Daily Commodity Market Report From Research Via 25/sep/2014

GOLD

Gold futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal as escalating tensions in the Middle East amid US led airstrikes in Syria against Islamic State militants boosted safe haven inflows into the yellow metal. However, the gains in the bullion were curbed by speculation of a rise in US borrowing costs after a top US Fed official saw the case for a rate hike in early 2015, dimming the appeal of the precious metal as a store of value. Gold futures for October 2014 contract, at MCX, is trading at Rs. 26,699 per 10 grams, up by 0.11 per cent, after opening at Rs. 26,672, against the previous closing price of Rs 26,669. It touched an intra-day high of Rs 26,712. (At 11:21 AM).

NICKEL

Amid a weak trend in global market and subdued demand at domestic spot markets, nickel prices fell 0.26 per cent to Rs 1,052.60 per kg in futures trade today as speculators trimmed positions.

At the Multi Commodity Exchange, nickel for delivery in October traded Rs 2.70, or 0.26 per cent, to Rs 1,052.60 per kg in a business turnover of 13 lots.

On the similar lines, the metal for delivery in November shed Rs 1.40, or 0.13 per cent, to Rs 1,058.80 per kg in one lot.

LEAD

Lead prices fell by 0.16 per cent on Wednesday at the domestic markets due to the surge in the lead stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME lead stocks rose by 125 metric tonnes to 225375 metric tonnes as on September 24, 2014. At the MCX, Lead futures, for the September 2014 contract, is trading at Rs 125.60 per kg, down by 0.16 per cent, after opening at Rs 125.70, against a previous close of Rs 125.80. It touched an intra-day low of Rs 125.40 till the trading.

AGRO OUTLOOK

The National Commodity & Derivatives Exchange on Wednesday announced the launch of forwards contracts on its national-level electronic platform.

The facility, named Agrim Sauda, will be available from Thursday, initially for sugar and maize. It will be extended to other commodities later.

The forward contracts will offer the benefits of transparent trade practices and national market reach through registered farmer producer organisations.

The introduction of Agrim Sauda is expected to help integrate the commodity ecosystem leading to a more developed and efficient agriculture market.

In addition to farmers, Agrim Sauda will help almost every participant in the segment, including processors, exporters, traders and government procurement agencies.

This may also make price predictability less onerous and is likely to contribute in the development of storage infrastructure for traded commodities in and around major producing and trading areas. With this initiative, a buyer or a seller from one part of the country has the benefit of being able to buy or sell any commodity in any part of the country. 

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