WEEKLY COMMODITY MCX REPORT 4/Aug/2014

Precious Metal

DAILY BUZZ

SILVER

Silver futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal amid a pickup in physical demand for the bullion in the domestic spot market. However, caution ahead of the US jobs data which may show strength in the labour market of the world’s biggest economy and may prompt the Fed to raise interest rates in the near-term, dimmed the appeal of silver as a store of value, trimming gains in the precious metal. The US economy may have added more than 200,000 jobs for a sixth straight month in July, data may show today. At the MCX, Silver futures, for the September 2014 contract, closed at Rs. 44,484 per kg, up by 0.19 per cent, after opening at Rs. 44,393, against the previous closing price of Rs 44,399. It touched an intra-day high of Rs 44,580 .

Base Metals & Energy

DAILY BUZZ

COPPER

Copper prices fell by 0.11 per cent on Friday at the domestic markets as the slowest gain in manufacturing activity in the Chicago region since October 2008 in July 2014 signaled doubts over the US economic recovery, clouding the demand outlook for the metal. The Chicago Purchasing Managers Index fell to 52.6 in July from 62.6 in the previous month, with a reading above 50 signaling expansion. At the MCX, copper futures for August 2014 contract were trading at Rs.435.60 per 1 kg, down by 0.11 per cent, after opening at Rs. 436.50 against the previous closing price of Rs. 436.10. It touched the intra-day low of Rs. 435.60 till the trading. (At 3.50 PM today). However, losses were curbed due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 550 metric tonnes to 146200 metric tonnes as on August 1, 2014.

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