DAILY COMMODITY REPORT 15.11.2013

Precious Metals

DAILY  BUZZ

Gold prices recovered by 0.25 per cent to Rs 29,778 per 10 grams in futures trade today as speculators covered short positions even as precious metal remained weak overseas.

At the Multi Commodity Exchange, gold for delivery in December recovered by Rs 73, or 0.25 per cent, to Rs 29,778 per 10 gram in business turnover of 1,106 lots.

The metal for delivery in far-month February moved up by Rs 50, or 0.17 per cent, to Rs 29,479 per 10 gm in a turnover of 54 lots.

Silver prices recovered by 0.37 per cent to Rs 49,849 per kg in futures trade today, largely supported by covering-up of short positions by speculators even as the metal weakened in overseas markets.

At the Multi Commodity Exchange, silver for delivery in March next year contracts gained Rs 186, or 0.37 per cent, to Rs 49,849 per kg in a business turnover of 84 lots.

Similarly, the white metal for delivery in December gained Rs 154, or 0.32 per cent, to Rs 48,298 per kg, in a business volume of 1,153 lots. In the international market, silver lost one percent to trade at USD 21.30 an ounce in Singapore.

Base Metals & Energy

DAILY  BUZZ

Crude oil prices in the global market remained weak on Thursday due to concerns over higher than expected crude oil inventories and fears that US Central Bank may roll back its monetary stimulus later this year on improving conditions of the United States. However, the statement from Yellen may have limited further weakness in the commodity prices. Janet Yellen, nominee to lead the US Fed, said on Wednesday that economy and labour market are still weak and Fed continue to support the economy through its monetary stimulus program.

WTI crude oil for December delivery on NYMEX was seen trading with a loss of 15 cents at $93.73 per barrel as of 17.02 IST on Thursday.

India crude oil futures edged down on Thursday and was seen trading bearish tracking bearish international cues. Crude oil futures for November delivery on India's Multi Commodity Exchange(MCX) was seen trading with a loss of 0.64% at Rs.5945 per barrel as of 16.34 IST on Thursday.

Agro Outlook

DAILY  BUZZ

India soybean futures dropped on Wednesday as a result of profit booking despite weak Indian currency and concerns over crop damage in key soybean growing areas due to excess rain fall activities.

Soybean futures for December delivery on India's National Commodity and Derivatives Exchange (NCDEX) was seen trading with a loss of 1.13% at Rs.3920 per 100 kgs as of 13.14 IST on Wednesday.

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