REVIA MCX: CRUDE OIL HIT 1ST TARGET 7237 LOW OF 7238 BOOK PART PROFIT (9977785000) WWW.RESEARCHVIA.COM
Precious Metals
SILVER GOLD
D A I L Y B U Z Z
Gold fell on Thursday after a five-day rally that pushed it to its highest since mid-May, as concerns abated that U.S.-led forces would soon launch a military strike on Syria, while investors awaited U.S. data for clues on the Federal Reserve's next move.
The United States and its allies have been discussing possible military action against Syria in response to last week's deadly chemical attack, stoking safe-haven buying in gold.
Spot gold dropped 0.7 percent to $1,408.21 an ounce by 0919 GMT. It had gained nearly $70 an ounce in the five sessions to Wednesday to a 3-1/2 month high of $1,433.31.
The dollar rose 0.5 percent, while European shares recovered from a three-day selloff.
Brent crude prices fell below $116 a barrel after climbing to a six-month high on Wednesday. Gold, usually regarded as an inflation hedge, has benefited from soaring crude oil over the past few sessions, as this is one of the main components of the CPI headline inflation. Markets will be focusing on U.S. initial jobless claims figures and the revision to growth figures from the second quarter. Gold prices have risen nearly 8 percent this month, their biggest monthly climb since January 2012, after mixed U.S. economic numbers raised doubts that the Federal Reserve could be set to imminently curb its bullion-friendly $85 billion monthly bond-buying programme.
Base Metals & Energy
C O P P E R C R U D E O I L
D A I L Y B U Z Z
Lead futures today rose by 1.57 per cent to Rs 148.95 per kg as speculators created positions, triggered by rising demand at domestic spot markets.
At the Multi Commodity Exchange, lead for delivery in August traded Rs 2.30, or 1.57 per cent, higher at Rs 148.95 per kg, with a turnover of 2,261 lots.
The metal for delivery in September also rose by Rs 1.55, or 1.40 per cent, to trade at Rs 148.80 per kg, in a business turnover of 924 lots.
Nickel prices moved up by 1.51 per cent to Rs 955.40 per kg in futures market today as speculators
enlarged their positions on rising spot demand and a firming trend in the global market.
At the Multi Commodity Exchange, nickel for delivery in August gained Rs 14.20, or 1.51 per cent, to Rs
955.40 per kg in business turnover of 1,935 lots.
Similarly, the metal for delivery in September rose by Rs 12.70, or 1.34 per cent, to Rs 964 per kg in 517 lots.
Agro Outlook
CHANA DHANIYA
D A I L Y B U Z Z
Turmeric prices fell further by 0.75 per cent to Rs 5,024 per quintal in futures trade today after participants trimmed positions amid higher stocks but export demand limited the fall.
At the National Commodity and Derivatives Exchange, turmeric for delivery in September declined by Rs 38, or 0.75 per cent, to Rs 5,024 per quintal in an open interest of 15,405 lots.
Similarly, the spice for delivery in October edged lower by Rs 34, or 0.66 per cent, to Rs 5,112 per
quintal in 10,780 lots.
Jeera prices fell by another 0.16 per cent to Rs 13,747.50 per quintal in futures market today as
speculators indulged in reducing exposures amid expectations of higher sowing in producing region.
However, some export demand limited the downside. At the National Commodity and Derivatives Exchange, jeera for delivery in October fell Rs 22.50, or 0.16 per cent to Rs 13,747.50 per quintal with an open interest of 5,394 lots.
In a similar fashion, the spice for delivery in September lost Rs 20, or 0.15 per cent, to Rs 13,595
per quintal with an open interest of 8,667 lots. It had lost 0.05 per cent in yesterday's session.
