Gold Prices Closed Higher in the Domestic Market on Tuesday

Gold prices closed higher in the domestic market on Tuesday in the midst of a flat dollar, as widespread concerns related to economic growth in China and the timing of an interest rate hike by the Federal Reserve remained in focus. Federal Reserve Bank of St. Louis president James Bullard stood firm on his position that economic conditions nationwide are strong enough to allow the Federal Open Market Committee to approve an initial rate hike. Gold is not attached to interest rates and struggles to compete with high-yield bearing assets in rising rate environments. Investors also continued to digest relatively hawkish comments from a host of central bankers over the weekend at the International Monetary Fund's Annual Meeting in Lima, urging the Fed to stop putting off an initial rate hike. At the MCX, Gold futures for December 2015 contract closed at Rs 26,979 per 10 gram, up by 0.71 per cent after opening at Rs 26,725, against the previous closing price of Rs 26,788. It touched the intra-day high of Rs 26,026.

 

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Mustard Seed Ends Lower As Demand Weakens

 

MustardSeed prices closed lower by 0.77 per cent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the profit booking by the traders on account of the weak crushing and export demand of mustard meal. At the NCDEX, Mustard Seed futures for Sept 2015 contract closed at Rs. 4,236 per quintal, down by 0.77 per cent, after opening at Rs. 4,273 against the previous closing price of Rs. 4,269. It touched the intra-day low of Rs. 4,228.

Sentiment weakened further due to the sluggish export demand as a result of the weak demand for the commodity.

EU-27 accounts to about 34 per cent of worlds RM seed production, others major producers are China (23 %), Canada (19 % ), India (14 % ), Australia (3 % ), Ukraine (2 % ). India produces 5.5 million MT to7 million MT annually. 

 

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RESEARCH VIA MCX COMMODITY UPDATE 27 MARCH 2014

Precious Metals
D A I L Y B U Z Z
GOLD
Gold extended losses for the third day by falling Rs 270 to Rs 29,580 per ten grams in the national capital today on reduced offtake and firming rupee against the dollar.

Silver also maintained a downward trend for the eight consecutive day by losing Rs 250 to Rs 43,950 per kg on sustained selling.

Traders said appreciating rupee against the American currency made imports of dollar denominated precious metal cheaper, which mainly kept pressure on bullion prices.

On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 270 each to Rs 29,580 and Rs 29,380 per ten grams, respectively. It had lost Rs 500 in last two days.

Sovereign followed suit and declined by Rs 100 to Rs 25,000 per piece of eight grams.

SILVER
Silver ready dropped by Rs 250 to Rs 43,950 per kg and weekly-based delivery by Rs 220 to Rs 43,570 per kg.

The white metal had lost Rs 3,000 in the previous seven sessions.

Base Metals & Energy
D A I L Y B U Z Z
COPPER
Copper prices declined 0.15 per cent to Rs 406 per kg in futures trade today as speculators trimmed their positions in tandem with a weak global trend.

At the Multi Commodity Exchange, copper for delivery in June declined by 60 paise, or 0.15 per cent to Rs 406 per kg in business turnover of 108 lots.

Similarly, the metal for delivery in April traded lower by 45 paise, or 0.11 per cent to Rs 402.50 per kg in 4,617 lots.

Analysts attributed the fall in Copper futures to weak global trend amid concern that economic growth is slowing and default risks are rising in the biggest-user China at a time when global supplies increasing.

Meanwhile, copper for delivery in three months retreated 0.7 per cent to $6,554.25 a tonne on the London Metal Exchange. 

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