10/22/2010 06:59:00 PM
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Commodity Metal , NNCDEX, MCX Updates
India Yellow spice futures near month contract declined on the anticipation of higher output on the back of reports of the higher area under coverage. Far month futures were traded marginally higher.
The latest updates from the Andhra Pradesh agriculture department shows that, the area under turmeric as on 20th October 2010 stands higher at 0.65 lakh hectare against 0.59 lakh hectare same period last year and against the normal area of 0.64 lakh hectare. Yesterday, the base metals that were led by nickel, recovered at the non-ferrous metal market due to the start of fresh buying activity from the stockists and the good industrial off-take.
The nickel rose by Rs 10 per kilo to Rs 1,170 while copper cable scrap, copper wire bar, zinc and lead firmed up by Rs 2 per kilo each to Rs 400, Rs 428, Rs 125 and Rs 116 respectively. Moreover, the copper scrap heavy, copper utensils scrap, brass utensils scrap and aluminium utensils scrap rose by Re 1 per kilo each to Rs 393, Rs 361, Rs 263 and Rs 100 respectively.
Spot gold prices declined around 0.5% and are hovering around Rs 1319/oz till 3.45 pm IST today. Despite mixed sentiments in the global financial markets,
the yellow metal prices witnessed declines mainly on the back of strength in the US Dollar Index (DX) today. On the MCX platform, gold prices were trading
on a flat note today. Depreciation of the Indian Rupee (INR) cushioned gold prices on the domestic bourses today. Spot Rupee depreciated by 0.4% and were
trading at 44.59 till 3.45 IST today, after ending on a flat note in the last two sessions of this week.
Copper prices climbed by 0.3% on the LME, touching an intra-day high of $8385/tonne till 3.45 pm IST today. The red metal prices were hovering around
$8294/tonne on the LME around the same time. Major rise in copper prices were capped due to strength in the DX coupled with choppy market sentiments.
On the MCX, copper prices gained merely 0.1%, and were trading around Rs 373.45/kg at 3.45 pm IST. Copper inventories on the LME dropped by 1,175
tonnes to reach at 368,825 tonnes today.
Crude oil prices gained by 0.7% on the Nymex, touching an intra-day high of $81.16/bbl till 3.45 pm IST today. The pension reform strike at Marseille in
France is supporting crude oil prices on the back of disturbance in the oil production. Moreover, rising demand for oil for winter heating purposes is also
supporting crude oil prices. On the MCX, crude oil prices gained around 0.6% and were trading at Rs3635/bbl till 3.45pm IST today. Crude oil prices have
been trading on a volatile note within a wide range in this week.
