Precious Metals
DAILY BUZZ
GOLD
Gold
fell below Rs 26,000 per 10 gms on the futures market Monday to touch
a low of Rs 25,811 for the August contract. The metal was trading at
Rs 25,883 per 10 gms on the MCX midday after climbing down from an
intraday high of Rs 25,930.
On
the spot market, gold was trading at Rs 26,700 per 10 gms. "Prices
will fall further as we are expecting the government to reduce import
duty shortly," said Kapil Parekh, executive director at the
Indian Bullion & Jewellers Association. "The rupee too is
expected to strengthen further, which will further bring down
prices."
In
the international market, gold held above the lowest level in four
months on speculation that recent declines may spur purchases. Gold
for immediate delivery traded at $1,253.68 an ounce In Singapore
compared with $1,253.23 on Friday, according to Bloomberg generic
pricing. The metal on June 3 dropped to $1,240.73, the lowest since
January 31, as signs of a US economic recovery drove the Standard &
Poor's 500 Index to a record and fuelled gains in the dollar. In
China, the world's largest bullion consumer, volumes for the
benchmark spot contract in Shanghai fell to 8,568 kilograms on June
6, the least since April 4. The nation's exports rose more than
analysts estimated in May while imports unexpectedly slumped, latest
data showed. Gold for August delivery traded at $1,254.20 an ounce on
the Comex in New York, from $1,252.50 on June 6. The bullion's 60-day
historical volatility was at the lowest since April 2013 .
Base Metals & Energy
DAILY BUZZ
COPPER
Amid a weak trend in the
global market and subdued spot demand, copper prices fell marginally
by 0.79 per cent to Rs 395.55 per kg in futures trade today as
speculators trimmed positions.
At the Multi Commodity
Exchange, copper for delivery in June shed Rs 3.25, or 0.79 per cent,
to Rs 395.55 per kg in business turnover of 2,089 lots.
Similarly, the metal for
delivery in August traded lower by Rs 3.10, or 0.77 per cent, to Rs
399.40 per kg in 139 lots.
ZINC
Zinc futures prices today
edged lower by 0.08 per cent to Rs 123.95 per kg on profit-booking by
speculators even as metal strengthened overseas.
At the Multi Commodity
Exchange, zinc for delivery in June shed 10 paise, or 0.08 per cent,
to Rs 123.95 per kg, with a business turnover of 291 lots.
The metal for delivery in
July fell by a similar margin to Rs 124.50 per kg in a turnover of
three lots.
No comments:
Post a Comment