Financial Daily from THE HINDU group of publications
Thursday, May 25, 2006
Financial Daily from THE HINDU group of publications Thursday, May 25, 2006 |
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Agri-Biz & Commodities
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Metals Metals remain volatile Our Bureau
Mumbai , May 24 Base metals were quite volatile in international markets with prices of some of the commodities plunging to new lows. "The market is so volatile that it is very difficult to understand the trends," said Mr Rohit Shah, President, Bombay Metal Exchange. In Wednesday's trade, most metals quoted unchanged from the previous close. Aluminium ingot was unchanged at Rs 144 per kg, copper wire bar at Rs 415 per kg, nickel at Rs 69, and nickel cathode at Rs 1,050 per kg. Tin quoted at Rs 475, same as Tuesday; zinc at Rs 185.
Copper falls
In the international markets, copper fell after touching record highs. Other metals exhibited similar trends. On the London Metal Exchange, prices initially rose and then started moving down, said Mr S. Kannan, Commodity Analyst at Sharekhan. In early trade, copper fell by nine per cent. Other metals also moved down. On MCX too, there was selling in copper futures. It hit the lower circuit, Mr Kannan said.
Gold gains
Gold and silver gained in the domestic market on the back of overnight recoveries. Standard gold ended at Rs 9,850 per 10 grams, as against Rs 9,730 previously. Silver.999 ended at Rs 19,690 against Tuesday's close of Rs 19,495. Precious metals are expected to be volatile in the short term. Reports that the New York Mercantile Exchange may eliminate limits on daily price movements for copper, gold and silver traded on its Comex division could lead to volatile movements, analysts said. The Comex governors committee and Nymex board of directors have voted unanimously to do away with the price-fluctuation limits for the three products, Nymex said.
More Stories on : Metals | Commodity Exchanges
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