DAILY MCX REPORT FROM RESEARCH VIA 16/OCT/2014

DAILY BUZZ

GOLD

Tracking a firming global trend, gold prices rose 0.55 per cent to Rs 27,119 per ten gram in futures trade today as speculators enlarged positions.

At the Multi Commodity Exchange, gold for delivery in December contracts moved up by Rs 147, or 0.55 per cent to Rs 27,119 per ten gram in business turnover of 1,800 lots.

On similar lines, gold for delivery in February traded higher by Rs 149, or 0.55 per cent to Rs 27,260 per ten gram in 24 lots.

Analysts attributed the rise in gold futures to a firming global trend where the metal traded at nearly four-week highs. as speculation that the US Federal Reserve may delay raising borrowing costs on slowing global growth hurt the dollar and boosted demand for a safe-haven.

Meanwhile, gold traded higher at $1,236.12 an ounce from $1,235.87 yesterday in Singapore.

COPPER

Copper prices moved up by 0.13 per cent to Rs 420.45 per kg in futures trade today as speculators enlarged positions after base metals rose in overseas markets amid pick-up in spot demand.

At the Multi Commodity Exchange, copper for delivery in February next year traded higher by 55 paise, or 0.13 per cent to Rs 420.45 per kg in business turnover of 10 lots.

In a similar fashion, the metal for delivery in November edged up by 50 paise, or 0.12 per cent to Rs 413.80 per kg in 2,306 lots.

Meanwhile, copper for delivery in three months gained 0.2 per cent to USD 6,723.25 a metric tonne at the London Metal Exchange

ZINC

Zinc prices rose by 0.74 per cent on Tuesday at the domestic markets after better than expected China export data eased concerns over an economic slowdown in the world’s biggest metals consumer, lifting the demand outlook for zinc. China’s exports climbed 15.3 per cent, year on year in September 2014, surpassing estimates of a 12 per cent rise. Zinc futures for October 2014 contract, at MCX, were trading at Rs 143.15 per kg, up by 0.74 per cent after opening at Rs. 142.55 against the previous closing price of Rs. 142.10. It touched the intra-day high of Rs. 143.30 till the trading. (At 4.15 PM).

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