Financial Daily from THE HINDU group of publications
Tuesday, May 23, 2006
Financial Daily from THE HINDU group of publications Tuesday, May 23, 2006 |
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Metals Agri-Biz & Commodities - Commodity Markets Industry & Economy - Gold & Silver Base metals down, precious metals tumble Our Bureau
Mumbai , May 22 Domestic base metals extended their losses in Monday's trade on the back of a weak trend in international markets. Gold and silver tumbled tracking the overall weakness in overseas markets. In Monday's early trade, base metals continued their downturn on the London Metal Exchange (LME) pulling down international bullion prices as well. On the Bombay Metal Exchange, aluminium ingot fell to Rs 142 per kg from its previous close of Rs 150. Copper wire bar slipped to Rs 385 per kg from Rs 400 and lead edged down to Rs 68 (Rs 69). Nickel cathode quoted at Rs 1,000 per kg compared to Rs 1,005 previously. Tin quoted at Rs 465 (Rs 475) and zinc slab at Rs 180 (Rs 185). "By the end of trading today on LME, prices should stabilise," Mr Suresh Nair, Vice-President, Kotak Commodities Services Ltd, said, referring to base metals trading on LME. "We were expecting this fall in base metals prices as open interests were very high,'' he said. "Selling should ebb by market's close. It would be critical to see how LME closes today,'' he said. According to Mr Si Kannan, Commodity Analyst, Sharekhan, the downside is limited at these levels. "Base metals look attractive at current levels. But concerns about rising interest rates continue,'' he said. In the domestic market, standard gold fell by Rs 200 to end at Rs 9,580 per 10 gm compared to the previous close of Rs 9,780 per 10 gm. Gold .999 slipped by Rs 200 per 10 gm to Rs 9,635 after opening at Rs 9,655. Silver also moved down to end at Rs 18,730 per kg against the earlier close of Rs 19,370. Precious metals have dipped on the back of weak base metals. "Prices should stabilise from now on,'' said Mr Bhargav Vaidya, a bullion analyst. Gold was fixed at $645.50 an ounce in London, down from Friday's $651.50. At mid-session silver traded at $12.16/12.26 an ounce.
Related Stories: More Stories on : Metals | Commodity Markets | Gold & Silver
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