RESEARCH VIA MCX REPORT FOR 03/JAN/2014

Precious Metals

DAILY BUZZ

Gold tumbled by Rs 310 to Rs 30,290 per ten grams in the national capital today on heavy sell-off by stockists and a weak global trend.

Silver also declined by Rs 900 to Rs 43,600 per kg on poor offtake by industrial units and coin makers amid a steep fall in international markets.

A similar weakening trend was also witnessed in Mumbai, as gold of 99.9 and 99.5 per cent purity fell by Rs 160 each to Rs 30,100 and Rs 29,950 per ten grams, respectively. Also, silver plunged by Rs 600 to Rs 44,450 per kg.

Traders said heavy selling by stockists, sparked by a weak global trend as faster economic growth signals more monetary stimulus cuts in future, mainly pulled down metal prices.

Gold in New York, which normally sets price trend at the domestic front, plunged by 1.94 per cent to USD 1,243.10 an ounce and silver by 2.92 per cent to USD 19.14 an ounce.

Besides, strengthening of the rupee against the American currency, which makes the import of the dollar-priced precious metals cheaper, further dampened the sentiment, they said. 

Base Metals & Energy  
DAILY BUZZ 

Lead futures traded lower at Rs 131.10 per kg in futures market today after speculators offloaded positions amid a weak trend overseas and subdued demand at spot markets.

At the Multi Commodity Exchange, lead for delivery in January fell 15 paise, or 0.11 per cent, to Rs 131.10 per kg in a business turnover of 437 lots.

On similar lines, the metal for delivery in February shed just five paise, or 0.04 per cent, to Rs 132.65 per kg in 254 lots.

Marketmen said a weak trend in base metals at the London Metal Exchange (LME) on worries that slowing economic growth in China, the world's largest user, may weaken demand for the metal and low domestic demand, mainly led to the fall in lead futures prices.

Zinc futures fell by 0.20 per cent to Rs 124 per kg as participants reduced positions taking cues from the global markets amid subdued demand at domestic spot markets.

At the Multi Commodity Exchange, zinc for delivery in February traded lower by 25 paise, or 0.20 per cent, to Rs 124 per kg, with a business turnover of 89 lots.

The metal for delivery in January fell by 15 paise, or 0.12 per cent, to trade at Rs 123.05 per kg in a turnover of 159 lots.

Marketmen said the fall in zinc prices at futures trade was mostly in tandem with a weak trend in base metals pack at the London Metal Exchange on concern that slowing economic growth in China, the world's largest user, may weaken demand for the metal.

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