MCX Lead-Declining stockpiles and strong demand lift Lead futures
Lead futures rose for the third day on Today at the domestic market due to the decline in the lead stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME lead stocks fell by 1825 metric tonnes to 230725 metric tonnes as on May 28, 2013. At the MCX, Lead futures, for the May 2013 contract, is trading at Rs 117.10 per kg, up by 1.34 per cent, after opening at Rs 115.25, against a previous close of Rs 115.55.Sentiment improved further as a result of strong domestic demand from battery-makers as well as positive cues from global markets.
MCX Zinc-Zinc rises on upbeat demand outlook, declining stockpiles
Zinc prices rose by 0.69 per cent on Today at the domestic markets as traders hope that consumer confidence in the US may have risen to the highest level this month since November, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the metal. Zinc futures for May 2013 contract, at MCX, were trading at Rs. 102.50 per kg, up by 0.69 per cent after opening at Rs. 101.60 against the previous closing price of Rs. 101.80.Sentiment improved further due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 4250 metric tonnes to 1095600 metric tonnes as on May 28, 2013 However, gains were curbed as slowing economic growth in China, the world’s second biggest economy, signaled a gloomy demand outlook for the metal. Chinese Premier Li Keqiang said that the nation faces huge challenges and warned that new government reforms may result in slower economic growth. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
Copper futures rose in the domestic market on Today as investors and speculators created fresh positions in the precious metal amid a firm trend in overseas markets. Copper futures advanced in the overseas markets as an improvement in economic growth outlook boosted the demand prospects for the base metal. A rebound in global equities on Tuesday signaled a pickup in economic sentiment, a gauge for copper demand. Investors were also optimistic ahead of the US house prices index and consumer confidence data due today which may show a further improvement in the world’s biggest economy, lifting the demand outlook for the base metal. At the MCX, Copper futures, for the June 2013 contract, is trading at Rs 411.25 per kg, up by 0.97 per cent, after opening at Rs 406.95, against a previous close of Rs 407.30.
MCX Gold-Gold futures slip amid weak global cues
Gold futures fell in the domestic market on Today as investors and speculators exited positions in the precious metal amid a weak trend in overseas markets. Gold futures were trading lower in the overseas markets on Tuesday as a stronger dollar dimmed the appeal of the precious metal as an alternative asset. A stronger dollar makes the precious metal more expensive in overseas markets, thus dimming demand. Economic data to be released today may show a rise in US consumer confidence and an increase in home prices, signaling a pickup in the world’s biggest economy, raising speculation that the Fed may scale back its asset purchases program, dimming the outlook for the bullion, a hedge against the inflationary risk of monetary stimulus. At the MCX, Gold futures, for the June 2013 contract, are trading at Rs 26,257 per 10 gram, down by 0.71 per cent, after opening at Rs 26,426, against a previous close of Rs 26,446.
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