DAILY COMMODITY REPORT 29/JULY/2014

Precious Metals

DAILY BUZZ

SILVER

Silver prices recovered by 0.46 per cent to Rs 44,483 per kg in futures trading on Monday as speculators enlarged positions even as the metal weakened in global markets.

At the Multi Commodity Exchange, silver for delivery in September rose by Rs 202, or 0.46 per cent, to Rs 44,483 per kg in business turnover of 541 lots.

Likewise, the white metal for delivery in far-month December traded higher by Rs 141, or 0.29 per cent, to Rs 45,200 per kg in 7 lots.

Analysts said speculative positions built up by participants helped silver futures trade to trade higher but a weak trend in bullion limited the gains. Meanwhile, silver traded 0.50 per cent lower at $20.63 an ounce in Singapore.

Base Metals & Energy

DAILY BUZZ

CRUDE OIL

Crude oil futures fell 0.52 per cent to Rs 6,118 per barrel on Monday as speculators reduced their positions amid a weakening trend in Asian trade.

At the Multi Commodity Exchange, crude oil for delivery in August shed Rs 32, or 0.52 per cent, to Rs 6,118 per barrel in 1,025 lots. In a similar manner, the oil for September delivery moved down by Rs 21, or 0.34 per cent, to Rs 6,088 per barrel in 32 lots.

Meanwhile, West Texas Intermediate (WTI) crude for September delivery dipped 51 cents to $101.58 while Brent crude for September declined 43 cents to $107.96 a barrel at the New York Mercantile Exchange in late morning trade on Monday.

ALUMINIUM

Aluminium futures edged higher by 0.25 per cent to Rs 119.90 per kg today as speculators enlarged positions amid pick-up in demand at spot markets. Besides, a firming trend in base metals at the London Metal Exchange (LME) also supported the upside. At the Multi Commodity Exchange, Aluminium for delivery in July rose 30 paise, or 0.25 per cent, to Rs 119.90 per kg, with a business turnover of 163 lots. The metal for delivery in August also rose by a similar margin to trade at Rs 120.70 per kg in a turnover of 22 lots. Marketmen said apart from a firming trend in base metals pack at the LME, rising demand at spot markets influenced aluminium prices at futures trade here. 

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