a firming global trend mainly kept silver prices higher at futures trade.

Base Metals
D A I L Y B U Z Z
ZINC
Zinc futures traded a shade lower at Rs 129.10 per kg today on offloading of positions by speculators amid weak cues from overseas market and subdued spot demand at domestic markets. At the Multi Commodity Exchange, zinc for delivery in February traded lower by 55 paise, or 0.42 per cent, to Rs 129.10 per kg in a business turnover of 202 lots. In a similar fashion, the metal for delivery in January shed 35 paise, or 0.27 per cent, to Rs 128.80 per kg in 212 lots. Market analysts said besides subdued demand from consuming industries in the spot market, weakness in copper and other metals at the London Metal Exchange, led to the fall in zinc prices at futures trade. 

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