Gold fell to Rs 46,093, copper prices recovered
According to HDFC Securities, gold dropped Rs 130 to Rs 46,093 per 10 gram in the national capital on Tuesday following a slump in international precious metal prices. In the previous trade, the precious metal traded at Rs 46,223 per 10 gram.
Meanwhile, the white metal also dipped to Rs 66,040 per kilogram from Rs 66,345 per kilogram in the last trade.
In the global market, gold was trading lower at $1,726 per ounce while silver was flat at $24.89 per ounce.
According to Tapan Paten, Senior Commodities Analyst at HDFC Securities, gold prices traded lower with spot gold prices at COMEX (New York-based commodities exchange) trading down to $1,726 per ounce on April 13.
Three-month copper on the London Metal Exchange had increased to $8,914
Copper prices recovered on April 13 as industrial buyers scooped up the material. However, speculators remained cautious after leading metals consumer China warned it would dampen high commodity prices.
Three-month copper on the London Metal Exchange had increased by 0.6% to $8,914 a tonne by 0930 GMT, after dropping 0.7% on Monday.
The most-traded May copper contract on the Shanghai Futures Exchange declined by 0.3%. It settled at 65,870 yuan a tonne, which equals $10,055.72
LME copper has been trapped in a range below its 9-1/2 year peak of $9,617 a tonne reached in late February.
Rising prices of global commodities has led top Chinese officials to emphasize the need to cap prices to reduce costs for firms and control inflation.
Furthermore, China’s January-March copper imports rose to the highest first-quarter levels since at least 2008, on surging demand and easing logistics issues.
Copper inventories in LME-approved warehouses have more than doubled since early March to 168,500 tonnes, their highest since November 9. Meanwhile, ShFE warehouse stokpiles have been wavering close to their 11-month high.
Additionally, LME aluminum increase by 1.1% to $2,287 a tonne, nickel surged 0.6% to $16,230, zinc boosted by 0.2% to $2,764, lead rose 0.3% to $1,982 and tin gained 0.2% to $25,610.
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