Date: 23.03.2015
Precious Metals
Gold futures rose in the domestic and overseas market on Thursday as investors continued to ponder Federal Reserve tea leaves on the prospects of a rate hike by June. Prices rose after somewhat dovish comments from Federal Reserve chair Janet Yellen regarding a potential interest rate hike helped the precious metal rebound from an extended slump. Further, weaker dollar boosted the demand for gold as an alternative asset, trimming losses in the bullion. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Gold may trade on a higher note today after the US Fed policy meet. At the MCX Gold futures for April 2015 contract closed at Rs 25,962 per 10 gram, up by 1.28 percent after opening at Rs 25,740, against the previous closing price of Rs 25,637. It touched the intra-day high of Rs 25,997 till the closing.
Gold futures rose in the domestic and overseas market on Thursday as investors continued to ponder Federal Reserve tea leaves on the prospects of a rate hike by June. Prices rose after somewhat dovish comments from Federal Reserve chair Janet Yellen regarding a potential interest rate hike helped the precious metal rebound from an extended slump. Further, weaker dollar boosted the demand for gold as an alternative asset, trimming losses in the bullion. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Gold may trade on a higher note today after the US Fed policy meet. At the MCX Gold futures for April 2015 contract closed at Rs 25,962 per 10 gram, up by 1.28 percent after opening at Rs 25,740, against the previous closing price of Rs 25,637. It touched the intra-day high of Rs 25,997 till the closing.
Base Metals & EnergyCopper prices fell by 0.39 per cent on Friday at the domestic markets after manufacturing activity in the Philadelphia-region expanded at the slowest pace in 13 months in March, fuelling concerns over the US economic outlook which reduced the demand outlook for the metal. The Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated to a reading of 5.0 this month from February’s reading of 5.2. At the MCX copper futures for April 2015 contract were trading at Rs.369.25 per 1 kg, down by 0.39 per cent, after opening at Rs. 370 against the previous closing price of Rs. 370.70. It touched the intra-day low of Rs. 367.80 till the trading.
Crude oil prices rose by 0.38 per cent on Friday at the domestic markets as the dollar weakened, but gains were limited by supply concerns after Kuwait said OPEC had no choice but to maintain output levels. A weaker dollar typically supports prices for commodities denominated in the greenback, making them cheaper for holders of other currencies. Gains were also limited after Iraq's southern oil exports have risen in March as poor weather that delayed cargoes in February cleared, putting OPEC's second-largest producer back within sight of record shipments. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,873 per barrel, up by 0.38 per cent, after opening at Rs. 2,885 against the previous closing price of Rs. 2,862. It touched the intra-day high of Rs. 2,887 till the trading.
Agro Outlook
Jeera prices closed higher by 0.55 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the investors increased their holdings in the commodity in the midst limited arrivals from growing regions. At the NCDEX, jeera futures for March 2015 contract closed at Rs. 14,590 per quintal, up by 0.55 per cent, after opening at Rs. 14,680 against the previous closing price of Rs. 14,510. It touched the intra-day high of Rs. 14,680. Sentiment improved further as a result of reduced domestic supplies in the physical markets and some export enquiries. Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year.
Jeera prices closed higher by 0.55 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the investors increased their holdings in the commodity in the midst limited arrivals from growing regions. At the NCDEX, jeera futures for March 2015 contract closed at Rs. 14,590 per quintal, up by 0.55 per cent, after opening at Rs. 14,680 against the previous closing price of Rs. 14,510. It touched the intra-day high of Rs. 14,680. Sentiment improved further as a result of reduced domestic supplies in the physical markets and some export enquiries. Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year.
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