DAILY MCX GOLD SILVER REPORT 09 JAN 2015

Precious Metals

D A I L Y B U Z Z

GOLD/SILVER

Gold prices plunged by Rs 220 to Rs 27,350 per ten grams at the bullion market in the national capital today, snapping a four-day rising streak, owing to slackened demand at prevailing higher levels amid a weak global trend. Silver also eased by Rs 250 to Rs 37,300 per kg on reduced offtake by industrial units and coin makers. Traders said easing demand at existing levels and a weak trend overseas due to equities and oil prices rebounding prior to a US jobs report that will provide clues on the outlook for interest rates, mainly pulled down Gold and silver prices. Gold in Singapore, which normally set price trend on the domestic front, fell by 0.5 per cent to $ 1,204.97 an ounce and silver by 0.4 per cent to $ 16.47 an ounce. In Delhi, gold of 99.9 and 99.5 per cent purity tumbled by Rs 220 each to Rs 27,350 and Rs 27,150 per ten gram respectively. It had gained Rs 545 in last four days. Sovereign, however, traded at last level of Rs 23,800 per piece of eight gram in restricted buying. In line with a general weak trend, silver ready dropped by 250 to Rs 37,300 per kg and weekly-based delivery by Rs 185 to Rs 37,425 per kg. On the other hand, silver coins continued to be traded at last level of Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

Continue reading →

TODAY COPPER & CRUDE OIL REPORT 09 DEC 2014

Base Metals & Energy

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 an surprise dip in China’s imports last month raised hopes of further stimulus measures to spur growth in the world’s biggest metals consumer, lifting the demand outlook for the base metal. China’s inbound shipments fell 6.7 per cent, year on year in November 2014 while exports rose a less than estimated 4.7 per cent as China reported a trade surplus of USD 54.47 billion. At the MCX, Copper futures for February 2015 contract is trading at Rs. 405.15 per 1 kg, up by 0.43 per cent, after opening at Rs. 403.55, against the previous closing price of Rs. 403.40. It touched an intra-day low of Rs 405.20. (At 11:13 AM)

CRUDE OIL

Crude oil futures fell deeper into bear terrain on Monday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid speculation that US oil producers will respond to OPEC’s fight to maintain market share as American oil explorers increased the number of operating rigs last week, signaling no sign of a drilling slowdown. A stronger dollar curbed the demand for oil as an alternative investment. Further, Japan’s recession deepened as the economy shrank an annualized 1.6 per cent in the July-September 2014 period, compared to a previously reported 1.3 per cent decline. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,046 per barrel, down by 1.8 per cent, after opening at Rs 4,115, against a previous close of Rs 4,120. It touched an intra-day low of Rs 4,035. (At 11:00 AM).

Continue reading →

DAILY COMMODITY REPORT FOR 2 DEC 2014

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures slumped in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal tracking a weak trend in the overseas market after Swiss voters rejected a plan for the country’s central bank to boost bullion reserves. 77 per cent of Swiss voters said no to a plan for the Swiss National Bank to hold a fixed proportion of its assets in bullion. A plunge in oil prices to a five-year low signaled weaker global inflation, dimming the appeal of gold as a hedge against the inflationary risk of monetary stimulus. Gold futures for December 2014 contract, at MCX, is trading at Rs. 25,348 per 10 grams, down by 1.73 per cent, after opening at Rs. 25,401, against the previous closing price of Rs 25,794. It touched an intra-day low of Rs 25,224. (At 11:24 AM).

Base Metals 

                                                                    D A I L Y B U Z Z

COPPER

Copper prices fell by 1.18 per cent on Monday at the domestic markets after research group Markit said the euro zone’s manufacturing PMI fell to 50.1, from 50.4 in the preceding month signaling weak manufacturing activity in the region which reduced the demand outlook for the metal. At the MCX, copper futures for February 2015 contract were trading at Rs.393.70 per 1 kg, down by 1.18 per cent, after opening at Rs. 396.10 against the previous closing price of Rs. 398.40. It touched the intra-day low of Rs. 390.40 till the trading. (At 3.20 PM today).

Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 500 metric tonnes to 164800 metric tonnes as on December 1, 2014.

Agro Outlook

D A I L Y B U Z Z

CARDAMOM

Cardamom prices rose by 0.13 per cent on Monday at the Multi Commodity Exchange (MCX) on account of good buying support from both exporters and upcountry buyers and also on hopes of improved export demand. At MCX, Cardamom futures for December 2014 contract were trading at Rs 776 per kg, up by 0.91 per cent, after opening at Rs. 778 against the previous closing price of Rs. 775. It touched the intra-day high of Rs. 785 till the trading. (At 10.44 AM today).

Continue reading →

DAILY MCX NCDEX COMMODITY REPORT FOR 3 NOV 2014

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 positionsin the precious metal tracking a weak trend in the overseas market as faster than expected USeconomic growth last quarter vindicated the US Federal Reserve’s decision to end bond buyingwhile dampening 

safe haven demand for the bullion, and denting bullion’s appeal as aninflation hedge.

The US economy grew by an annualized 3.5 per cent in the July-September 2014 quarter,beating estimates of a 3 per cent gain. Holdings in the SPDR Gold Trust, the biggest bullion-backed exchange traded product fell to a six year low, signaling weak investment demand forthe precious metal. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,345per 10 grams, down by 0.97 per cent, after opening at Rs. 26,563, against the previous closing price of Rs 26,603. It touched an intra-day low of Rs 26,335.

Agro Outlook

D A I L Y B U Z Z

CASTOR SEED

Castorseed prices rose by 0.73 per cent on Friday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the rise in demand from consuming industries against restricted arrivals in domestic markets which in turn encouraged the investors to enlarge their holdings. At the NCDEX, castor seed futures for November 2014 contract were trading at Rs. 4,853 per quintal tonnes, up by 0.73 per cent, after opening at Rs. 4,810 against the previous closing price of Rs. 4,818. It touched the intra-day high of Rs. 4,874 till the trading.

CORIANDER

Coriander prices rose by 0.31 per cent on Friday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the limited stocks on account of restricted arrivals from the major growing belts. At the NCDEX, coriander futures for November 2014 contract was trading at Rs. 12,005 per quintal, up by 0.31 per cent after opening at Rs. 11,930 against the previous closing price of Rs. 11,968. It touched the intra-day high of Rs. 12,030 till the trading.

Continue reading →

DAILY COMMODITY REPORT FOR 16 SEP 2014

Precious Metals

D A I L Y B U Z Z

GOLD

Snapping its three-day losing streak, gold staged a comeback to close higher by Rs 80 to Rs 27,450 per ten gram in the national capital today amid a firming trend overseas. 

Besides, buying at prevailing levels by jewellers also supported the upside. 

Silver followed suit and recovered by Rs 250 to Rs 41,500 per kg on increased offtake by industrial units and coin makers. 

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.4 per cent to USD 1,235.07 an ounce and silver traded a shade higher at USD 18.64 an ounce. 

In Delhi, gold of 99.9 and 99.5 per cent purity was up by Rs 80 each to Rs 27,450 and Rs 27,250 per ten gram, respectively. It had lost Rs 430 in the previous three sessions. 

Sovereign, however, held steady at Rs 24,400 per piece of eight gram in limited deals. 

In a similar fashion, silver ready recovered by Rs 250 to Rs 41,500 per kg and weekly based delivery by Rs 150 to Rs 41,450 per kg, after losing Rs 920 in last three days. 

On the other hand, silver coins continued to be enquired at last level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces. 

Agro Outlook

D A I L Y B U Z Z

CHANA

Chana futures traded 0.36 per cent lower at Rs 2,794 per quintal in futures market today as speculators reduced positions amid a weak trend at spot market on sluggish demand. 

Further, expectations of higher output put pressure on chana prices. 

At the National Commodity and Derivative Exchange, chana for delivery in October declined by Rs 10, or 0.36 per cent, to Rs 2,794 per quintal with an open interest of 1,34,790 lots. 

Similarly, the commodity for delivery in September eased by Rs 5, or 0.18 per cent, to Rs 2,755 per quintal in 3,320 lots. 

Continue reading →