Commodity Watch: Silver shines on global cues

In the domestic market Silver futures closed high on Friday as investors & speculators widened their positions in the precious metals amid firm trend in global markets. 

Further, participants build up of positions by tracking a little better trend in global markets for precious metals after the September US non-farm payrolls came in at up 156,000, which was a slight miss to the downside from market expectancy of a rise of 170,000, supported prices for silver at futures trade.

At the MCX, silver futures for Dec 2016 contract ended at Rs 41846 per kg, upward by 0.78 %, after opening at Rs 41625, against a last close of Rs 41521. It touched the intra-day high of Rs 42300.

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Yellow Metal down on strong US dollar in market

In the domestic market Gold futures closed low on Thursday among a rallying U.S. dollar index & upbeat U.S. economic data which continued to produce selling in the precious metals markets.

The weekly U.S. jobless claims report Thursday showed a sharp fall in claims in the latest week and added to a batch of generally better U.S. data released this week and helped to push gold prices to new low.

 At the MCX, gold futures for October 2016 contract ended at Rs 29564 per 10 grams, downward by 1.18 %, after opening at Rs 29,835, against a previous close of Rs 29,916. It touched the intra-day low of Rs 29,550.

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Precious Metals Tips and Updates for 26 May 2015

Gold futures wrapped up the week in bearish mode as prices retreated in the domestic market on Friday after US Federal Reserve Chair Janet Yellen termed a 2015 interest rate hike as “appropriate”, dimming the luster for the precious metal as a store of value. Yellen sees the world’s top central bank raising interest rates for the first time since 2006 this year, if economic data comes in line with forecasts, with a gradual pace of tightening, thereafter. Better than expected US inflation data further bolstered the case for rate tightening in 2015. Core consumer prices in the US climbed 0.3 per cent in April 2015 from the previous month, the biggest gain since January 2013, signaling a pickup in inflationary pressures in the world’s biggest economy. A stronger dollar also kept pressure on gold by curbing the demand for the precious metal as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Gold may extend losses today amid renewed US rate hike fears. At the MCX, Gold futures for June 2015 contract closed at Rs 27,082 per 10 gram, down by 0.10 per cent after opening at Rs 27,159, against the previous closing price of Rs 27,108. It touched the intra-day low of Rs 27,053 till the closing.

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DAILY MCX COMMODITY UPDATE FOR 14 JAN 2014

Precious Metals

Silver  Gold

                                                    D A I L Y B U Z Z

Snapping its three-day rising streak, gold prices today fell by Rs 15 to Rs 30,200 per ten grams

in the national capital on lower demand at existing higher levels.

However, silver managed to close steady at Rs 44,800 per kg on scattered buying support.

In Mumbai, gold of 99.9 and 99.5 per cent purity traded at Rs 30,025 and Rs 29,875 per ten grams, respectively; while silver enquired at Rs 45,500 per kg.

Traders said slackness in demand from retailers and jewellers at current levels mainly led to decline in gold prices.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 15 each to Rs 30,200 and Rs 30,000 per ten gram, respectively. It had gained Rs 215 in the last three sessions. Sovereign held steady at Rs 25,100 per piece of eight gram.

Silver ready too held steady at Rs 44,800 per kg, while weekly-based delivery by Rs 35 to Rs 44,765 per kg. Silver coins continued to trade at last level of Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

Base Metals & Energy

Copper  Crude Oil

                                                    D A I L Y B U Z Z

Zinc and nickel prices rose at the non-ferrous metal market due to stockist buying amidst sustained demand from alloy industries on the back of bullish London Metal Exchange (LME) cues.

Tin dropped on stockist selling on the back of subdued offtake from industrial users. 

The industrial metal was trading higher at the LME, while nickel jumped more than 2 percent, adding to strong gains last week as a ban on unprocessed nickel laterite ore exports from top producer Indonesia came into effect, fanning a technical rally across other metals. 

Nickel climbed by Rs 5 per kg to Rs 1,000 from last Saturday's closing level of Rs 995. 

Zinc moved-up by Rs 4 per kg to Rs 172 from Rs 168. Copper sheet cutting inched-up by a Re per kg to Rs 483. Tin declined by Rs 7 per kg to Rs 1,533 as against Rs 1,540 previously. 

Copper scrap heavy, brass utensils scrap, brass sheet cutting, aluminium ingots and lead all softened by 

a Re per kg each to Rs 502, Rs 35 .

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