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MCX Market this Week an insight 29 to 04 May

MCX Market this Week an insight 29 to 04 May

Ratings: (0)|Views: 2 |Likes:
Published by Rehana Kapoor
Gold prices in the global market extended Thursday's gains on Friday after a significant rise in physical demand. Spot gold
prices rose to US$1,474.55 per ounce as of 10.28 AM IST on Friday.
Gold futures for June delivery on Globex platform of Comex was seen trading slightly up by 0.87% at $1474.45 per troy ounce
as on Friday.
Gold prices in the global market extended Thursday's gains on Friday after a significant rise in physical demand. Spot gold
prices rose to US$1,474.55 per ounce as of 10.28 AM IST on Friday.
Gold futures for June delivery on Globex platform of Comex was seen trading slightly up by 0.87% at $1474.45 per troy ounce
as on Friday.

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Categories:Types, Research
Published by: Rehana Kapoor on Apr 29, 2013
Copyright:Attribution Non-commercial

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04/29/2013

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www.TheEquicom.com+919200009266
Weekly MCX Newsletter
29
th
APRIL TO 4
h
MAY’2013
 
 
Weekly MCX Report22
nd
to 27
th
April’2013
www.TheEquicom.com +919200009266
 
www.TheEquicom.com+919200009266
 
BULLIONS:
Gold prices in the global market extended Thursday's gains on Friday after a significant rise in physical demand. Spot goldprices rose to US$1,474.55 per ounce as of 10.28 AM IST on Friday.Gold futures for June delivery on Globex platform of Comex was seen trading slightly up by 0.87% at $1474.45 per troy ounceas on Friday.Gold futures on India's Multi Commodity Exchange (MCX) for June delivery was also up by 0.51% at Rs.27180 per 10 grams ason Friday.US GDP data is out for the day at 7.00 PM IST evening and traders may get trading clues from the data released.Also, US jobless claims data that was released yesterday portray a better economic outlook as the figures have declined by16,000 to a seasonally adjusted 339,000 in the week ended April 20.On April 23 the US Mint stated that it suspended sales of smallest gold coins after a significant surge in demand.Significant surge in physical demand for gold around the world, especially from Asia has been supporting gold prices in theglobal market after the recent bear rally in metal complex.Hindus in India are about to celebrate Akshaya Tritiya festival on May 13 which is widely believed to be an auspicious day tobuy precious metals.Ongoing wedding season demand in India is also supporting bullion prices.“Nationwide daily sales of jewellery, coins and bars may be about 4 metric tons, compared with normal levels of about 2tons to 2.5 tons,” Rajesh Mehta, chairman of Rajesh Exports Ltd. (RJEX), said to Bloomberg.Central banks may take benefit of fall in gold prices, according to the London-based World Gold Council.
 
MARKET WRAP
 
The primary dealers of bullion in India struggled to keep pace withrobust demand quoting higher premiums, even as prices recoveredpartially from their lowest level in more than 18 months.India, the biggest buyer of gold, has been trying to limit imports tokeep a lid on record current account deficit, and the economicadvisory council expects the country to import USD 45 billiontonnes of the yellow metal in the year to March 2014. 
 
www.TheEquicom.com+919200009266
 
BASE METALS:
European secondary aluminum ingot prices stayed flat on Friday April 26, with some producers looking to sell into the UK forthe first time, as continental prices offered no margin against high scrap prices.Shanghai Futures Exchange copper price was up on Friday April 26 as shorts closed positions ahead of the upcoming holidaysin China.London Metal Exchange copper price touched a nine-day high during morning Asian trading on Friday April 26 as traderssquared positions ahead of holidays in China and expectations of a rate cut by the European Central Bank.Metals including cobalt, nickel and rhenium account for about 25% of the overall cost of an F135 jet engine, Pratt &Whitney’s vp of the F135 project told delegates at the Minor Metals Trade Assn annual conference in Washington.The range for Chinese spot nickel premiums was unchanged this week even as offers for seaborne material bought withletters of credit went up.Sequential weakness in Chinese domestic concentrate and refined production, as well as lower concentrate imports (and apick-up in some semi-fabricated lead exports), versus a solid pick-up in battery and e-bike production, have lead to abalanced refined market in 2013 so far.LME cash prices have subsequently fallen below $16,000/t in mid-April for only the second period since mid-2009. The factthat LME stocks have continued to rise despite the strong growth in Chinese imports, demonstrates, according to Barclaysview, the weakness in stainless demand ex-China, particularly in Europe, with little supply chain restock of note emerging sofar this year.“With contract TCs settled 10% higher and physical premiums also likely to be higher, we believe there will be a biggerincentive for smelters to process concentrate so we expect the surplus to form both in metal and concentrate,” notedBarclays.
 
Comex Copper slightly up capped by low China manufacturingdata.MCX Copper trades negative as China PMI data subduedWhilethe government has signaled some manoeuvring room,uncertainty surrounding
 
bauxite supply will likely persist.The more volatile alumina imports fell by 55% y/y to 195Kt inMarch (down 45% m/m), but total Q1 imports of 1Mt were only11% lower than last year. 

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