12 Sep 2013

MCX Silver futures fell on Weak global cues

Silver futures fell in the domestic market on Today as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market. Investors are jittery ahead of the two-day policy meet of the US Federal Reserve with speculation rising that the Fed may taper QE as the world’s biggest economy gains momentum. A scale back in stimulus may be negative for silver, given that the precious metal is a hedge against the inflationary risk of monetary stimulus. 

MCX Copper futures muted as Fed decision eyed

Copper futures were trading on a flat note in the domestic market on Today as investors refrained from booking fresh positions in the industrial metal ahead of the monetary policy decision by the US Federal Reserve next week. Investors are jittery that a scale back of record stimulus may exert further upward pressure on US interest rates and hurt the country’s economic recovery, dimming the demand prospects for the industrial metal. 

MCX Cardamom rises by 0.32% on strong demand

Reversing its previous day’s losses, cardamom prices rose by 0.32 per cent on Thursday at the Multi Commodity Exchange (MCX) on account of good buying support from both exporters and upcountry buyers and also on hopes of improved export demand. At MCX, Cardamom futures for September 2013 contract were trading at Rs. 692 per kg, up by 0.32 per cent, after opening at Rs. 692 against the previous closing price of Rs. 689.80. It touched the intra-day high of Rs. 692 till the trading.

MCX Gold futures fall amid QE tapering fears

Gold futures fell in the domestic market on Today as investors and speculators exited positions in the precious metal amid speculation that the US Federal Reserve may start tapering its USD 85 billion monthly bond buying program when it meets next week, dimming the appeal of the precious metal, which is a hedge against the inflationary risk of monetary stimulus. Russia and the US will today meet to discuss a diplomatic solution to the Syria crises by discussing a plan for the country to give up chemical weapons, diminishing the possibility of a military strike, dampening safe haven demand for the yellow metal.