WEEKLY COMMODITY NEWS

Precious Metals

Gold prices steadied on Friday, on track for their biggest weekly rise since June, as the dollar retreated and sliding oil prices hurt risk appetite, prompting another drop in stocks. Gold is up 3 per cent so far this week. Weakness in stocks has prompted some investors to buy the metal as an alternative asset, while a drop in the US unit made dollar-priced bullion cheaper for other currency holders. Spot gold was flat at $1,227.30 an ounce at 0956 GMT, while US gold futures for December delivery were up $2.30 an ounce at $1,227.90. The dollar index was down 0.3 per cent on Friday and European stocks slid another 1.4 per cent, with further declines in the price of oil hitting energy stocks and political concerns over Greece also curbing risk appetite. Benchmark Brent crude oil futures fell 1.3 per cent to below $63 a barrel, the lowest since July 2009, hurt by a global supply glut and a sluggish demand - outlook. Brent is down 8 per cent this week, and 45 per cent below its June peak. Among other precious metals, silver was up 0.5 per cent at $17.17 an ounce, while spot platinum was up 0.2 per cent at $1,240.05 an ounce and spot palladium was down 0.1 per cent at $815.72 an ounce.

Base Metals & Energy

NICKEL

Nickel prices shot up by 0.82 per cent to Rs 1,022.80 per kg in the futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers. Besides, an encouraging trend in copper and other base metals in the global markets supported the upside. At the Multi Commodity Exchange, nickel for delivery in current month gained Rs 8.30, or 0.82 per cent, to Rs 1,022.80 per kg in business turnover of 681 lots. The metal for delivery in January next year rose by Rs 7.70, or 0.75 per cent, to trade at Rs 1,028.40 per kg in 27 lots.

ZINC

Zinc futures edged up by 0.11 per cent to Rs 137.15 Per kg amid a firm global trend and better domestic demand as speculators enlarged positions. At the Multi Commodity Exchange, zinc for delivery in January next year month edged up by 15 paise, or 0.11 per cent, to Rs 137.15 per kg, with a business turnover of two lots. The metal for delivery in current month also rose by 10 paise, or 0.07 per cent, to Rs 136.45 per kg with a business turnover of 128 lots.