COMMODITY WRAPUP

GOLD

Gold hit a four-month low on Thursday, hurt by speculation the

US Federal Reserve might be able to start scaling back its

monetary stimulus soon. US gold futures for December

delivery fell 1.5 per cent to $1,238.90 an ounce. Gold's drop to

a four-month low this week attracted buyers in Asia but the re

were doubts that the demand would last as con- sumers may

be waiting for the market to go even lower. In India, despite

muted demand, premiums jumped to $120 an ounce from $80

last week

SILVER

Silver prices fell by 0.64% to Rs 46,220 per kg in futures trade yesterday as speculatorstrimmed their positions, taking weak cues from the global markets. At MCX silver March 2014 declined by Rs 297, or 0.64%, to Rs 46,220 per kg in business vol- ume of 64 lots. Onthesimilar lines, the white metal for delivery in Dec traded lower by Rs 282, or 0.63%, to Rs 44,717 per kg ibusiness turnover of 775 lots. Silver traded 2.41% lower at $19.85 an ounce in New York in yesterday's trade.

CRUDEOIL

MCX Crude oil futures recovered yesterday but the gains were primarily because of weak under- tone in the INR as global prices were weighed down by Euro-zone growth worries. Oil prices also got eased in Asia after talks between Iran and world powers on its disputed nuclear pro- gram opened in Geneva, while signs of rising US demand failed to boost New York's main con- tract. Domestic inventories had risen 400,000 barrels last week lower than expectations.

COPPER

At MCX, copper Nov. traded higher by Rs 1.95, or 0.45%, to Rs 437.05 per kg in a business turn- over of 930 lots. The metal for delivery in Febru- ary next year gained Rs 2, or 0.45%, at Rs 448.80 per kg in a business volume of 129 lots. Besides increased demand from consuming industries, a firming trend overseas after Fed Chairman said that the benchmark interest rate will remain low long after policy makers reduce bond purchases, influenced copper prices at futures trade.

SPECIAL NEWS

The U.S. Bureau of Labor Statistics reported on Wednesday. Over the last 12 months, the all items index increased 1.0% before seasonal ad- justment. The index for all items less food and energy rose 0.1% in October, steady over last month. On annual basis, the index for all items less food and energy hrisen1.7% over the last year, while the food index has risen 1.3%, The energy index has decline4.8%over the last 12 months, its largest 12-month decline since July 2012. US data suggested stronger la- bor market conditions and subdued inflation pressures. US weekly jobless claims fell more than expected last week, while US producer prices fell for a second straight month in Octo- ber.

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