Yellow Metal Regains Some lost Luster

Gold Update - Gold futures were trading higher in the domestic market during noon trade on Tuesday as investors and speculators booked fresh positions in the precious metal tracking positive cues from the overseas market, where the bullion regained some bite even as it suffered the biggest monthly percentage loss since 2013, falling nearly 7 per cent in November as fears that the US Fed may raise interest rates in the near-term dimmed the lure for Gold as a store of value.

The focus this week is on US jobs data for November, Fed Chair Janet Yellen’s speech, both of which may offer further cues over the likelihood of a mid-December rate hike, while the ECB policy decision is also being eyed.

At the MCX, Gold futures for December 2015 contract is trading at Rs 25,177 per 10 gram, up by 0.43 per cent after opening at Rs 25,183, against the previous closing price of Rs 25,069. It touched the intra-day high of Rs 25,218.

Continue reading →

Gold futures ended on a lackluster note

Gold futures ended on a lackluster note in the domestic market on Thursday as investors and speculators stayed on the sidelines as a stronger dollar curbed the appeal of the precious metal as an alternative asset.Stronger greenback makes Gold more expensive for those holding other currencies, thus dimming demand.Gold was also pressured by fears over near-term interest rate tightening by the US Federal Reserve as strong GDP numbers signaled an improving health of the world’s biggest economy.The American economy expanded at an annualized pace of 2.3 per cent in the June quarter following a revised 0.6 per cent gain in Q1, with consumer spending, the main growth driver, rising at a 2.9 per cent pace, compared to a 1.8 per cent advance in the March quarter.The Fed on Wednesday signaled further strength in the US labour and housing markets, leaving the door open for a maiden interest rate hike since 2006, over its coming meetings.Gold which doesn’t earn any interest tends to lose out against competing assets in a rising interest rate scenario.The bullion may trade on a cautious note today as investors’ eye key US economic data including consumer sentiment and Chicago business activity index, offering latest cues over the health of the country’s economy.

At the MCX, Gold futures for August 2015 contract closed at Rs 24,718 per 10 gram, unchanged after opening at Rs 24,737, against the previous closing price of Rs 24,720. It touched the intra-day low of Rs 24,565.
 

Read More On- Bullion Tips

Continue reading →

Base Metals & Energy For 17 June 2015

Gold futures succumbed to modest losses in the domestic market on Tuesday as investors and speculators stuck to a cautious approach as the US Federal Reserve began a two-day monetary policy meet. While the world’s top central bank is expected to stick to record low interest rates, it may offer some cues over the timing for a maiden lift-off since 2006. Being a hedge against the inflationary risk of monetary fillips, Gold tends to benefit from ultra-easy money policies from global central banks. A stronger dollar also curbed the demand for the bullion as an alternative asset. Stronger greenback makes Gold more expensive for those holding other currencies, thus dimming demand. Lingering worries over Greece as the cash strapped nation scrambles to reach a debt compromise with its creditors continued to support Gold’s safe haven appeal, trimming losses in Gold. Bullion may continue to trade on a subdued today as the Fed announces its monetary policy decision. At the MCX, Gold futures for June 2015 contract closed at Rs 26,956 per 10 gram, down by 0.27 after opening at Rs 27,011, against the last closing price of Rs 27,029. It touched the intra-day low of Rs 26,869 till the closing.

Continue reading →

Mcx Commodity Tips and Updates for 15 June 2015

Copper futures closed with impressive gains in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal as a rebound in Euro area industrial output in April signaled a fastening recovery in the 19-member economy, lifting the demand outlook for copper. Euro area industrial production climbed by 0.1 per cent in April 2015 from the previous month, when it fell 0.4 %. However, uncertainty over the demand outlook in China, the world’s biggest metals consumer, coupled with ballooning stockpiles which have surged 92 per cent in the past year held back gains. On Thursday, copper stockpiles monitored by the London Metal Exchange (LME) soared by the most since March or by 3.1 per cent. Copper may extend an advance today as upbeat US consumer sentiment data signaled a recovery in the American economy, boding well for industrial metal demand.

At the MCX, Copper futures for June 2015 contract closed at Rs 380.70 per 1 kg, up by 0.48 per cent after opening at Rs 378.75, against the last closing price of Rs 378.90. It touched the intra-day high of Rs 380.95 till the closing.

Continue reading →

Commodity Base Metals & Energy Update For 25 JUNE 2014

Base Metals & Energy

D A I L Y B U Z Z 

LEAD 

Lead weakened by 0.35 per cent to Rs 129.05 per kg in futures trade today largely in tandem with a weak trend overseas and subdued demand from battery-maker in the domestic spot market. 

At the Multi Commodity exchange, lead for delivery in June weakened by 45 paise, or 0.35 per cent, to Rs 129.05 per kg in business turnover of 377 lots. 

Similarly, the metal for delivery in July contract traded lower by similar margin to Rs 130.20 per kg in 33 lots. 

CRUDE OIL 

Crude oil futures prices today fell by 0.41 per cent to Rs 6,379 per barrel, as speculators trimmed positions amidst a weak trend in the Asian trade. 

The trading sentiment turned weak in futures trade following fall in global crude oil prices on fading of fears about supply disruption in the wake of Iraq crisis, analysts said. 

At the Multi Commodity Exchange, crude oil for delivery in July shed Rs 26, or 0.41 per cent, to Rs 6,379 per barrel in 1,785 lots. The oil for August delivery moved down by a similar margin to trade at Rs 6,370 per barrel in a volume of 83 lots.

Continue reading →