Bullion futures inch up ahead of US data, wheat takes a dip
The sentiment among bullion futures traders was neutral as they were waiting for direction before some economic indicators of the US economy were announced.
By TNN |
MUMBAI: The sentiment among bullion futures traders was neutral as they were waiting for direction before some economic indicators of the US economy were announced.
On the agri front some rollover was witnessed in the spices and pulses complexes. In bullion, as the data was below expectations, the dollar fell, giving a boost to precious metals. After trading sideways on Monday in New York, the price of gold in London hit a high of $628.4 an ounce on Tuesday.
In the first session of trading up to 5 pm on Tuesday, MCX gold for December delivery closed at Rs 9,156 per 10 gm, up Rs 19. December silver closed at Rs 19,269 per kg, down Rs 53.
The exchange recorded a total turnover of Rs 2,232.3 crore (single sided) at 5 pm (session I) of which the combined bullion contracts registered a turnover of Rs 836.6 crore, including various gold contracts of Rs 554.9 crore and silver contracts worth Rs 281.7 crore.
MCX Comdex on Tuesday closed at 2,171.5, up 3.9 points. The metal index closed at 2,567.9, up 6.9 points and the energy index closed at 2,254.9, up 5.7 points.
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On agri front, wheat for December delivery was down 0.5% at Rs 1,144.6 per quintal. Navneet Damani of Anand Rathi Commodities sees a spread opportunity wherein December can be sold and January purchased as the spread currently at a -2.8 is expected to widen to -15. He sees a target of Rs 1,175-1,185 for the December contract. While Pankil Shah, associate director of Angel Broking, credited good spot demand for the rise in the pulses complex, Mr Damani sees a technical reversal pattern has taken place, especially in chana which has witnessed a correction of Rs 400 over one week, falling to Rs 2,700/quintal.
The December chana contract was up three-fifths of a per cent at Rs 2,824 per quintal, while urad December moved up over four-fifths of a per cent at Rs 3,499 per quintal. The agri index was a tad lower at 1,654.6 points while overall volumes up to 5 pm were Rs 2,717 crore.
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