COMMODITY- ZINC PRICES ROSE BY 1%

Date: 27/03/2015

Base Metals

Zinc prices rose by 1 percent on Thursday at the domestic markets after Germany’s Gfk consumer climate rose more-than-expected last month, data showed signaling improving sentiment in the region which raised the demand outlook for the metal. In a report, research group Gfk said that its index of Germany’s consumer climate rose to 10.0, from 9.7 in the preceding month. Zinc futures for March 2015 contract, at MCX, were trading at Rs 132.40 per kg, down by 1 per cent after opening at Rs. 130 against the previous closing price of Rs. 129.80. It touched the intra-day low of Rs. 129.95 till the trading.

Precious Metals

Gold futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as a weaker dollar boosted the appeal of the bullion as an alternative asset. Stronger greenback makes gold cheaper for those holding other currencies, thus dimming demand. A surprise drop in US durable goods orders last month signaled a slowdown in the world’s biggest economy, raising bets that the US Federal Reserve may hold off monetary tightening in the near-term, bolstering the appeal of gold as a store of value.

Gold may extend gains today amid renewed safe haven appeal and speculation of lower US interest rates for longer. At the MCX Gold futures for April 2015 contract closed at Rs 26,483 per 10 gram, up by 0.50 percent after opening at Rs 26,280, against the previous closing price of Rs 26,351. It touched the intra-day high of Rs 26,498 till the closing.

Agro Outlook

Coriander prices fell by 0.96 per cent on Thursday 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 dhaniya futures for April 2015 contract were trading at Rs. 7,925 per quintal, down by 0.96 per cent, after opening at Rs. 8,052 against the previous closing price of Rs. 8,002. It touched the intra-day low of Rs. 7,862 till the trading.