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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