PRECIOUS METALS & BASE METALS REPORT FOR 19 MAY 2015

Gold: Gold’s gains came amidst a stronger dollar which tends to dampen the lure for the bullion as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus fading desired. Strong physical demand continued to support the bullion as India’s love affair with the precious metal continued into the first quarter, with jewellery demand rising 22 per cent to 151 tonnes, a report by the World Gold Council said, bolstering sentiment. Gold may increase a rally today on hopes of a delayed US interest rate hike. At the MCX, Gold futures for June 2015 contract closed at Rs 27,617 per 10 gram, up by 0.56 per cent after opening at Rs 27,519, against the last closing price of Rs 27,463. It touched the intra-day maximum of Rs 27,685 till the closing.

Zinc: Zinc futures logged slim gains in the domestic market on Monday after an easing property price decline in China, the world’s biggest metals consumer, raised hopes that the country’s economic slowdown may be bottoming-out, with better days ahead for metal demand. New home prices fell in 47 out of the 70 Chinese cities tracked by a government survey, in April, compared to 49 in March, month on month, government data showed on Monday. However subdued physical demand for zinc in the domestic spot market curbed gains in the industrial metal. At the MCX, Zinc futures for May 2015 contract closed at Rs 145.65 per 1 kg, up by 0.07 per cent after opening at Rs 145.75, against the last ending price of Rs 145.55. It touched the intra-day maximum of Rs 147 till the closing.

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WEEKLY COMMODITY REPORT 30 MARCH 2015

Precious Metals

GOLD

Gold prices fell by 0.38 per cent to Rs 26,948 per 10 grams in futures trade today as speculators locked-in gains amid weak global trends.At the Multi Commodity Exchange, the June contracts of gold fell by Rs 102, or 0.38 per cent, to Rs 26,948 per 10 grams in a business turnover of 115 lots.The April contracts shed Rs 96, or 0.36 per cent, to Rs 26,705 per 10 grams in 436 lots. The April contracts shed Rs 96, or 0.36 per cent, to Rs 26,705 per 10 grams in 436 lots. Analysts attributed the fall in gold futures to profit-booking by speculators at prevailing levels and weak global trends.Meanwhile, gold prices fell by 0.4 per cent to $1,200.10 an ounce in Singapore today.

SILVER

Silver prices fell sharply by Rs 197 to Rs 38,900 per kg in futures trade today due to profit-booking at existing levels and weak trend overseas.At the Multi Commodity Exchange, silver for delivery in July traded lower by Rs 197, or 0.50 per cent, to Rs 38,900 per kg in a business turnover of just three lots.Also, the white metal for delivery in May declined by Rs 171, or 0.44 per cent, to Rs 38,442 per kg in a business volume of 478 lots. In international market, silver prices fell by 0.4 per cent to $17.05 an ounce in Singapore.Market analysts said apart from the profit-booking by participants, a weak trend in global markets led to the fall in silver prices at futures trade here.

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DAILY PRECIOUS METALS REPORT 26 MARCH 2015

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures were trading lower in the domestic market on Wednesday after better than expected US inflation data upped bets of US monetary tightening, dimming the appeal of the bullion as a store of value. US consumer prices rose for the first time in four months, up 0.2 per cent in February 2015 from the previous month, raising bets that inflation may gradually move towards the Fed’s 2 per cent target, boosting the case for an interest rate hike in the coming months. At the MCX, Gold futures for April 2015 contract is trading at Rs 26,270 per 10 gram, down by 0.31 per cent after opening at Rs 26,280, against the previous closing price of Rs 26,351. It touched the intra-day low of Rs 26,212. (At 12:09 PM).

SILVER

Silver futures fell in the domestic market on Wednesday as investors and speculators exited positions in the precious metal amid caution after US core inflation data for February beat estimates, raising bets of US monetary tightening, dimming the appeal of the bullion as a store of value. Meanwhile, core consumer prices which strip out the effect of food and energy climbed 0.2 per cent in February, topping expectations of a 0.1 per cent rise while overall consumer prices rose for the first time in four months, up 0.2 per cent in February 2015 from the previous month, raising bets that inflation may gradually move towards the Fed’s 2 per cent target, boosting the case for an interest rate hike in the coming months. At the MCX, Silver futures for May 2015 contract is trading at Rs 37,941 per 1 kg, down by 0.13 per cent after opening at Rs 37870, against the previous closing price of Rs 37991. It touched the intra-day low of Rs 37,750 till the closing. (At 15:14 PM).

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REPORT ON MCX GOLD & SILVER FOR 24 MARCH 2015

Precious Metals

D A I L Y B U Z Z

GOLD
Gold prices fell by 0.25 per cent to Rs 26,200 per 10 grams in futures trade today amidst a weak trend overseas and profit-booking by speculators.

At the Multi Commodity Exchange, gold for delivery in June eased by Rs 65, or 0.25 per cent, toRs 26,200 per
10 grams in a business turnover of 24 lots.

Likewise, the metal for delivery in April shed Rs 62, or 0.24 per cent, to Rs 26,120 per 10 gramsin 606 lots.

Globally, gold traded lower at USD 1,182.30 an ounce in Singapore today.

SILVER
Silver prices fellsharply by Rs 318 to Rs 37,471 per kg in futures trade today as speculators reduced their positions amidst a weak global trend.

At the Multi Commodity Exchange, silver for delivery in May moved down by Rs 318, or 0.84per cent, to Rs 37,471 per kg in a business turnover of 1,317 lots.

Also, the white metal for delivery in July fell by Rs 312, or 0.82 per cent, to Rs 37,927 per kg in 76 lots. 

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DAILY COMMODITY REPORT FOR 23 MARCH 2015

Precious Metals

GOLD

Gold futures rose in the domestic and overseas market on Thursday as investors continued to ponder Federal Reserve tea leaves on the prospects of a rate hike by June. Prices rose after somewhat dovish comments from Federal Reserve chair Janet Yellen regarding a potential interest rate hike helped the precious metal rebound from an extended slump. Further, weaker dollar boosted the demand for gold as an alternative asset, trimming losses in the bullion.Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Gold may trade on a higher note today after the US Fed policy meet. At the MCX, Gold futures for April 2015 contract closed at Rs 25,962 per 10 gram, up by 1.28 per cent after opening at Rs 25,740, against the previous closing price of Rs 25,637. It touched the intra-day high of Rs 25,997 till the closing.

Energy

CRUDEOIL

Crude oil prices rose by 0.38 per cent on Friday at the domestic markets as the dollar weakened, but gains were limited by supply concerns after Kuwait said OPEC had no choice but to main tain output levels. A weaker dollar typically supports prices for commodities denominated in the greenback, making them cheaper for holders of other currencies. Gains were also limited after Iraq's southern oil exports have risen in March as poor weather that delayed cargoes in February cleared, putting OPEC's second-largest producer back within sight of record shipments. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,873 per barrel, up by 0.38 per cent, after opening at Rs.2,885 against the previous closing price of Rs. 2,862. It touched the intra - day high of Rs. 2,887 till the trading. (At 11.45 AM).

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PRECIOUS METALS & BASE METALS REPORT 20 MARCH 2015

GOLD

Gold futures rose in the domestic and overseas market on Wednesday as the US dollar weakened following comments from Federal Reserve chair Janet Yellen. While Ms. Yellen indicated that its benchmark Federal Funds Rate could be increased later this year, she emphasized that it will not occur until after the Federal Open Market Committee’s next meeting in April, at the earliest. Yellen added that the timing of the decision will be “data dependent,” and that a rate hike will not necessarily be made in June. A weaker dollar boosted the demand for gold as an alternative asset, trimming losses in the bullion. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Gold may trade on a higher note today after the US Fed policy meet. At the MCX, Gold futures for April 2015 contract closed at Rs 25,637 per 10 gram, up by 0.08 per cent after opening at Rs 25,631, against the previous closing price of Rs 25,617. It touched the intra-day high of Rs 25,697 till the closing.

COPPER

Copper prices rose by 2.40 per cent on Thursday at the domestic markets after the Federal Reserve projected a slower pace of rate hikes. The Fed downgraded its forecasts for growth and inflation and lowered its interest rate projections. The Fed dropped a reference to being "patient" on the timing of rate hikes, but added that the change in its forward guidance did not mean it has decided on the timing for an initial rate increase. At the MCX, copper futures for April 2015 contract were trading at Rs. 366.90 per 1 kg, up by 2.40 per cent, after opening at Rs. 360.20 against the previous closing price of Rs. 358.30. It touched the intra-day high of Rs. 367.70 till the trading. (At 4.05 PM).

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DAILY COMMODITY REPORT FOR 18 MARCH 2015

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures prices today fell by 0.21 per cent to Rs 25,729 per 10 grams as participants engaged in trimming positions amid weak global cues. Besides, subdued demand at domestic spot markets, too, weighed on the prices. At the Multi Commodity Exchange, gold for delivery in April, fell by Rs 54, or 0.21 per cent, to trade at Rs 25,729 per 10 grams in a turnover of 323 lots. Similarly, the metal for delivery in June shed Rs 55, or 0.20 per cent, to Rs 25,854 per 10 gm in 20 lots. Globally, gold traded lower at USD 1,154.48 an ounce from USD 1,154.81 in Singapore yesterday. Analysts said off-loading of positions by speculators on sluggish spot demand and a weak trend overseas as investors weighed the outlook for higher US interest rates before the Federal Reserve begins a two-day meeting, mainly put pressure on gold prices in futures trade here. 

SILVER

Amid a weakening trend overseas, silver prices fell by Rs 184 to Rs 35,379 per kg in futures trade today as speculators reduced their exposures. At the Multi Commodity Exchange, silver for delivery in May traded lower by Rs 184, or 0.52 per cent, to Rs 35,379 per kg in business turnover of 623 lots. On similar lines, the white metal for delivery in July declined by Rs 183, or 0.51 per cent, to Rs 35,865 per kg in business volume of six lots. In the international market, silver lost 0.5 per cent at USD 15.57 an ounce in Singapore. Market analysts said a weak trend in precious metals in the global markets as investors weighed the outlook for higher US interest rates before the Federal Reserve begins a two-day meeting, kept pressure on silver futures here. 

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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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DAILY COMMODITY REPORT FOR 11 MARCH 2015

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures fell by 0.48 per cent on Tuesday at the domestic markets from China showed a sharper than expected drop in producer prices, though consumer prices were stronger than expected. Producer prices year-on-year for February fell 4.8 per cent, more than the 4.3 per cent decline expected. But consumer prices year-on-year for the same month rose 1.4 per cent, faster than the 0.9 per cent gain expected. Further, 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 25,899 per 10 gram, down by 0.48 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 25,880 till the trading. (At 11.40 AM). 

Base Metals

D A I L Y B U Z Z

COPPER 

Copper prices fell by 0.87 per cent on Tuesday at the domestic markets as investors digested the recent key economic data from China and the U.S. to gauge the strength of demand for the metal. Copper is sensitive to the economic growth outlook because of its widespread uses across industries. China and the U.S. are the two biggest consumers of the industrial metal. At the MCX, copper futures for April 2015 contract were trading at Rs.370.80 per 1 kg, down by 0.87 per cent, after opening at Rs. 372.80 against the previous closing price of Rs. 374.05. It touched the intra-day low of Rs. 370.65 till the trading. (At 11.40 AM). 

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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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Budget 2015: Commodity market gets a reprieve with FMC-SEBI merger

                                             BL RESEARCH BUREAU:  

The change

The ₹5,600 crore payment crisis that led to the collapse of the country’s single largest commodity spot exchange- National Spot Exchange Limited (NSEL) has seen the government make earnest efforts to bring the regulation of the commodities markets under the Securities Exchange Board of India.

The background

FMC which was earlier under the Consumer Affairs Ministry was brought under the Finance Ministry in September 2013 as the investigations into the NSEL scam began.

Volumes in commodity futures bourse dropped after the NSEL event. In 2013-14, the total commodity futures market turnover was down by 40 per cent. In the nine months so far this fiscal, the situation is not any better. Though the new commodities transaction tax and the correction in global commodities market are partly responsible for this, the impact of NSEL’s fallout can’t be overlooked. Samir Shah, MD and CEO of NCDEX, told Business Line, “One incident like NSEL is a big blow on the market and market gets shattered, NSEL impacted NCDEX more than MCX, because it happened in the agri sector.” The blind spots in commodities market regulation came to light only after the NSEL scam -non-existence of settlement guarantee fund, no checks to spot short trades, poor margining system, inadequate collateral for trades and no regulator willing to take the onus of regulating the spot commodities market.

The verdict

SEBI’s autonomous functioning and its ability to respond quickly to a crisis should instil confidence in commodity investors. With its powers to attach properties, arrest and detain defaulters in prison, this regulator will be able to protect the interest of small investors better. Also, since SEBI has a sound experience in handling securities derivative market over the many years now and has a larger man-power, it should be able to plug the loop-holes in the system and draw out a stronger regulatory framework for commodity exchanges.

The commodity market participants are also happy and hope that the move will help introduction of new products- such as commodity options and commodity indices and the exchange platform will be also opened to new participants like banks and mutual funds.

All this should however take time. Amendments to the various acts apart, there is also a need for understanding of the way commodities market function. And, the new regulator will have the job of establishing a spot market for commodities in India.

COMMODITY TIPS, MCX TIPS

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DAILY COMMODITY REPORT FOR 02 FEB 2015

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures posted slight gains in the domestic market on Friday after a downward revision in US fourth quarter economic growth and a retreat in US consumer confidence signaled a slowdown in the world’s biggest economy, boosting the safe haven demand for the bullion while raising speculation that the US Federal Reserve may keep interest rates at low levels for at least in the near-term, bolstering the demand for the yellow metal as a store of value. New York Fed President William Dudley cautioned the US Fed against a premature tightening of monetary policy amid low inflation. The risks of hiking rates "a bit early are higher than the risks of lifting off a bit late”, Dudley said. Gold futures may rise today as speculation of the US Fed delaying a rate hike boosts demand outlook. At the MCX, Gold futures for April 2015 contract closed at Rs 26,227 per 10 gram, up by 0.04 per cent after opening at Rs 26,240, against the previous closing price of Rs 26,216. It touched the intra-day high of Rs 26,335 till the closing.

Base Metals

D A I L Y B U Z Z

LEAD

Lead prices fell by 0.18 per cent to Rs 109.15 per kg in futures trade today as speculators booked profits. Moreover, a weak trend in base metals overseas weighed on lead prices at futures trade. At the Multi Commodity Exchange, lead for delivery in March fell by 20 paise, or 0.18 per cent, to Rs 109.15 per kg in a business turnover of 148 lots. Similarly, the metal for delivery in current month traded lower by 15 paise, or 0.14 per cent, to Rs 107.65 per kg in 126 lots. Similarly, the metal for delivery in current month traded lower by 15 paise, or 0.14 per cent, to Rs 107.65 per kg in 126 lots. Marketmen attributed the fall in lead futures to profit-booking by speculators as well as a weak trend in base metals overseas ahead of manufacturing data from China, the world's biggest consumer.

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DAILY REPORT AND BUDGET SPECIAL ON COMMODITY MARKET

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal as a deepening sell-off in oil threatened to push global inflation even lower, dimming the appeal of the bullion, a hedge against rising consumer prices.However, bets that the US Fed may delay a planned rate hike boosted the appeal of gold as a store of value, curbing losses in gold.A pickup in physical demand for gold from China, the world’s second biggest bullion consumer supported sentiment as China’s net gold imports from Hong Kong rose to 71.6 metric tons in January from 58.8 tons in December.At the MCX, Gold futures for April 2015 contract is trading at Rs 26,178 per 10 gram, down by 0.14 per cent after opening at Rs 26,240, against the previous closing price of Rs 26,216. It touched the intra-day low of Rs 26,151 till the closing. (At 11:48 AM).

Base Metals

D A I L Y B U Z Z

COPPER

Copper futures rose in the domestic market on Friday as a rebound in US durable goods orders last month signaled a pickup in the world’s biggest economy, lifting the demand outlook for the base metal.Bookings for US goods meant to last at least three years rose for the first time in three months, up 2.8 per cent in January from December when they fell a revised 3.7 per cent.Further, speculation that policymakers in China may boost stimulus to stem a slowdown in the world’s biggest copper consumer lifted demand outlook for copper.Chinese Premier Li Keqiang urged the need for a more active fiscal policy, while a central bank publication called for additional monetary easing to boost demand and economic growth.At the MCX, Copper futures for February 2015 contract closed at Rs 369.45 per 1 kg, up by 0.16 per cent after opening at Rs 367, against the previous closing price of Rs 368.85. It touched the intra-day high of Rs 369.95 till the closing. (At 11:53 AM).

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TODAY MCX COMMODITY REPORT FOR 27/02/2015

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal after Fed Chair Janet Yellen ruled out an interest rate hike in the immediate term as there is little evidence of a pickup in inflation to the 2 per cent target while an improvement in the labour market hasn’t yet lifted wage growth, boosting the case for continued easy money policy, bolstering the appeal of the bullion as a store of value. She stressed that a change in the Fed’s guidance on interest rates will not necessarily be a sign of imminent tightening. A pickup in physical demand as markets in China reopened after the week-long Lunar New Year holiday also boosted prices. Gold futures may extend a rally today ahead of the US jobless claims data which may show an uptick in claims last week, signaling a slowing labour market recovery, and boosting the case for a continued easy money policy. At the MCX, Gold futures for April 2015 contract closed at Rs 26,123 per 10 gram, up by 0.25 per cent after opening at Rs 26,079, against the previous closing price of Rs 26,059. It touched the intra-day high of Rs 26,319 till the closing.

Energy

D A I L Y B U Z Z

NATURAL GAS

Natural Gas futures plummeted in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity as forecasts called for warmer weather across the US, dimmed the demand outlook for the heating fuel. The central-eastern US is set to see warmer temperatures around March 10, 2015, updated weather forecasting models predicted. Caution ahead of the weekly storage data in the US also weighed on sentiment. At the MCX, Natural Gas futures for February 2015 contract closed at Rs 177.50 per 1 kg, down by 4 per cent after opening at Rs 183.60, against the previous closing price of Rs 184.9 It touched the intra-day low of Rs 176.7 till the closing.

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DAILY COMMODITY REPORT FOR 25 FEB 2015

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures closed lower in the domestic market on Monday as investors and speculators exited positions in the precious metal as a stronger dollar curbed the demand for the bullion as an alternative asset. Stronger bullion makes gold more expensive for those holding other currencies, thus dimming demand. Further, plunging crude oil prices threatened to exert further downward pressure on global inflation, dimming the appeal of gold, a hedge against rising consumer prices. Gold also fell after Greece struck a provisional deal with Euro group finance ministers to receive a four-month extension on its bailout, curbing safe haven demand. Caution ahead of the testimony of Fed Chair Janet Yellen to a US Congressional Committee on Tuesday where she may offer cues over the Fed’s assessment of the world’s biggest economy and the timing of the maiden US interest rate hike since 2006 also weighed on sentiment. Gold may extend a decline today as investors cautiously await the Yellen speech to the Congress. At the MCX, Gold futures for April 2015 contract closed at Rs 26,153 per 10 gram, down by 0.47 per cent after opening at Rs 26,228, against the previous closing price of Rs 26,277. It touched the intra-day low of Rs 25,955 till the closing.

Energy

D A I L Y B U Z Z

NATURAL GAS

Natural Gas futures ended lower in the domestic market on Monday as investors and speculators booked profits in the energy commodity after prices surged in the previous session when forecasts for a polar blast extending into early March bolstered the demand outlook for the heating fuel. Latest weather forecasting models have called for below normal temperatures in the key US Northeast and Midwest regions through March 6, 2015. At the MCX, Natural Gas futures for February 2015 contract closed at Rs 181.60 per 1 kg, down by 1.3 per cent after opening at Rs 186.3, against the previous closing price of Rs 184. It touched the intra-day low of Rs 180.40 till the closing.

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DAILY COMMODITY MARKET ANALYSIS 24 FEB 2015

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures closed little changed in the domestic market on Friday as investors and speculators stayed cautious over booking fresh positions in the precious metal as a stronger dollar curbed the demand for the bullion as an alternative asset. Stronger bullion makes gold more expensive for those holding other currencies, thus dimming demand. Meanwhile, Greece and Euro area finance ministers reached a deal to extend the country’s bailout accord, curbing safe haven demand for gold. “We agreed on four months under conditions,” Austrian Finance Minister Hans Joerg Schelling said. Higher equities curbed the demand for the yellow metal as an alternative asset while weak demand from China, the world’s second biggest bullion buyer, with markets being shut for a third day on the trot due to the Lunar New Year holidays, also weighed on gold. Gold may extend a decline today as fears over Greece leaving the euro wane, dimming the need for safe haven assets. At the MCX, Gold futures for April 2015 contract closed at Rs 26,277 per 10 gram, up by 0.04 per cent after opening at Rs 26,260, against the previous closing price of Rs 26,266 It touched the intra-day high of Rs 26,399 till the closing.

Base Metals 

D A I L Y B U Z Z

COPPER

Copper futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal as robust US manufacturing data showed a pickup in the world’s biggest economy, supporting the demand outlook for the industrial metal.The gauge measuring US manufacturing climbed to 54.3 in February from 53.9 in the previous month, with a reading above 50 signaling expansion.Further, a combined gauge measuring Euro area manufacturing and services rose to 53.5 in February from 52.6 in the previous month, with a reading above 50 signaling expansion, signaling a pickup in the 19-member economy, bolstering demand for copper.At the MCX, Copper futures for February 2015 contract closed at Rs 358.50 per 1 kg, up by 0.48 per cent after opening at Rs 357.90, against the previous closing price of Rs 356.80. It touched the intra-day high of Rs 359.30 till the closing. (At 11:36 AM).

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DAILY COMMODITY REPORT FOR 23/02/2015

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures closed higher in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal after minutes from the US Federal Reserve’s latest meet signaled that policymakers are willing to keep interest rates near zero for a longer period as risks such as a stronger dollar and the Greek crisis, overshadow a strong US labour market recovery, bolstering the appeal of the bullion as a store of value. Most policymakers “indicated that their assessment of the balance of risks associated with the timing of the beginning of policy normalization had inclined them toward” keeping rates near zero “for a longer time”, the minutes showed, as the Fed stuck to its pledge of being “patient” over hiking short-term borrowing costs. Further, lingering impasse between Greece and its creditors over a debt compromise raised fears over a Greek default and an exit from the euro, boosting the safe haven demand for the bullion. Reports emerged that Germany has rejected a proposed bailout extension request from Greece which is fast running out of cash. Greece on Tuesday had submitted a six-month loan extension but Germany said that the proposal was not a significant solution and didn’t meet the criteria proposed by the Euro group of finance ministers. Gold may extend gains today after the Fed signaled that it may keep rates at lower levels for longer. At the MCX, Gold futures for April 2015 contract closed at Rs 26,266 per 10 gram, up by 0.49 per cent after opening at Rs 26,245, against the previous closing price of Rs 26,137. It touched the intra-day high of Rs 26,510 till the closing.

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DAILY MCX COMMODITY REPORT FOR 20 FEB 2015

Precious Metals

D A I L Y B U Z Z

GOLD/SILVER

Gold prices recovered by Rs 95 to Rs 27,285 per 10 grams at the bullion market today on emergence of buying by jewellers to meet wedding season demand amid a firm global trend. Silver followed suit and rebounded by Rs 200 to Rs 37,400 per kg on increased offtake by industrial units and coin makers. Silver followed suit and rebounded by Rs 200 to Rs 37,400 per kg on increased offtake by industrial units and coin makers. Bullion traders said apart from fresh buying by jewellers, a firming global trend mainly supported the upside in the precious metals. Globally, gold in Singapore rose 0.4 per cent to $1,217.78 an ounce after minutes from the Federal Reserve's January meeting signalled many officials were inclined to keep interest rates near record lows for longer. Silver also rose 0.8 per cent to $16.63 an ounce. In the national capital, gold of 99.9 and 99.5 per cent purity recovered by Rs 95 each to Rs 27,285 and Rs 27,085 per 10 grams, respectively. It had recorded this year's biggest fall of Rs 510 yesterday. Sovereign, however, held steady at Rs 23,700 per piece of eight grams in restricted buying. In a similar fashion, silver ready moved up by Rs 200 to Rs 37,400 per kg and weekly-based delivery by Rs 225 to Rs 36,825 per kg. On the other hand, silver coins traded at last level of Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces. Meanwhile, the Reserve Bank yesterday lifted the ban on imports of gold coins and medallions by banks and trading houses. 

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COMMODITY REPORT ON BASE METALS & ENERGY MARKET

Base Metals & Energy

D A I L Y B U Z Z

NATURAL GAS
Natural Gas futures closed on a bearish note in the domestic and overseas market on Tuesday as investors and speculators exited positions in the energy commodity as traders eyed the close of the winter season in the US, the world’s biggest fuel consumer, which will curb heating demand. The MDA Weather Services predicted moderate temperatures following a frigid end to the month of February. At the MCX, Natural Gas futures for February 2015 contract closed at Rs 169.20 per 1 kg, down by 5.7 per cent after opening at Rs 178.1, against the previous closing price of Rs 179.4. It touched the intra-day high of Rs 168.4 till the closing.

ZINC 
Zinc futures closed lower in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Investors cast aside upbeat German data which showed a rise in investor confidence to a one-year high in February in Europe’s biggest economy, lifting the demand outlook for industrial metals. The gauge measuring German investor sentiment rose to 53 in February from 48.4 in January. At the MCX, Zinc futures for February 2015 contract closed at Rs 130.45 per 1 kg, down by 2.36 per cent after opening at Rs 133.4, against the previous closing price of Rs 133.6. It touched the intra-day low of Rs 130.35 till the closing.

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COMMODITY MCX GOLD & ZINC REPORT 17 FEB 2015

Precious Metals

D A I L Y B U Z Z

GOLD
Gold futures rose by 0.31 per cent on Monday at the domestic markets as a weaker dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus increasing demand. Further, ongoing uncertainty over developments in Greece also boosted the appeal of the precious metal.In the coming week, investors will be focusing on Wednesday’s minutes of the latest Federal Reserve meeting for further indications on when the central bank may start to hike interest rates.At the MCX, Gold futures for February 2015 contract was trading at Rs 26,775 per 10 gram, up by 0.31 per cent after opening at Rs 26,720, against the previous closing price of Rs 26,691. It touched the intra-day high of Rs 26,784 till the trading. (At 11.42 AM).

Base Metals

D A I L Y B U Z Z

ZINC
Zinc prices rose by 0.26 per cent on Monday at the domestic markets due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks fell by 3575 metric tonnes to 591500 metric tonnes as on February 16, 2015. Zinc futures for February 2015 contract, at MCX, were trading at Rs 133.90 per kg, up by 0.26 per cent after opening at Rs. 133.40 against the previous closing price of Rs. 133.55. It touched the intra-day high of Rs. 134.10 till the trading. (At 3.30 PM).

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