Precious Metals
DAILY BUZZ
GOLD
Gold
futures fell in the domestic market on Monday as investors and
speculators exited positions in the precious metal tracking a weak
trend in the overseas market amid speculation that a faster than
anticipated recovery in the US labour market may prompt the US
Federal Reserve to raise interest rates sooner than currently
expected, dimming the appeal of the bullion as a store of value. US
Fed Chairman Janet Yellen said that the Fed could hike borrowing
costs sooner than earlier expected if labour market progress
continued at a rapid than anticipated rate. A stronger dollar also
dimmed the appeal of the bullion as an alternative asset. Stronger
greenback makes gold more expensive for those holding other
currencies, thus dimming demand. Gold futures for October 2014
contract, at MCX, is trading at Rs. 27,770 per 10 grams, down by 0.15
per cent, after opening at Rs. 27,774, against the previous closing
price of Rs 27,813. It touched an intra-day low of Rs 27,773.
Base Metals & Energy
DAILY BUZZ
CRUDE OIL
Crude oil futures rose in
the domestic market on Monday as the depreciation in the Indian rupee
against the US dollar more than offset the losses in the energy
commodity in the overseas market. A weaker rupee against the
greenback exerts upward pressure on domestic crude oil prices. Crude
futures fell in the overseas market amid speculation that the
conflict in the Middle East won’t disrupt supplies as Libya’s oil
output rose even as Islamic militants seized Tripoli’s
international airport while supply from Iraq, the OPEC’s second
biggest oil producer remained intact despite the country’s
inability to form a new government. At the MCX, Crude Oil futures,
for the September 2014 contract, is trading at Rs 5,686 per barrel,
up by 0.12 per cent, after opening at Rs 5,690, against a previous
close of Rs 5,679. It touched an intra-day high of Rs 5,695.
ZINC
Zinc
prices fell by 0.28 per cent on Monday at the domestic markets after
German business confidence deteriorated to the lowest level in more
than a year in August, dampening optimism over the health of the euro
zone’s largest economy which reduced the demand outlook for the
metal. German research institute, Ifo said its Business Climate Index
fell to a seasonally adjusted 106.3 this month, below forecasts for
107.0 and down from a reading of 108.0 in July. Zinc futures for
August 2014 contract, at MCX, were trading at Rs 141.45 per kg, down
by 0.28 per cent after opening at Rs. 142.20 against the previous
closing price of Rs. 141.85. It touched the intra-day low of Rs.
141.20 till the trading.
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Mcx Indian commodity market started in green shed, Both precious metal is trading positive side.MCX Gold October futures trading at Rs 27859 with 0.32% while silver remains at Rs 42 128 with 0.39%.
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The FIIs were net buyers of Rs 192cr in the cash segment on Monday while the DIIs were net sellers of Rs. 45cr, as per the provisional figures released by the NSE.
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