Thursday, March 12, 2015

DAILY COMMODITY REPORT FOR 12 MARCH 2015

Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures closed lower in the domestic market on Tuesday as investor and speculators exited positions in the precious metal tracking a weak trend in the overseas market as the US dollar soared to multi-year highs amid expectations of a sooner than expected rate hike, curbing the demand for the fuel as an alternative asset. Stronger greenback makes oil more expensive for those holding other currencies, thus dimming demand. Prospects of an imminent interest rate lift-off have also dimmed the appeal of the yellow metal as a store of value. Calls for a rate hike have got louder following Friday’s payrolls data which showed a twelfth straight month of job gains topping the 200K level. Gold may extend a decline today as caution persists ahead of key data this week including retail sales, consumer sentiment, industrial production and jobless claims which may signal further momentum in the world’s biggest economy, likely forcing the Fed to bring forward its timeline for an interest rate lift-off. At the MCX, Gold futures for April 2015 contract closed at Rs 25,919 per 10 gram, down by 0.40 per cent after opening at Rs 25,962, against the previous closing price of Rs 26,024. It touched the intra-day low of Rs 25,780 till the closing

Base Metals 
D A I L Y B U Z Z
COPPER
Copper prices rose by 0.44 per cent on Wednesday at the domestic markets after data showed that China's factory output grew less than expected in the first two months of the year, adding to pressure on policymakers to introduce broad-based stimulus measures which raised the demand outlook for the metal. At the MCX, copper futures for April 2015 contract were trading at Rs.369.30 per 1 kg, up by 0.44 per cent, after opening at Rs. 369.30 against the previous closing price of Rs. 367.70. It touched the intra-day high of Rs. 370.80 till the trading. (At 3.57 PM).

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