Zinc Prices Lost 2.5 % In The Domestic Market On Tuesday

Concerns over reduced demand prospects from China, the world’s biggest metals consumer, took severe toll on Zinc prices which lost 2.5 per cent in the domestic market on Tuesday while softer physical demand for the metal in the domestic spot market also weighed on sentiment.

 

The steep devaluation of the Yuan last week which will make the metal more expensive for Chinese buyers may curb Zinc demand in the world’s second biggest economy which is poised to grow at the slowest pace in two decades this year. China’s stocks on Tuesday fell prey to the worst sell off in three weeks, shedding over 6 per cent of their value amid speculation of reduced state intervention to support the country’s beaten down equities.
 

Meanwhile investors cast aside data which showed that home prices in China rose in 31 out of the 70 cities tracked by a government survey, in July, signaling a housing rebound following the removal of property curbs and monetary easing.
 

At the MCX, Zinc futures for August 2015 contract closed at Rs per 115.70 1 kg, down by 2.5 per cent after opening at Rs 118.85, against the previous closing price of Rs 118.65. It touched the intra-day low of Rs 115.50.

 

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Agro Outlook News and Updates for 29 May 2015

D A I L Y B U Z Z

Mcx commodity tips : Maize prices closed higher by 0.25 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of a rise in the demand from exporters and poultry industries. At the NCDEX, maize futures for July 2014 contract closed at Rs. 1,187 per quintal, up by 0.25 per cent, after opening at Rs. 1,185 against the previous closing price of Rs. 1,184. It touched the intra-day maximum of Rs. 1,192.

Mustard Seed prices closed lower by 1.1 % on Thursday 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 NCDEX, Mustard Seed futures for June 2015 contract closed at Rs. 4,225 per quintal, down by 1.1 per cent, after opening at Rs. 4,255 against the previous closing price of Rs. 4,272. It touched the intra-day low of Rs. 4,213.

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TODAY MCX COMMODITY REPORT FOR 3 FEB 2015

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures closed higher in the domestic market on Saturday as investors and speculators booked fresh positions in the precious metal as weaker than expected US economic data signaled a cooling recovery in the world’s biggest economy, raising bets that the US Federal Reserve may hold off monetary tightening in the near-term, bolstering the appeal of the bullion as a store of value.US Q4 GDP growth was revised downwards to 2.2 per cent annualized pace from 2.6 per cent earlier while consumer sentiment in the US retreated from an eleven-year high in February 2015.New York Fed President William Dudley warned the Fed against premature tightening of monetary policy in the world’s biggest economy with inflation running well below the 2 per cent target.Meanwhile, India refrained from raising the import duty on gold at 10 per cent, signaled brighter prospects for bullion demand in the world’s biggest bullion consumer.Gold futures may extend gains today amid a bullish physical demand outlook and fresh policy easing in China. At the MCX, Gold futures for April 2015 contract closed at Rs 26,477 per 10 gram, up by 0.76 per cent after opening at Rs 26,200, against the previous closing price of Rs 26,227. It touched the intra-day high of Rs 26,515 till the closing.

Base Metals

D A I L Y B U Z Z

ZINC

Zinc futures ended higher in the domestic market on Saturday as investors and speculators booked fresh positions in the industrial metal as strong physical demand for zinc in the domestic spot market lifted sentiment.Further, contracts to buy US existing homes rose to the highest level since August 2013 in January 2015, signaling a pickup in the housing market of the world’s biggest economy, lifting the demand outlook for industrial metals.The index of US pending home sales climbed 1.7 per cent in January 2015 following a 1.5 per cent drop in the prior month.At the MCX, Zinc futures for March 2015 contract closed at Rs 127.7 per 1 kg, up by 0.31 per cent after opening at Rs 127.4, against the previous closing price of Rs 127.30. It touched the intra-day high of Rs 128 till the closing.

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TODAY GOLD SILVER REPORT FOR 12 FEB 2015

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures held flat on Wednesday at the domestic markets with Greece firmly in focus and China data ahead. Greece's Parliament approved the government's economic plan in a vote late Tuesday that sets up a showdown with country's international creditors beginning this week in Brussels. Further, a stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. At the MCX, Gold futures for February 2015 contract was trading at Rs 26,838 per 10 gram, down by 0.07 per cent after opening at Rs 26,874, against the previous closing price of Rs 26,856. It touched the intra-day high of Rs 26,894 till the trading. (At 11.42 AM).

SILVER 

Silver futures prices today fell by Rs 213, to trade at Rs 37,585 per kg as speculators locked-in gains at prevailing levels even as metal strengthened overseas. At the Multi Commodity Exchange, silver for delivery in March traded lower by Rs 213, or 0.56 per cent, to Rs 37,585 per kg in a business turnover of 470 lots. Similarly, the precious metal for delivery in May month declined by Rs 164, or 0.43 per cent, to Rs 37,742 per kg in business volume of seven lots. In Singapore, silver added 0.4 per cent at USD 17.06 an ounce in Singapore. Market analysts attributed fall in silver prices at futures trade to profit-booking by speculators at current prices but a firming trend overseas, limited the losses. 

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DAILY COMMODITY BASE METALS & ENERGY REPORT FOR 28 JAN 2015

Base Metals & Energy

D A I L Y B U Z Z

CRUDEOIL

Crude oil prices fell by 1.55 per cent on Tuesday at the domestic markets after the Federal Reserve Bank of Dallas manufacturing business index fell unexpectedly last month signaling weak manufacturing activity in the region which reduced the demand prospects for the fuel. Dallas Fed said that Dallas Fed Mfg Business Index fell to a seasonally adjusted annual rate of -4.4, from 3.5 in the preceding month whose figure was revised down from 4.1. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,793 per barrel, down by 1.55 per cent, after opening at Rs. 2,820 against the previous closing price of Rs. 2,837. It touched the intra-day low of Rs. 2,793 till the trading. (At 11.45 AM).

COPPER

Copper prices rose by 0.57 per cent on Tuesday at the domestic markets after Japan's exports grew the most in a year in December, helped by a weak yen and a pick-up in overseas demand led by the United States, an encouraging sign for the recession-hit economy which raised the demand outlook for the metal. The 12.9 percent year-on-year rise in exports marked a fourth straight month of growth, supported by shipments of cars to the United States and of electronics parts to China. At the MCX, copper futures for June 2014 contract were trading at Rs.343.30 per 1 kg, up by 0.57 per cent, after opening at Rs. 343 against the previous closing price of Rs. 341.35. It touched the intra-day high of Rs. 345.60 till the trading. (At 4.00 PM).

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COMMODITY NEWS LETTER FOR 12 JAN 2015

Precious Metals

D A I L Y B U Z Z

GOLD /SILVER

Gold for February delivery traded four-fifths of a per cent down at Rs 26,952 per 10 gm on MCX in early noon trades on January 8 while the stock markets posted some gains. Retail demand for gold has picked up recently but most of the supply is being met through recycled metal, said Ketan Shroff, spokesman of industry body Indian Bullion & Jewellers Association. "Many consumers are exchanging their old jewellery for new jewellery," said Shroff, adding that jewellers and bullions dealers have resorted to hedging to avoid inventory losses since gold prices fell to as low as Rs 25,000 per 10 gm in recent months. Silver prices declined by Rs 397 to Rs 37,365 per kg in futures trade today after speculators reduced their exposures amid weak cues from global markets. At the Multi Commodity 

Exchange, silver for delivery in March fell by Rs 397, or 1.05 per cent, to Rs 37,365 per kg in a business turnover of 2,018 lots. In a similar fashion, the white metal for delivery in May traded lower by Rs 358, or 0.93 per cent, to Rs 38,025 per kg in 11 lots. Analysts said reducing of positions by participants amidst a weak global trend mainly led to the fall in silver prices at futures trade here. Globally, silver lost 0.4 per cent to USD 16.47 an ounce in Singapore. 

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TODAY MCX NCDEX REPORT 05 DEC 2014

Base Metals & Energy

D A I L Y B U Z Z

COPPER

Copper futures rose in the domestic market on Thursday as investors weighed upbeat US data and after a fire at Mongolia’s biggest copper-and gold mine raised supply fears. Private employment in the US topped the 200K mark for the seventh time in eight months while services expanded at a faster than expected clip in November, signaling optimism over the health of the world’s biggest economy, lifting the demand outlook for industrial metals. A fire at the ore concentrator at Mongolia’s Oyu Tolgoi copper mine was brought under control and is being investigated, Turquoise Hill Resources Ltd., which co-owns the mine, said. At the MCX, Copper futures for February 2014 contract is trading at Rs. 402.05 per 1 kg, up by 0.85 per cent, after opening at Rs. 399.50, against the previous closing price of Rs. 398.65. It touched an intra-day high of Rs 403.50. (At 11:10 AM).

CRUDE OIL

Crude oil futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity tracking gains in the overseas market after an unexpected drop in US crude oil supplies signaled easing concerns over a supply glut in the global oil market.. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,223 per barrel, up by 0.86 per cent, after opening at Rs 4,200, against a previous close of Rs 4,187. It touched an intra-day high of Rs 4,237. (At 11:01 AM).

Agro Outlook

D A I L Y B U Z Z

CASTOR SEED

Castorseed prices fell by 1.44 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of fresh supply of the commodity in the major mandies as well as strong production estimates. At the NCDEX, castor seed futures for December 2014 contract was trading at Rs. 4,527 per quintal tonnes, down by 1.44 per cent, after opening at Rs. 4,598 against the previous closing price of Rs. 4,593. It touched the intra-day low of Rs. 4,511 till the trading. (At 12.53 PM )

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DAILY MCX NCDEX COMMODITY REPORT FOR 04 NOV 2014

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures fell by 0.41 per cent to Rs 26,029 per 10 grams today as participants indulged in reducing exposures, largely in tandem with global trend. 

At the Multi Commodity Exchange, gold for delivery in December, fell by Rs 106, or 0.41 per cent, to trade at Rs 26,029 per 10 grams in a turnover of 862 lots. 

Similarly, the metal for delivery in February next year shed Rs 114, or 0.40 per cent, to Rs 26,210 per 10 grams in 23 lots. 

Globally, gold lost over 1.00 per cent to USD 1,161.35 an ounce, the lowest level since July 2010 in Singapore. 

Analysts said a weakening trend overseas after the US Federal Reserve ended asset purchases, weighed on gold prices in futures trade.

Agro Outlook

D A I L Y B U Z Z

MENTHA OIL

Mentha oil prices rose by 0.81 per cent on Monday at the Multi Commodity Exchange (MCX) due to tight stocks position in the physical market due to restricted arrivals from producing belts. Sentiment improved further as traders engaged in creating positions on account of good demand from consuming industries and lower arrivals from Chandausi in Uttar Pradesh. At MCX, Mentha oil futures for November 2014 contract, at MCX, were trading at Rs. 693.00 per kg, up by 0.81 per cent after opening at Rs. 690.70 against the previous closing price of Rs. 687.40. It touched the intra-day high of Rs. 694.90 till the trading. (At 2.38 PM today).

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DAILY MCX COMMODITY BASE METAL TIPS 16 OCT 2014

Base Metals

D A I L Y B U Z Z

COPPER

Copper prices moved up by 0.13 per cent to Rs 420.45 per kg in futures trade today as speculators enlarged positions after base metals rose in overseas markets amid pick-up in spot demand. 

At the Multi Commodity Exchange, copper for delivery in February next year traded higher by 55 paise, or 0.13 per cent to Rs 420.45 per kg in business turnover of 10 lots.

In a similar fashion, the metal for delivery in November edged up by 50 paise, or 0.12 per cent to Rs 413.80 per kg in 2,306 lots.

Meanwhile, copper for delivery in three months gained 0.2 per cent to USD 6,723.25 a metric tonne at the London Metal Exchange

ZINC

Zinc prices rose by 0.74 per cent on Tuesday at the domestic markets after better than expected China export data eased concerns over an economic slowdown in the world’s biggest metals consumer, lifting the demand outlook for zinc. China’s exports climbed 15.3 per cent, year on year in September 2014, surpassing estimates of a 12 per cent rise. Zinc futures for October 2014 contract, at MCX, were trading at Rs 143.15 per kg, up by 0.74 per cent after opening at Rs. 142.55 against the previous closing price of Rs. 142.10. It touched the intra-day high of Rs.143.30 till the trading. (At 4.15 PM).

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DAILY COMMODITY GOLD, SILVER & CARDAMOM REPORT FOR 24 SEP 2014

Precious Metals

D A I L Y B U Z Z

GOLD/SILVER

Gold advanced Rs 81 in afternoon trading on the Multi Commodity Exchange of India (MCX) as overseas spot prices of the metal gained about $10 an ounce after reports the US had launched strikes against ISIS militants in Syria and Israel had brought down a Syrian jet. 

Gold for October delivery on the MCX was up at Rs 26,669 per 10 gm. Spot gold overseas rose to $1,225 an ounce. 

Gold prices had declined after the US Federal Reserve last week projected that a key interest rate could be raised higher than expected. Although gold gained on Tuesday, analysts expect the bearish overhang to continue. 

In a similar fashion, silver ready rose by Rs 250 to Rs 39,500 per kg and weekly-based delivery by Rs 455 to Rs 39,350 per kg. The white metal had lost Rs 2,350 in the previous five sessions. 

On the other hand, silver coins continued to be traded at last level of Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces 

Agro Outlook

D A I L Y B U Z Z

CARDAMOM

Cardamom prices rose by 0.80 per cent to Rs 878.10 per kg in futures trade today as speculators indulged in creating fresh positions driven by firm demand in the spot market. 

Further, tight stocks in the physical market following restricted arrivals from producing belts also supported the uptrend. 

At the Multi Commodity Exchange, Cardamom for October contracts rose by Rs 7.10, or 0.80 per cent, to Rs 878.10 per kg, with a trading volume of 211 lots. 

The spice for delivery in November was trading up by Rs 6.70, or 0.74 per cent, to Rs 889.10 per kg, with a business volume of 33 lots. 

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DAILY COMMODITY REPORT FOR 08 SEP 2014

Base Metals

D A I L Y B U Z Z

COPPER

Copper prices traded up by 0.05 per cent to Rs 427.35 per kg in futures trade today as speculators created fresh positions, driven by firming global trend. 

At the Multi Commodity Exchange, copper for delivery in November edged up by 20 paise, or 0.05 per cent to Rs 427.35 per kg in business turnover of 1,122 lots. 

Meanwhile, copper rose 0.2 per cent to USD 6,946.25 a metric tonne on the London Metal Exchange. 

NICKEL

Nickel prices declined by 0.26 per cent to Rs 1,169.10 per kg in futures trade today as speculators indulged in booking profits at prevailing higher levels even as the metal strengthened overseas. 

At the Multi Commodity Exchange, nickel for delivery in September fell by Rs 3.10, or 0.26 per cent, to Rs 1,169.10 per kg in business turnover of 1309 lots. 

In a similar fashion, the metal for delivery in October contract shed Rs 3, or 0.25 per cent to Rs 1,175.20 per kg in 16 lots. 

Globally, nickel for delivery in three months was up 0.2 per cent at $19,425 a metric tonne on the London Metal Exchange. 

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DAILY COMMODITY NICKEL & CRUDE OIL REPORT 22 AUG 2014

BASE METALS & ENERGY

D A I L Y B U Z Z

NICKEL

Nickel prices dropped 0.30 per cent to Rs 1,148.30 per kg in futures trade today on weakening trend at the London Metal Exchange and subdued demand at domestic spot markets. 

At the Multi Commodity Exchange, nickel for delivery in September dropped by Rs 3.50, or 0.30 per cent, to Rs 1,148.30 per kg in a business turnover of one lot. 

The metal for delivery in current month also fell by Rs 3.30, or 0.29 per cent, to Rs 1,142.20 per kg in a turnover of 80 lots.

Globally, nickel for three-month delivery fell by 0.40 per cent to USD 18,883 per tonne at the LME.

CRUDE OIL

Crude oil futures declined by 0.19 per cent to Rs 5,688 per barrel today in line with a weak trend in Asian trade. 

At the Multi Commodity Exchange, crude oil for delivery in September shed Rs 11, or 0.19 per cent, to Rs 5,688 per barrel, with a business volume of 881 lots. 

Oil prices for October delivery moved down by a similar margin to trade at Rs 5,703 per barrel, with a business volume of 45 lots.

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COMMODITY MCX CALLS & TARGET

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DAILY NCDEX MENTHA OIL UPDATE 11/07/2014

Agro Outlook 

D A I L Y B U Z Z

MENTHA OIL 

Mentha oil prices fell 0.65 per cent to Rs 723.20 per kg in futures trading today as speculators booked profits at prevailing levels amidst subdued demand from consuming industries in the spot market. 

Besides, adequate stocks position in the physical market on increased arrivals from Chandausi in Uttar Pradesh also put pressure on mentha oil prices. 

At the Multi Commodity Exchange, mentha oil for delivery in August fell by Rs 4.70, or 0.65 per cent to Rs 723.20 per kg in business turnover of 63 lots. 

Similarly, the oil for delivery in July contract shed Rs 4.10, or 0.58 per cent to Rs 706.50 per kg in 318 lots. 

Market analysts attributed the fall in mentha oil futures to profit-booking by speculators and fall in demand from consuming industries in the spot market. 

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DAILY COMMODITY GOLD TIPS & SILVER UPDATES 10/07/2014

Precious Metals 

D A I L Y B U Z Z

GOLD 

Gold prices rose 0.40 per cent to Rs 27,630 per 10 grams in futures trade today as speculators created fresh positions, tracking a firm global trend. 

At the Multi Commodity Exchange, gold for delivery in August moved up by Rs 111, or 0.40 per cent to Rs 27,630 per ten gram in business turnover of 1,641 lots. 

Similarly, the metal for delivery in October gained Rs 78, or 0.28 per cent to Rs 27,660 per 10 grams in 45 lots. 

SILVER 

Tracking a firm global trend, silver prices traded higher by 0.27 per cent to Rs 45,808 per kg in futures trade today as speculators created fresh positions. 

At the Multi Commodity Exchange, silver for delivery in far-month December moved up by Rs 124, or 0.27 per cent to Rs 45,808 per kg in business turnover of 30 lots. 

Likewise, the white metal for delivery in September edged higher by Rs 117, or 0.26 per cent to Rs 44,940 per kg in 1,706 lots.

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DAILY COMMODITY REPORT FOR 06/06/2014

Precious Metals

D A I L Y B U Z Z

GOLD 
MCX gold for August delivery traded almost flat at Rs 25,815 per 10 gm in early noon trade. Interestingly, the discount that far-month contracts have been trading at to the near month on
the exchange narrowed to Rs 8 on Wednesday at the close of trade.

"This possibly indicates that markets are factoring in a duty cut during the upcoming Budget session," said DK Aggarwal, MD, SMC Comtrade. "The discount is showing signs of narrowing with a build up of expectations." Gold futures went into a discount after the government last August hiked the import duty to 10% and restricted imports to around half a dozen nominated agencies, from 28 earlier, and that too only against 20% exports, also known as the 80:20 rule.

This resulted in lower supplies in the spot market, pushing up prices. On the exchange, in the near-month contract, sellers were not always able to procure the quantities bid for and began rolling positions to far-month contracts. Thus, the number of buyers in near-month contracts exceeded the sellers (who rolled over their positions) and thus the market went into a discount from a premium, which is normally the case.

Now, as expectations of a duty cut build up, concomitant hopes are rising that supplies will improve and thus the discount is showing signs of narrowing. However, analysts added it might be too early to interpret data from the futures market. The discount widened to Rs 28 during thin noon trading on Thursday.

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MCX COMMODITY REPORT FOR 21 MAY 2014

Precious Metals

D A I L Y B U Z Z 

GOLD/SILVER 
Gold prices recovered by Rs 40 to Rs 29,580 per 10 grams in the national capital today on global cues and pick up in demand from jewellers.

Silver followed suit and ended higher by Rs 150 to Rs 41,550 per kg on increased offtake by industrial units.

In the forex market, the rupee strengthened to 58.38 against the US dollar.

Gold in London, which normally sets price trend on the domestic front, rose 0.5 per cent to USD 1,300.40 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity recovered by Rs 40 each to Rs 29,580 and Rs 29,380 per 10 grams, respectively. It had lost Rs 560 in last two sessions.

Sovereign, however, remained steady at Rs 24,900 per piece of eight grams.

Silver ready moved up by Rs 150 to Rs 41,550 per kg while weekly-based delivery held steady at Rs 41,200 per kg on lack of buying support. The white metal had lost Rs 1,000 in the past two days. Silver coins continued to be asked at last level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

Base Metals & Energy

D A I L Y B U Z Z

NICKEL 
Prices of nickel and copper rose by Rs 2 per kg at the local non-ferrous metals market today on buying by stockists amid firming global trend.

Traders said sentiment turned better after nickel climbed in the overseas markets on concern that supply would not meet demand this year.

Meanwhile, nickel for delivery in three months rose two per cent to USD 19,399 a tonne on the London Metal Exchange.

In the national capital, nickel (4x4) and copper mixed scrap moved up by Rs 2 each to Rs 1,096-1,097 and Rs 435 per kg, respectively.

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DAILY MCX PRECIOUS METALS COMMODITY TIPS 02 MAY 2014

Precious Metals 

D A I L Y B U Z Z 

GOLD 

Amid a weak trend overseas and profit-booking by speculators, gold prices fell 0.45 per cent to Rs 28,840 per 10 grams in futures trade today. 

At the Multi Commodity Exchange, gold for delivery in June eased by Rs 130, or 0.45 per cent, to Rs 28,840 per 10 grams in a business turnover of 325 lots. 

Likewise, the metal for delivery in far-month August shed Rs 73, or 0.26 per cent, to Rs 28,329 per 10 grams in 12 lots. 

Analysts said besides profit-booking by speculators, a weak trend in the overseas markets on speculation that the Federal Reserve will further reduce US monetary stimulus as it starts a two-day policy meeting today, put pressure on the gold prices at futures trade here. 

Globally, gold traded lower at USD 1,295.69 an ounce from USD 1,296.74 in Singapore today. 

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DAILY MCX NCDEX REPORT FOR 28 APRIL 2014

Base Metals & Energy

D A I L Y B U Z Z 

COPPER 

Taking positive cues from the overseas markets and increased domestic demand, copper prices rose by 1.78 per cent to Rs 420.95 per kg in futures trade today as participants created speculative positions. 

At the Multi Commodity Exchange, copper for delivery in April traded higher by Rs 7.35, or 1.78 per cent, to Rs 420.95 per kg in business turnover of 7,682 lots. 

Similarly, the metal for delivery in June edged up by Rs six, or 1.44 per cent, to Rs 421.85 per kg in 1,283 lots. 

Agro Outlook

D A I L Y B U Z Z 

SOYBEAN 

Soybean futures jumped 3 per cent on Friday to their highest in more than 20 months on concerns that production of the oilseed may drop in the next season if the country receives lower rainfall, three dealers said. 

At 0711 GMT, the key April soybean contract was up 2.60 per cent at 4,630 rupees ($75.83) per 100 kg on the National Commodity and Derivatives Exchange, after rising to 4,651 rupees earlier in the day, the highest level since Aug. 10, 2012.

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