Commodity Research Report Ways2Capital 31 August 2015 Madhya Pradesh

INDORE, India - Aug. 31, 2015 - PRLog -- MCX - WEEKLY NEWS LETTERS

INTERNATIONAL NEWS

✍Gold

Gold prices rose 0.79% to Rs 26,671 per 10 grammes in futures trade on friday as speculators created fresh positions, taking positive cues from global markets.At the Multi Commodity Exchange, gold for delivery in far-month December was up by Rs 209, or 0.79% to Rs 26,671 per 10 gm in a business turnover of eight lots.The metal for delivery in October moved up by Rs 202 or 0.77% to Rs 26,480 per 10 gm in a turnover of 216 lots.Market analysts said rise in the precious metal in global markets as prospects dimmed as market turmoil has delayed the Federal Reserve's plan to raise interest rates.Globally, gold climbed as much as 0.6% to $1,131.80 an ounce in Singapore today

✍ Silver

Silver fell 1.4 per cent to hit nearly three-week low on Thursday, following weak global demand trend.
In the spot trade here, silver fell Rs 500 to close at Rs 34,500 on Thursday, the level last seen on August 8. In London, however, silver was trading flat to quote at $14.20.“There has been weak silver demand from the industrial sector for over the last three–four years. But, the recent step by the Chinese government to strengthen its economy through pumping of fresh money into the system followed by yuan devaluation has created uncertainty for recovery in industrial production. Silver follows base metals. Therefore, the fall in base metals has direct co-relation with silver being nearly 66 per cent of global production finds application in various industries.

Most importantly, the US Fed’s latest statement of raising interest rate in the first quarter of calendar 2016, has also raised doubts on the recovery on the industrial sector. So, overall global silver consumption for industrial use is likely to remain lower, which pushes its price down.
“Also, the gold-silver ratio, the barometer for the future bullion price movement, indicates gold price to remain firm going forward. Gold will outperform silver mainly because of weak global economic sentiment and volatility in equity markets,” said an analyst. Gold-silver ratio currently stands at nearly 80, the highest since economic downturn in 2008. Gold fell by 0.86% or Rs 230 to close on Thursday at Rs 26,470 per 10gms here.Meanwhile, base metals fell sharply to hit multi year low on the benchmark London Metal Exchange (LME) on subdued demand from the world's largest consumer, China. Experts are eyeing a recovery in Chinese demand on reversal in base metals prices.

✍ Zinc

Zinc futures were up 1.30% to Rs 117.15 per kg as speculators created positions amid a firming trend in base metals overseas and better domestic demand.Zinc for delivery in August was up by Rs 1.50, or 1.30%, to Rs 117.15 per kg, with a business turnover of 676 lots in futures trading at the Multi Commodity Exchange.
The metal for delivery in September also rose Rs 1.50, or 1.29% to Rs 117.95 per kg, with a business turnover of 274 lots.Marketmen said besides a firming trend at domestic spot market, strength in base metals at the London Metal Exchange supported the upside in zinc prices at futures trade as US economic data that beat analysts' estimates boosted the outlook for metals demand

✍ Copper

Taking positive cues from overseas markets, copper prices moved up by 1.12% to Rs 332.80 per kg in futures trade on Thursday  as speculators created fresh positions.Besides, pick up in demand from consuming industries in the spot market supported the upside.At the Multi Commodity Exchange, copper for delivery in August month rose by Rs 3.70, or 1.12% to Rs 332.80 per kg in business turnover of 982 lots.Similarly, the metal for delivery in far-month November traded higher by Rs 3.05, or 0.92% to Rs 336.25 per kg in 121 lots.Analysts attributed the rise in copper at futures trade to a firm global trend after comments from a Federal Reserve member added to doubts about the US raising interest rates in September and as China's stock market halted the steepest five-day rout since 1996.Meanwhile, copper for delivery in three months traded 1.3% higher at $4,996.50 a metric tonne on the London Metal Exchange.

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