TODAY'S MCX REPORT 6/JUNE/2014

DAILY BUZZ

GOLD

MCX gold for August delivery traded almost flat at Rs 25,815 per 10 gm in early noon trade. Interestingly, the discount that far-month contracts have been trading at to the near month on the exchange narrowed to Rs 8 on Wednesday at the close of trade.

"This possibly indicates that markets are factoring in a duty cut during the upcoming Budget session," said DK Aggarwal, MD, SMC Comtrade. "The discount is showing signs of narrowing with a build up of expectations." Gold futures went into a discount after the government last August hiked the import duty to 10% and restricted imports to around half a dozen nominated agencies, from 28 earlier, and that too only against 20% exports, also known as the 80:20 rule.

This resulted in lower supplies in the spot market, pushing up prices. On the exchange, in the near-month contract, sellers were not always able to procure the quantities bid for and began rolling positions to far-month contracts. Thus, the number of buyers in near-month contracts exceeded the sellers (who rolled over their positions) and thus the market went into a discount from a premium, which is normally the case.

ALUMINIUM

Aluminium futures today traded 0.27 per cent lower at Rs 109.05 per kg as speculators reduced their positions amid weak global cues.

Further, subdued demand in the domestic spot markets also weighed on the metal prices.

At the Multi Commodity Exchange, aluminium for delivery in July eased by 30 paise, or 0.27 per cent, to Rs 109.05 per kg in business turnover of two lots.

Similarly, the metal for delivery in June traded lower by 25 paise, or 0.23 per cent, to Rs 108.15 per kg in 124 lots.

CRUDE OIL

Crude oil futures prices today fell 0.41 per cent to Rs 6,076 per barrel, after speculators reduced exposures amid a weak trend in Asian trade.

At the Multi Commodity Exchange, crude oil for delivery in June fell by Rs 25, or 0.41 per cent, to Rs 6,076 per barrel in 2,665 lots.

Oil for the July delivery moved down by Rs 23, or 0.38 per cent, to Rs 6,067 per barrel with a turnover of 101 lots. Meanwhile, West Texas Intermediate crude oil for the July delivery shed 20 cents to USD 102.44 a barrel in mid-morning trade on the New York Mercantile. 

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