DAILY COMMODITY MCX REPORT 1/july/2014

Precious Metals

DAILY BUZZ

GOLD

Gold futures fell by 0.19 per cent to Rs 27,620 per 10 grams today as speculators offloaded positions to book profits amid a weak global trend.

At the Multi Commodity Exchange, Gold for delivery in August fell by Rs 52, or 0.19 per cent, to Rs 27,620 per 10 grams in a business turnover of 199 lots.

On similar lines, the metal for delivery in October declined by Rs 33, or 0.12 per cent, to Rs 27,717 per 10 grams in five lots.

Market analysts said the fall in gold futures was mostly due to profit-booking by speculators and a weak trend overseas.

Meanwhile, gold prices fell to $1,315.51 an ounce in Singapore.

Base Metals & Energy 

DAILY BUZZ

CRUDE OIL

Crude oil futures were trading lower in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid speculation that the infighting in Iraq may not crimp supplies from the OPEC’s second biggest crude producer as the oil-rich southern part remains safe from violence. The first rise in US crude oil stockpiles since May last week signaled weakening demand for the fuel in the world’s biggest crude consumer. At the MCX, Crude Oil futures, for the July 2014 contract, is trading at Rs 6,355 per barrel, down by 0.14 per cent, after opening at Rs 6,355, against a previous close of Rs 6,364. It touched an intra-day low of Rs 6,351.

ZINC

Zinc futures ended lower in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Economic confidence in the Euro area fell in June, signaling a faltering recovery in the 18-member economy, clouding the demand outlook for industrial metals. The gauge measuring Euro area economic confidence fell to 102 this month from 102.6 in May, EU said. At the MCX, Zinc futures for June 2014 contract closed at Rs. 131.40 per 1 kg, down by 0.08 per cent, after opening at Rs. 131.35, against the previous closing price of Rs. 131.50. It touched an intra-day low of Rs 130.75.

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