Precious Metals
Gold prices recovered by
Rs 293 to Rs 25,930 per 10 grams in futures trade today as
participants created fresh positions after the precious metal
recovered from three-month
lows. At the Multi Commodity Exchange,
mcx gold for delivery in April rose by Rs 293, or 1.14 per
cent, to
Rs 25,930 per 10 grams in a business turnover of 1,132 lots.The metal
for delivery in
June moved up by Rs 273, or 1.06 percent, to Rs
26,038 per 10 grams in a turnover of 35 lots.
The metal for delivery
in June moved up by Rs 273, or 1.06 percent, to Rs 26,038 per 10
grams
in a turnover of 35 lots.
Analysts said fresh positions
created by participants taking a lead from the overseas markets
after the US Federal Reserve indicated that interest rates may rise
at a slower pace than
estimated, influenced gold prices at futures
trade here.Meanwhile, gold added as much as 0.9
percent to USD
1,177.96 an ounce in Singapore.
Base Metals &
Energy
Crude oil prices rose by
0.37 percent on Friday at the domestic markets following the
re-
opening of the Houston Shipping Channel for oil imports. The
channel closed after a vessel
collision between a tanker and a
Liberian bulk carrier earlier this week prompted a refinery rate
cut. Elsewhere in Houston, progress in negotiations between a union
representing refinery
workers and the Shell Oil Company provided
encouraging signs that the two sides could end a
40-day work
stoppage. At the MCX, crude oil futures for March 2015 contract were
trading at
Rs. 2,971 per barrel, up by 0.37 percent, after opening
at Rs. 2,964 against the previous closing
price of Rs. 2,982. It
touched the intra-day high of Rs. 2,974 till the trading.
Agro Outlook
Turmeric
settled up by 0.37% at 8068 on concerns over production. Lower
arrivals and demand
from domestic buyers are supporting prices.
Availability of good quality spice is lower.
According to traders,
though carryover stocks are ample, traders are holding the produce
on
expectations of a surge in prices. Also, due to high moisture
content in the newly-arrived
produce, demand for the carryover
stocks from last year is on the higher side. Agriculture
Department
estimates put turmeric production this year at around 3.7 million
bags compared
with 5.2 million bags a year ago.
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