RESEARCH VIA DAILY COMMODITY REPORTS 23/SEP/2014

DAILY BUZZ 

GOLD

Gold futures ended lower in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market amid fears that the US Federal Reserve is moving closer to raising borrowing costs after the world’s top central bank raised its interest rate projections for end 2015, dimming the appeal of the precious metal as a store of value. A stronger dollar curbed the demand for the bullion as an alternative asset. Stronger dollar makes the precious metal expensive to those holding other currencies, thus dimming demand. A rally in equities curbed the demand for the yellow metal as an alternative asset. A decision by Scotland to remain as part of the UK following a referendum, in which 54 per cent people voted against an independent Scotland, dimmed the safe haven appeal of the bullion. Gold futures may continue the downward journey as a slump in bullion-backed exchange traded holdings signaled weaker investment demand. Gold futures for October 2014 contract, at MCX, closed at Rs. 26,496 per 10 grams, down by 0.61 per cent, after opening at Rs. 26,634, against the previous closing price of Rs 26,659. It touched an intra-day low of Rs 26,461.

ZINC

Zinc prices were down by 1.88 per cent to Rs 135.45 per kg in futures trade today as speculators offloaded their positions tracking a weak trend overseas.

At the Multi Commodity Exchange, zinc for delivery in current month plunged by Rs 3.60, or 1.88 per cent, to Rs 135.45 per kg in a business turnover of 679 lots.

Likewise, the metal for delivery in October weakened by Rs 2.45, or 1.77 per cent, to Rs 136.25 per kg in 91 lots.

LEAD

Lead prices fell by 1.62 per cent on Monday at the domestic markets as a result of low demand for the commodity from battery-maker in the spot market in the midst of weak overseas trend. At the MCX, Lead futures, for the September 2014 contract, is trading at Rs 124.65 per kg, down by 1.62 per cent, after opening at Rs 126.05, against a previous close of Rs 126.70. It touched an intra-day low of Rs 124.40 till the trading. (At 3.30 PM today).

CARDAMOM

Cardamom prices fell by 0.01 per cent on Monday at the Multi Commodity Exchange (MCX) due to the adequate stocks availability in the physical market on account of higher supply from the producing belts of Chandausi in Uttar Pradesh. At MCX, Cardamom futures for October 2014 contract were trading at Rs. 888 per kg, down by 0.01 per cent, after opening at Rs. 889 against the previous closing price of Rs. 888.10. It touched the intra-day low of Rs. 884 till the trading. (At 10.37 AM today).

CORIANDER

Coriander prices fell by 0.66 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the adequate stocks availability in the physical market put pressure on coriander prices. At the NCDEX, coriander futures for October 2014 contract were trading at Rs. 11,516 per quintal, down by 0.66 per cent, after opening at Rs. 11,575 against the previous closing price of Rs. 11,593. It touched the intra-day low of Rs. 11,495 till the trading. (At 11.09 AM today).

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