DAILY COMMODITY MARKET UPDATE AND REPORT 6/OCT/2014

Precious Metals

GOLD/SILVER

Continuing its rising streak for the third day, gold prices advanced by Rs 130 to Rs 27,470 per ten grams in the national capital today on increased buying by jewellers and retailers amid ongoing festive season even as the metal weakened overseas.

Silver, however, met with resistance and dropped by Rs 1,050 to Rs 38,650 per kg on reduced offtake by industrial units and coin makers.

Marketmen said steady inflow of buying by jewellers and retailers, triggered by ongoing festive season and a weakening rupee against the dollar that made imports costlier, mainly influenced gold prices.

In Delhi, gold of 99.9 and 99.5 per cent purity rose by Rs 130 each to Rs 27,470 and Rs 27,270 per ten grams, respectively. It had gained Rs 110 in previous two days.

Globally, gold fell 0.24 per cent to USD 1205.80 an ounce in London.

Sovereign, however, held steady at Rs 24,200 per piece of eight grams in limited deals.

On the other hand, silver ready plunged by Rs 1,050 to Rs 38,650 per kg and weekly-based delivery by Rs 1,025 to Rs 38,170 per kg. It had gained Rs 165 in last two sessions.

Base Metals & Energy 

COPPER

Copper prices fell by 0.08 per cent on Wednesday at the domestic markets as soft inflation data in Europe reduced the demand for the metal. Eurostat, the statistics arm of the European Union, reported that the euro area's annual inflation rate fell to a five-year low of 0.3 per cent in September from 0.4 per cent in August. Core inflation, which strips out food, energy, alcohol and tobacco costs, came in at 0.7 per cent, down from 0.9 per cent in August. At the MCX, copper futures for November 2014 contract were trading at Rs.415.65 per 1 kg, down by 0.08 per cent, after opening at Rs. 415.10 against the previous closing price of Rs. 416. It touched the intra-day low of Rs. 413.70 till the trading.

ZINC

Zinc prices fell by 1.17 per cent on Wednesday at the domestic markets as a disappointing consumer confidence report reduced the demand outlook for the metal. The Conference Board reported earlier that its consumer confidence index fell to 86.0 this month from 93.4 in August, whose figure was revised up from a previously reported 92.4. Zinc futures for September 2014 contract, at MCX, were trading at Rs 139.40 per kg, down by 1.17 per cent after opening at Rs. 140.80 against the previous closing price of Rs. 141.05. It touched the intra-day low of Rs. 138.80 till the trading.

Agro Outlook 

CASTORSEED

Castorseed prices fell by 0.65 per cent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of fresh supply of the commodity in the major mandies as well as strong production estimates. At the NCDEX, castor seed futures for October 2014 contract was trading at Rs. 4,560 per quintal tonnes, down by 0.65 per cent, after opening at Rs. 4,580 against the previous closing price of Rs. 4,590. It touched the intra-day low of Rs. 4,552 till the trading.

CARDAMOM

Cardamom prices fell by 0.95 per cent on Wednesday 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. 832 per kg, down by 0.95 per cent, after opening at Rs. 832 against the previous closing price of Rs. 832.20. It touched the intra-day low of Rs. 821.10 till the trading.

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