Gold prices surged by R405 to R29,260 per 10 gram in the bullion market, while silver zoomed by R1,370 per kg on rising demand ahead of festivals and amid firm global cues. Silver price stood at R44,120 per kg in Delhi compared with R42,750 per kg on Saturday. Traders attributed the rise in prices to higher demand of precious metals for the coming festivals like Rakshabandhan compared with supply, which has tightened because of fall in imports following government measures.
Guargum futures hit lower circuit on weak sentiment
Guargum prices hit daily lower limits of 4% in the futures trade on brisk selling by speculators
on weak spot market sentiment. Traders said increased arrivals and reduced offtake of guarseed in physical markets mainly pulled down guargum prices in futures trade. At the National Commodity and Derivatives Exchange, guargum for far December contract tumbled to hit a lower circuit of 4% or R480 to R11,520 per quintal, in an open interest of 101 lots.
Copper production jumps to 6.92 lakh tonne in 2012-13
Copper production rose by 1.1% to 6.92 lakh tonnes in 2012-13 fiscal, mines minister Dinsha Patel said in Rajya Sabha on Monday. The country, which imports copper ore concentrates
to meet the domestic demand, produced 6.84 lakh tonnes copper a year ago. Copper production was at 6.64 lakh tonnes copper in 2010-11, the minister said. “The refining capacity is more than domestic consumption requirements,” Patel said.
