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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