DATE: 25.03.2015
Precious Metals
Gold futures were trading with slim losses in the domestic market on Tuesday as investors weighed the pace of US interest rate increases while a rebound in the dollar curbed the demand for the bullion as an alternative asset.Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. At the MCX Gold futures for April 2015 contract is trading at Rs 26,177 per 10 gram, down by 0.08 per cent after opening at Rs 26,169, against the previous closing price of Rs 26,198. It touched the intra-day low of Rs 26,135 till the closing.
Silver futures were trading little changed in the domestic market on Tuesday as investors and speculators were cautious over booking fresh positions in the precious metal ahead of key US economic data to be released today including February consumer prices, March manufacturing PMI, new home sales for February and Fed’s Bullard speech, which may offer some cues over the timing for the world’s top central bank to raise interest rates for the first time since 2006. At the MCX, Silver futures for May 2015 contract is trading at Rs 37,800 per 1 kg, up by 0.05 percent after opening at Rs 37751, against the previous closing price of Rs 37781. It touched the intra-day high of Rs 37842 till the closing.
Base Metals & Energy
Zinc futures fell in the domestic market on Tuesday after a renewed contraction in China’s manufacturing sector clouded the demand outlook for the base metal. China’s private factory gauge fell below the mark of 50 in March to 49.2, an eleven-month low. At the MCX, Zinc futures for March 2015 contract closed at Rs 129.55 per 1 kg, up by 1.25 percent after opening at Rs 127.70, against the previous closing price of Rs 127.95. It touched the intra-day high of Rs 129.90 till the closing.
Natural Gas futures plummeted in the domestic and overseas market on Monday as forecasts for mild spring weather threatened to curb the demand for the heating fuel. The Commodity Weather Group expects mostly average temperatures in the contiguous US from April 2 to April 6. At the MCX, Natural Gas futures for March 2015 contract closed at Rs 170.40 per 1 kg, down by 2.46 per cent after opening at Rs 173.50, against the previous closing price of Rs 174.70. It touched the intra-day low of Rs 167.90 till the closing.
Agro Outlook
Coriander prices rose by 3.99 per cent on Tuesday 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. 7,945 per quintal, up by 3.99 per cent after opening at Rs. 7,550 against the previous closing price of Rs. 7,640. It touched the intra-day high of Rs. 7,945 till the trading.
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