Ways2Capital Commodity Research Report 19 October 2015

INDORE, India - Oct. 19, 2015 - PRLog -- MCX - WEEKLY NEWS LETTERS

INTERNATIONAL NEWS

✍ PRECIOUS METAL

✍ Gold

Gold prices fell 0.43 per cent to Rs 27,360 per 10 grams in futures trade, amid a weak trend overseas and profit-booking by speculatorsAt the Multi CommodityExchange, gold for delivery in far-month February next year eased Rs 117, or 0.43 per cent, to Rs 27,360 per 10 grams, in a business turnover of 17 lots.December gold shed Rs 109, or 0.40 per cent, to Rs 27,148 per 10 grams in 392 lots.Analysts said besides profit-booking by speculators, a weak trend in overseas markets, weighed on gold futures.Globally, gold traded 0.45 per cent lower at $1,178.10 an ounce in Singapore today.

✍ Silver

Silver prices rose marginally to Rs 37,596 per kg in futures trading as speculators widened positions amid a firming trend in precious metals overseas.At the Multi Commodity Exchange, silver for delivery in December was trading higher by Rs 21, or 0.06%, at Rs 37,596 per kg in business turnover of 2,054 lots.Likewise, the white metal for delivery in March gained Rs 19, or 0.05%, to Rs 38,295 per kg in 31 lots.Market analysts said positions enlarged by speculators in tandem with a firming trend in the precious metals overseas on speculation that the US Federal Reserve will delay hike in interest rates and weakening dollar, influenced silver prices at futures trade.Meanwhile, silver was up 0.22% at $16.16 an ounce in Singapore.

✍ Crude oil

Crude oil prices rose sharply by Rs 62 to Rs 3,279 per barrel in futures trade as speculators widened their bets after it extended recent rally in Asia.At Multi Commodity Exchange, crude oil for delivery in October contracts was trading higher by Rs 62, or 1.71%, at Rs 3,279 per barrel, with a business turnover of 8,967 lots.The oil for November delivery also moved up Rs 55, or 1.68%, to Rs 3,329 per barrel, with a business volume of 910 lots.Marketmen attributed the rise in crude oil futures to a firming trend in Asian trade on hopes that increasing demand and a decline in US crude production would ease a supply glut that has depressed the market for more than a year.Meanwhile, West Texas Intermediate crude prices for November delivery climbed 0.49% to $49.67 a barrel, while Brent for November also advanced 0.45% to $53.29 a barrel in late-morning trade on the New York Mercantile Exchange.

✍ Copper

Copper futures were up 1.50% at Rs 344.95 per kg as speculators enlarged bets, largely in step with a firming trend in base metals at the London Metal Exchange (LME).At Multi Commodity Exchange, copper for delivery in November rose Rs 5.10, or 1.50%, at Rs 344.95 per kg, in a turnover of 4,681 lots.Metal for delivery in far-month February next year also rose Rs 4.80 to trade at Rs 350.60 per kg, with trade volume of 86 lots.Analysts said gains in copper and other metals overseas after Glencore has cut production this year and rising demand at the domestic spot markets influenced metal prices at futures trade here.

✍ Nickel

Nickel prices were up by Rs 2 to Rs 686.20 per kg in futures market as speculators enlarged positions amid a firming trend overseas and spot demand.At the Multi Commodity Exchange, nickel for delivery in October gained Rs 2, or 0.29 per cent, to Rs 686.20 per kg, in a business turnover of 447 lots.The November contract gained Rs 1.80, or 0.26 per cent, to Rs 692.70 per kg in seven lots.Analysts said apart from increased domestic demand from alloy-makers, rise in select base metal prices in global markets, influenced nickel prices in futures trade.

✍ Lead

Lead futures strengthened by 0.26 per cent to Rs 116.45 per kg as speculators enlarged positions on rising demand in the domestic spot market and a firming trend overseas.At Multi Commodity Exchange, lead for delivery in October was trading higher by 30 paise, or 0.26 per cent, at Rs 116.45 per kg, with a turnover of 271 lots.The metal for delivery in November rose by 10 paise, or 0.09 per cent, to Rs 117.35 per kg, in a business volume of three lots.Marketmen said apart from pick-up in domestic demand, particularly from battery-makers, gains in base metals at the London Metal Exchange after bullish comments from miners and speculation that central banks in China and the US will continue easier monetary policies to counter weaker economic data, supported the upside in lead futures here.


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