GOLD
Gold futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market after the US Fed ended monthly bond purchases while investment demand tumbled after holdings in the largest exchange traded product (ETP) fell to the lowest level in six years.
Assets in the SPDR Gold Trust, the biggest bullion-backed ETP, shrank to the lowest level since October 2008 to 742.40 metric tons on Wednesday.
Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,765 per 10 grams, down by 1.16 per cent, after opening at Rs. 26,990, against the previous closing price of Rs 27,079. It touched an intra-day low of Rs 26,761. (At 11:34 AM).
COPPER
Copper futures fell in the domestic market on Thursday as investors and speculators exited positions in the industrial metal tracking a weaker trend in the overseas market as the Fed’s decision to end QE boosted the dollar, curbing the demand for the base metal as an alternative asset.
Stronger greenback makes copper expensive for those holding other currencies, thus dimming demand.
Investors will be keeping an eye on planned mine strikes in Indonesia and Peru which may signal tighter copper supplies.
At the MCX, copper futures for November 2014 contract is trading at Rs. 417.85 per 1 kg, down by 0.89 per cent, after opening at Rs. 420.70, against the previous closing price of Rs. 421.60. It touched an intra-day low of Rs. 417.75. (At 11:38 AM).
Gold futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market after the US Fed ended monthly bond purchases while investment demand tumbled after holdings in the largest exchange traded product (ETP) fell to the lowest level in six years.
Assets in the SPDR Gold Trust, the biggest bullion-backed ETP, shrank to the lowest level since October 2008 to 742.40 metric tons on Wednesday.
Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,765 per 10 grams, down by 1.16 per cent, after opening at Rs. 26,990, against the previous closing price of Rs 27,079. It touched an intra-day low of Rs 26,761. (At 11:34 AM).
COPPER
Copper futures fell in the domestic market on Thursday as investors and speculators exited positions in the industrial metal tracking a weaker trend in the overseas market as the Fed’s decision to end QE boosted the dollar, curbing the demand for the base metal as an alternative asset.
Stronger greenback makes copper expensive for those holding other currencies, thus dimming demand.
Investors will be keeping an eye on planned mine strikes in Indonesia and Peru which may signal tighter copper supplies.
At the MCX, copper futures for November 2014 contract is trading at Rs. 417.85 per 1 kg, down by 0.89 per cent, after opening at Rs. 420.70, against the previous closing price of Rs. 421.60. It touched an intra-day low of Rs. 417.75. (At 11:38 AM).
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PREMIUM CALL: SELL GOLD (DEC.) BELOW 26070 TG-26020/25960/25880 SL-26145 (CMP-26094)
ReplyDeleteMCX tips
Copper is poised for the first monthly advance since July before an official gauge of Chinese manufacturing growth and on speculation that planned strikes at mines in Indonesia and Peru may disrupt supplies.
ReplyDeleteCommodity Intraday Tips
Its not easy to collect daily market updates and upload it. It needs a lot of efforts and knowledge about the share market which we can see through the given MCX tips.
ReplyDeleteYour blog information is nice and market update is LME copper will be offered at USD 4,580-4,610/mt during Asian trading hours.......
ReplyDeleteindian stock market tips
The S&P BSE Sensex was down 50.75 points or 0.17 percent at 29,596.67.capitalstars
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