D A I L Y B U Z Z
Gold prices fell further by Rs 85 to Rs 27,565 per 10 gm in the national capital on Wednesday
on sluggish demand at current levels amid a weak global trend.
However, silver found scattered buying support from industrial units and recovered by Rs 400
to Rs 45,700 per kg.
Traders said sluggish demand at current levels and a weak global trend mainly kept pressure on gold prices.
Gold in New York, which normally set price trend on the domestic front, fell by $ 17.70 to $
1452.60 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 85 each to Rs 27,565 and
Rs 27,365 per 10 gm, respectively. It had lost Rs 220 yesterday. Sovereign also lost Rs 100 at Rs 23,900 per piece of eight gram.
On the other hand, silver ready recovered by Rs 400 to Rs 45,700 per kg and weekly-based
delivery by Rs 235 to Rs 44,865 per kg. The white metal had lost Rs 900 in the previous
session.
Meanwhile, silver coins lacked necessary buying support and dropped by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
Base Metals & Energy
D A I L Y B U Z Z
Oil was mixed in Asian trade Wednesday after China recorded a trade surplus, appe aring to
allay concerns about faltering demand in the world's second largest economy and biggest
energy user.
New York's main contract, light sweet crude for delivery in June, turned higher in the
afternoon, gaining six cents to $95.68 a barrel, while Brent North Sea crude for June delivery
shed 13 cents to $104.27.
China swung back to a trade surplus of $18.2 billion in April after posting a rare deficit the
previous month, official data showed Wednesday.
April imports increased 16.8 percent year-on-year to $168.9 billion, Customs said, while
exports rose 14.7 per cent to $187.1 billion. In March, the country had posted a deficit of $880
million.
Further short-term gains in oil prices will however be curbed by concerns over burgeoning US
crude stockpiles, Teoh added. The US Department of Energy releases its weekly inventory
report later Wednesday. Analysts polled by Dow Jones Newswires projected an increase of 1.4
million barrels in the week ended May 3.
Agro Outlook
D A I L Y B U Z Z
Cardamom prices rose by Rs 2.70 to Rs 758.70 per kg in futures trade on Tuesday as speculators indulged in creating fresh posit ions, supported by a rise in demand in the spot market against restricted arrivals from producing belts.
At the Multi Commodity Exchange, cardamom for delivery in May rose by Rs 2.70, or 0.36 per
cent, to Rs 758.70 per kg in business turnover of 1147 lots.
In restricted activity, pepper prices gained 0.82 per cent to Rs 36,350 per quintal in futures trading on
Tuesday as speculators created fresh positions driven by restricted supplies from Kerala amid depleting stocks.
At the National Commodity and Derivatives Exchange, pepper for delivery in May spurted by Rs 295, or 0.82 per cent, to Rs 36,350 per quintal with an open interest of 428 lots.
Turmeric fell by Rs 146 to Rs 6,032 per quintal in futures market on Tuesday after participants trimmed their positions weighed by weak exports and increased supplies.
At the National Commodity and Derivatives Exchange, turmeric for the most-active June delivery contracts fell by Rs 146, or 2.36 per cent, to Rs 6,032 per quintal with an open interest of 29,145 lots.
Likewise, the spice for delivery in May shed Rs 92, or 1.52 per cent, to Rs 5,980 per quintal in 2,225 lots.
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