Base Metals & Agro Outlook DAILY REPORT 07.04.2015

Base Metals

Zinc futures soared in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc from the domestic spot market. Upbeat Euro area factory data which signaled a pickup in the 19-member economy also lifted the demand outlook for zinc. The Eurozone manufacturing PMI rose to the highest level in ten months at 52.2 in March from 51 in February, with a reading above 50 signaling expansion. At the MCX, Zinc futures for April 2015 contract closed at Rs 132.45 per 1 kg, up by 1.38 percent after opening at Rs 130.9, against the previous closing price of Rs 130.65. It touched the intra-day high of Rs 132.8 till the closing.

Agro Outlook
Chana prices closed higher 1.83 percent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the traders enlarged their holdings in the commodity on account of the good demand in the market. At the NCDEX chana futures for April 2015 contract closed at Rs. 3,675 per quintal, up by 1.83 percent, after opening at Rs. 3,602 against the previous closing price of Rs. 3,609. It touched the intra-day high of Rs. 3,679. 

Coriander prices rose by 4 percent on Monday 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. 9,155 per quintal, up by 4 percent after opening at Rs. 8,810 against the previous closing price of Rs. 8,803. It touched the intra-day high of Rs. 9,155 till the trading.