The document is a daily newsletter providing analysis and outlook on commodities such as base metals, bullion, energy, and currency markets. It summarizes that lead prices fell by over 2% due to slowing global growth and weak domestic demand. Gold prices rose by Rs 190 per 10 grams due to festive season demand and a weak rupee. Oil prices fell over $1 per barrel to a four-year low below $83 due to concerns over the global economy. It provides technical analysis and trading strategies for various commodities, suggesting selling on high prices and buying on dips.
2. BASE METAL:
Lead prices traded lower by 2.10 per cent to Rs 123.60 per kg in futures market today as
speculators reduced their positions on slowing global economic growth amid subdued
domestic demand.
At the Multi Commodity Exchange, lead for delivery in October declined by Rs 2.65, or 2.10 per
cent, to Rs 123.60 per kg in business turnover of 335 lots.
Likewise, the metal for delivery in November shed Rs 2.60, or 2.04 per cent, to Rs 124.70 per kg
in 40 lots.
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BULLION:
Gold prices rose further by Rs 190 to Rs 27,840 per ten grams in the national capital today on
sustained buying by jewellers and retailers amid festive season demand and weakening
rupee.
Silver also recovered by Rs 100 to Rs 38,900 per kg on increased offtake by industrial units
and coin makers.
Marketmen said increased buying by jewellers and retailers to meet the festive season
demand amidst a firming global trend mainly kept precious metals higher.
ENERGY:
Oil fell more than $1 a barrel on Thursday to a four-year low below $83 a barrel as growing
concerns over the global economy stretched a four-month rout.
Global benchmark Brent has lost more than 28 percent since June on slow demand and
abundant supply. Losses have accelerated in October on signals that the Organization of the
Petroleum Exporting Countries has no plan to cut output.
Brent crude for November delivery had dropped to $82.60 a barrel, the lowest since November
2010 and was down 93 cents at $82.85 a barrel by 1245 GMT.
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