Gold futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal amid a pickup in physical demand for gold in the domestic spot market. Meanwhile, China’s gold imports from Hong Kong rose for the third straight month in October, signaling a pickup in bullion demand in the world’s biggest gold consumer. All eyes are on a string of US economic data including jobless claims, consumer spending, new home sales and durable goods orders to be released today which may offer further cues over the health of the world’s biggest economy and determine US Fed rate outlook. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,372 per 10 grams, up by 0.17 per cent, after opening at Rs. 26,363, against the previous closing price of Rs 26,326. It touched an intra- day high of Rs 26,417. (At 11:28 AM).
Copper futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the base metal amid a pickup in physical demand for copper in the domestic spot market. Sentiment was also boosted after the US economy grew at a faster than initially estimated pace in the third quarter, lifting the demand outlook for industrial metals. US Q3 GDP growth was upwardly revised from 3.5 per cent to 3.9 per cent. At the MCX, copper futures for November 2014 contract is trading at Rs. 405 per 1 kg, up by 0.26 per cent, after opening at Rs. 404.60, against the previous closing price of Rs. 403.95. It touched an intra-day high of Rs. 405.85. (At 11:30 AM).
Crude oil futures plunged deeper into bear terrain on Wednesday as investors and speculators bet that the OPEC may not reduce oil output at a meeting tomorrow as pre-OPEC talks failed to result into a joint commitment to slash production. Russia, Saudi Arabia, Mexico and Venezuela failed to reach an agreement to slash output in a bid to ease a supply glut and support oil prices which have slumped to the lowest level in more than four years. An uptick in US oil supplies amid production at the highest level in three decades also weighed on sentiment as the API said that US crude stockpiles rose by 2.8 million barrels last week. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,606 per barrel, down by 0.75 per cent, after opening at Rs 4,625, against a previous close of Rs 4,641. It touched an intra-day low of Rs 4,601. (At 11:22 AM).
Cardamom prices fell 0.74 per cent on Wednesday at the Multi Commodity Exchange (MCX) due to the adequate stocks availability in the physical market on account of higher supply from the producing belts of Chandausi in Uttar Pradesh. At MCX, Cardamom futures for December 2014 contract were trading at Rs. 833 per kg, down by 0.74 per cent, after opening at Rs. 835.10 against the previous closing price of Rs. 839.20. It touched the intra-day low of Rs. 831.30 till the trading. (At 10.30 AM today).
Mentha oil prices fell by 0.47 per cent on Wednesday at the Multi Commodity Exchange (MCX) as a result of the increased arrivals of the commodity in the physical market from the major producing belts in Uttar Pradesh. At MCX, Mentha oil futures for November 2014 contract, at MCX, were trading at Rs. 684.50 per kg, down by 0.47 per cent after opening at Rs. 684.50 against the previous closing price of Rs. 683.20. It touched the intra-day low of Rs. 677.30 till the trading. (At 2.45 PM today).
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