 "Market pulse for precious and industrial metals: Mangal Keshav")
Gold rose to a near 1-month high, as safe-haven buying emerged after the European Union gave Cyprus an ultimatum to raise billions of Euros it needs to clinch a bailout deal or face a likely exit from the currency union.
Finance minister of Maharashtra has proposed to hike Value added tax (VAT) on gold, silver and jewellery made from these metals from 1% to 1.1%, this hike in tax will be limited only for one year, as per annual state budget for FY2013-14.
Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,221.26 tons, as on March 21.
Silver holdings of ishares silver trust, the largest ETF backed by the metal, increased to 10,635.96 tons, as on March 21.
Copper futures declined for the fourth time in five sessions, on signs of ample global supplies as a measure of inventory climbed to the highest in 9-years. Stockpiles monitored by exchanges in the US, London and Shanghai have surged 45% this year to the highest since November 2003. LME copper stocks rose for a 26th session to 557,450 tons, the highest since October 2003, exchange figures showed. New Orleans, the Belgian port city of Antwerp and Johor in Malaysia are the three biggest repositories.
Refined copper production exceeded demand by 168,600 tons in December, the biggest surplus in 6-years, as per the International Copper Study Group. Imports of refined copper by China, the biggest user, declined to 214,949 tons in February to the lowest level in 19-months, while exports rose for the 6-month. Copper concentrate imports fell to 681,148 tons in February from 761,098 tons a month earlier, as per data from customs showed.
Global primary nickel output is expected to rise 5.7% in 2013 to 1.849mn tons while consumption is forecasted to rise 5.6% to 1.7552mn tons, leaving a surplus of 93,800 tons, up 7% from last year's 87,700 tons, as per International Nickel Study Group.
Crude oil futures fell more than 1%, knocked down by concerns over the ongoing debt crisis in Cyprus and worries that it could spread further into the currency union.
Natural gas futures jumped above $4 per mmbtu mark but failed to sustain & declined, following a weekly report on US supplies that showed a smaller drop in stockpiles than traders had expected. Natural gas stockpiles fell by 62bn cubic feet in the week ended March 15, as per EIA report.
Finance minister of Maharashtra has proposed to hike Value added tax (VAT) on gold, silver and jewellery made from these metals from 1% to 1.1%, this hike in tax will be limited only for one year, as per annual state budget for FY2013-14.
Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,221.26 tons, as on March 21.
Silver holdings of ishares silver trust, the largest ETF backed by the metal, increased to 10,635.96 tons, as on March 21.
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Copper futures declined for the fourth time in five sessions, on signs of ample global supplies as a measure of inventory climbed to the highest in 9-years. Stockpiles monitored by exchanges in the US, London and Shanghai have surged 45% this year to the highest since November 2003. LME copper stocks rose for a 26th session to 557,450 tons, the highest since October 2003, exchange figures showed. New Orleans, the Belgian port city of Antwerp and Johor in Malaysia are the three biggest repositories.
Refined copper production exceeded demand by 168,600 tons in December, the biggest surplus in 6-years, as per the International Copper Study Group. Imports of refined copper by China, the biggest user, declined to 214,949 tons in February to the lowest level in 19-months, while exports rose for the 6-month. Copper concentrate imports fell to 681,148 tons in February from 761,098 tons a month earlier, as per data from customs showed.
Global primary nickel output is expected to rise 5.7% in 2013 to 1.849mn tons while consumption is forecasted to rise 5.6% to 1.7552mn tons, leaving a surplus of 93,800 tons, up 7% from last year's 87,700 tons, as per International Nickel Study Group.
Crude oil futures fell more than 1%, knocked down by concerns over the ongoing debt crisis in Cyprus and worries that it could spread further into the currency union.
Natural gas futures jumped above $4 per mmbtu mark but failed to sustain & declined, following a weekly report on US supplies that showed a smaller drop in stockpiles than traders had expected. Natural gas stockpiles fell by 62bn cubic feet in the week ended March 15, as per EIA report.