DATE: 06/04/2015
Base Metals & Energy
Copper prices rose by 0.48 per cent on Wednesday at the domestic markets after euro zone’s manufacturing PMI rose unexpectedly last month, data showed on Wednesday signaling improving sentiment in the euro area which raised the demand outlook for the metal. In a report, research group Markit said the euro zone’s manufacturing PMI rose to 52.2, from 51.9 in the preceding month. At the mcx copper futures for April 2015 contract were trading at Rs. 380.25 per 1 kg, up by 0.48 per cent, after opening at Rs. 380 against the previous closing price of Rs. 378.45. It touched the intra-day high of Rs. 382.80 till the trading. However, gains were limited as market players digested a pair of reports on Chinese factory activity, amid growing concerns over a slowdown in the world's second largest economy. China's manufacturing purchasing managers' index inched up to 50.1 this month, just above the 50-point level that separates growth in activity from contraction while China HSBC final manufacturing PMI was revised up to 49.6 in March from an initial estimate of 49.2 but down from 50.7 the previous month.
Agro Outlook
Chana prices closed higher 1.88 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. 3,677 per quintal, up by 1.88 per cent, 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. Moreover, the restricted arrivals of the commodity in the physical market due to lower estimated output also influenced the chana prices. India produces around 6 to 8 million tonnes and contributes around 70 percent of the total world production.
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