COMMODITY MCX DAILY REPORT 27/JUNE/2014

Precious Metals

DAILY BUZZ

GOLD

Gold prices fell by 0.30 per cent to Rs 27,667 per 10 grams in futures trade today amidst a weak trend overseas and profit-booking by speculators.

At the Multi Commodity Exchange, gold for delivery in August eased by Rs 84, or 0.30 per cent, to Rs 27,667 per 10 grams with a business volume of of 269 lots.

Likewise, the metal for delivery in October was down by Rs 67, or 0.24 per cent, to Rs 27,770 per 10 grams in 7 lots.

SILVER

Silver futures fell 0.52 per cent to Rs 44,419 per kg today as speculators reduced positions on weak cues from global markets.

At the Multi Commodity Exchange, silver for delivery in July eased by Rs 234, or 0.52 per cent, to Rs 44,419 per kg in a business turnover of 464 lots.

Similarly, the white metal for delivery in September lost Rs 227, or 0.50 per cent, to Rs 44,925 per kg in 91 lots. 

Base Metals & Energy 

DAILY BUZZ 

COPPER

Copper futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal tracking a firm trend in the overseas market as stockpiles monitored by exchanges in London, Shanghai and New York fell to the lowest level since October 2008, dropping for a tenth straight session, signaling shrinking supplies of the refined metal. A weaker dollar boosted the demand for the industrial metal as an alternative asset. Weaker greenback makes copper cheaper for those holding other currencies, thus dimming demand. At the MCX, copper futures for June 2014 contract is trading at Rs. 421.80 per 1 kg, up by 0.38 per cent, after opening at Rs. 420.50, against the previous closing price of Rs. 420.20. It touched an intra-day low of Rs. 421.95.

CRUDE OIL

Crude oil futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity amid concerns that deepening unrest in northern Iraq may crimp crude supplies from the OPEC’s second biggest crude producer. Investors are eying the US jobless claims and consumer spending data to be released today which may show strength in the world’s biggest economy, lifting the demand outlook for the fuel. US jobless likely fell last week while consumer spending rose in May. At the MCX, Crude Oil futures, for the July 2014 contract, is trading at Rs 6,443 per barrel, up by 0.23 per cent, after opening at Rs 6,438, against a previous close of Rs 6,428. It touched an intra-day high of Rs 6,450.

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