Gold Futures were Trading on a Flat Note in The Domestic Market

Gold futures were trading on a flat note in the domestic market on Tuesday as investors and speculators stayed cautious over booking fresh positions in the precious metal tracking a subdued trend in the overseas market amid rising speculation that the US Federal Reserve may begin monetary tightening in the coming months as the US economy improves, dimming the appeal of the bullion as a store of value. Federal Reserve Bank of Dallas President Richard Fisher said that he isn’t concerned over inflation, raising bets of monetary tightening in the US in the coming months Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,490 per 10 grams, up by 0.04 per cent, after opening at Rs. 26,492, against the previous closing price of Rs 26,480. It touched an intra-day high of Rs 26,533.

Copper futures rose in the domestic market on Tuesday as investors and speculators booked fresh positions in the base metal amid a pickup in physical demand for copper in the domestic spot market. At the MCX, copper futures for November 2014 contract is trading at Rs. 411.60 per 1 kg, up by 0.34 per cent, after opening at Rs. 411, against the previous closing price of Rs. 410.20. It touched an intra-day high of Rs. 411.95.

Crude oil futures fell in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity amid speculation that the OPEC, which will meet on Thursday at Vienna, may ask three members of the group including Iran, Iraq and Libya to refrain from production cuts, raising concerns over abundant supplies. A slowdown in US services activity in November signaled a cooling recovery in the world’s biggest economy, clouding the demand outlook for the fuel. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,716 per barrel, down by 0.76 per cent, after opening at Rs 4,739, against a previous close of Rs 4,752. It touched an intra-day low of Rs 4,711.

Cardamom prices fell by 0.64 per cent on Tuesday 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. 847.80 per kg, down by 0.64 per cent, after opening at Rs. 852.90 against the previous closing price of Rs. 853.30. It touched the intra-day low of Rs. 845 till the trading. (At 10.42 AM today). Sentiment weakened further as the traders booked profits at the prevailing levels in the midst of a subdued demand for the commodity.

Mentha oil prices rose by 0.25 per cent on Tuesday 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. 682 per kg, up by 0.25 per cent after opening at Rs. 679 against the previous closing price of Rs. 680.30. It touched the intra-day high of Rs. 682.60 till the trading. (At 2.45 PM today).