Market update for June 26, 2013

Precious Metals:

D A I L Y B U Z Z

Tracking a weak global trend, gold prices slide by 0.41 per cent to Rs 26,760 per 10grams in futures trading today as speculators offloaded their positions.

At the Multi Commodity Exchange, gold for delivery in October declined by Rs 108, or 0.41 percent, to Rs 26,760 per 10 grams in business turnover of 327 lots.

Similarly, the yellow metal for delivery in August traded lower by Rs 98, or 0.37 per cent, to Rs26 ,627 per 10 grams in 9,731 lots.

Silver prices declined by 0.35 per cent to Rs 40,693 per kg in futures trade today due to sluggish demand in the spot market amid a weak global trend.

At the Multi Commodity Exchange, silver for delivery in July declined by Rs 141, or 0.35 percent, to Rs 40,693 per kg in business turnover of 10,831 lots.

Likewise, the white metal for delivery in September traded lower by Rs 128, or 0.31 percent to Rs41,125perkg in 1348 lots.Analysts said besides sluggish demand in the spot market and weakening global trend mainly kept pressure on silver prices at futures trade.

Meanwhile, silver in Singapore fell 0.7 per cent to USD 19.56 an ounce after dropping 2.1 percent yesterday.

Base Metals & Energy:

D A I L Y B U Z Z

Amid a weak overseas cues and sluggish spot demand, copper prices slide by 1.86 percent to Rs.400.20 per kg in futures trade today as speculators trimmed their positions.  At the Multi Commodity Exchange, copper for delivery in June fell by Rs 7.60, or 1.87 percent, to Rs 400.20 per kg in business turnover of 21986 lots.

Similarly, the metal for delivery in August shed Rs 6.95, or 1.68 per cent, to Rs 405.70 perkg in 2,988 lots.

Analysts attributed the fall in copper futures to weak global cues as inventories climbed to a 10-year high and operations resumed at the Grasberg mine in Indonesia.

Meanwhile,copper dropped 1.3 per cent to USD 6,728.50 a tonne on the London Metal 
Exchange.