Precious Metals
GOLD
Gold futures fell in the domestic market on Thursday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as holdings in exchange traded products backed by gold fell to the lowest level in over six years, signaling weakening investment demand for the yellow metal. Holdings in the SPDR Gold Trust, the biggest gold-backed exchange traded product (ETP) fell to the lowest level since September 2008 to 718.82 metric tons on Wednesday. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,219 per 10 grams, down by 0.54 per cent, after opening at Rs. 26,308, against the previous closing price of Rs 26,362. It touched an intra-day low of Rs 26,131. (At 11:57 AM).
Base Metals & Energy
COPPER
Copper futures fell in the domestic market on Thursday as investors and speculators exited positions in the industrial metal after China’s industrial profits fell at the sharpest pace in two years, signaling a worsening slowdown in the world’s biggest metals consumer, darkening the demand outlook for copper. China’s industrial profits fell 2.1 per cent in October 2014 from the same month a year ago, the biggest decrease since August 2012, compared to a 0.4 per cent annual rise in September 2014. At the MCX, copper futures for November 2014 contract is trading at Rs. 404.70 per 1 kg, up by 0.20 per cent, after opening at Rs. 406.30, against the previous closing price of Rs. 405.50. It touched an intra-day high of Rs. 407.25. (At 12:03 PM).
CRUDE OIL
Crude oil futures slumped in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid speculation that the OPEC, which will meet in Vienna today may refrain from cutting production to ease a supply glut and support plunging prices.US oil production surged to the highest level in more than three decades, up 73,000 barrels to 9.08 million barrels per day last week.At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,524 per barrel, down by 1.20 per cent, after opening at Rs 4,566, against a previous close of Rs 4,579. It touched an intra-day low of Rs 4,517. (At 11:51 AM).
Agro Outlook
CARDAMOM
Cardamom prices rose by 1.13 per cent on Thursday at the Multi Commodity Exchange (MCX) on account of good buying support from both exporters and upcountry buyers and also on hopes of improved export demand. At MCX, Cardamom futures for December 2014 contract were trading at Rs 816.70 per kg, up by 1.13 per cent, after opening at Rs. 808.50 against the previous closing price of Rs. 807.60. It touched the intra-day high of Rs. 818.70 till the trading. (At 10.39 AM today).
MENTHA OIL
Mentha oil prices rose by 0.47 per cent on Thursday at the Multi Commodity Exchange (MCX) due to tight stocks position in the physical market due to restricted arrivals from producing belts.At MCX, Mentha oil futures for November 2014 contract, at MCX, were trading at Rs. 680.70 per kg, up by 0.47 per cent after opening at Rs. 676.60 against the previous closing price of Rs. 677.50. It touched the intra-day high of Rs. 681 till the trading. (At 2.45 PM today).
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