MCX GOLD-SILVER COMMODITY

DATE: 26.03.2015

 

Precious Metals

Gold futures were trading lower in the domestic market on Wednesday after better than expected US inflation data upped bets of US monetary tightening, dimming the appeal of the bullion as a store of value. US consumer prices rose for the first time in four months, up 0.2 per cent in February 2015 from the previous month, raising bets that inflation may gradually move towards the Fed’s 2 per cent target, boosting the case for an interest rate hike in the coming months. At the MCX Gold futures for April 2015 contract is trading at Rs 26,270 per 10 gram, down by 0.31 percent after opening at Rs 26,280, against the previous closing price of Rs 26,351. It touched the intra-day low of Rs 26,212. 

Silver futures fell in the domestic market on Wednesday as investors and speculators exited positions in the precious metal amid caution after US core inflation data for February beat estimates, raising bets of US monetary tightening, dimming the appeal of the bullion as a store of value. Meanwhile, core consumer prices which strip out the effect of food and energy climbed 0.2 percent in February, topping expectations of a 0.1 per cent rise while overall consumer prices rose for the first time in four months, up 0.2 per cent in February 2015 from the previous month, raising bets that inflation may gradually move towards the Fed’s 2 per cent target, boosting the case for an interest rate hike in the coming months. At the MCX, Silver futures for May 2015 contract is trading at Rs 37,941 per 1 kg, down by 0.13 per cent after opening at Rs 37870, against the previous closing price of Rs 37991. It touched the intra-day low of Rs 37,750 till the closing. 

Base Metals

Zinc prices fell by 0.50 percent on Wednesday at the domestic markets as speculators trimmed positions after most industrial metals weakened at the London Metal Exchange (LME) as manufacturing slumped to 11-month low in China, the world's biggest consumer of metals. Zinc futures for March 2015 contract, at MCX, were trading at Rs 129.10 per kg, down by 0.50 per cent after opening at Rs. 129.30 against the previous closing price of Rs. 129.75. It touched the intra-day low of Rs. 128.55 till the trading. 

Agro Outlook

Coriander prices rose by 1.65 per cent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the limited stocks on account of restricted arrivals from the major growing belts. At the NCDEX DHANIYA futures for April 2015 contract was trading at Rs. 8,076 per quintal, up by 1.65 per cent after opening at Rs. 8,200 against the previous closing price of Rs. 8,005. It touched the intra-day high of Rs. 8,262 till the trading.