MCX GOLD TIPS (MAR 30)

GOLD SURGES ABOVE $1660, EUROZONE RESCUE FACILITY ENHANCED

Date: 30/3/2012

Gold surged in the electronic moves today, hitting highs above $1660 per ounce as the previous day's losses were cut short by a generous up tick in risky assets ahead of the weekends. The yellow metal had dropped earlier in the week after gaining on Monday but witnessed a good rise today.

The Euro-zone finance ministers meeting in Copenhagen has agreed to temporarily boost the size of the firewall designed to contain the spread of the region's debt crisis to 800 billion euros ($1.1 trillion) from a previously planned 500 billion. In a statement, the ministers said they agreed to effectively allow the temporary European Financial Stability Facility operate in combination with the permanent, 500-billion euro European Stability Mechanism, which becomes operational in July last year.

The yellow metal currently quotes at $1666.20, up $14 per ounce on the day. The futures have gained for the first time in four sessions and would mostly be wrapping up the week on a mixed note. MCX Gold futures for April are quoting at Rs 28160, down Rs 42 per 10 grams on the day. The counter has tested lows of Rs 28125 per 10 grams and looks likely to move in positive manner given the global cues.

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NCDEX TIPS (MAR 29)

NCDEX SAYS FUTURES PRICES DETERMINED BY FORCES OF 

DEMAND AND SUPPLY

Date: 29/3/2012

NCDEX, the premier agri commodities exchange in the country has responded on the move by the Forward Markets Commission (FMC) to ban the futures trading in Guarseed and Guargum by stating that the exchange provides a trading platform to buyers and sellers, under the regulatory supervision of the FMC. The contracts traded in the exchange are anchored to the physical market and therefore, prices are determined by forces of demand and supply.

The Forward Markets Commission yesterday stopped futures trade in guar complex on commodity exchanges after a series of regulatory measures failed to check the price rise. The guar futures and spot prices witnessed a relentless surge since November last year. Prices of guar seed futures have been rising continuously since November and have gained in excess of 500 per cent during this period.

While the Guar seed output during 2011-12 season is estimated at 12.10 lakh MT compared to 15.46 MT in 2010-11, the export demand has far exceeded the local supply. According to APEDA, exports of Guar gum from April to October 2011 were 3.48 lakh tonnes and which by end of November 2011 stood at 6.71 lakh tonnes compared to 2.28 lakh tonnes during the same period last year denoting a rise of 194.13%.

The exchange noted that wherever any exuberance is witnessed in the trading of the contracts in the exchange, timely and appropriate action has been taken by the FMC and the exchange. A series of such measures have been taken for guar contracts.

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MAJOR CURRENCIES IN LONDON

MAJOR CURRENCIES IN LONDON

Date : 26.03.2012

Currency Pair	Latest Quote	Change on day	52 week high	52 week low
Euro/US Dollar	1.3218	-0.36%	1.494	1.2623
US Dollar/Japanese Yen	82.7	0.40%	85.52	75.66
British Pound/US Dollar	1.5827	-0.25%	1.6746	1.5233
US Dollar/Swiss Franc	0.9118	0.44%	0.9595	0.7066
US Dollar/Canadian Dollar	0.9983	0.09%	1.0657	0.9406

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SENSEX CRASHES 300 PTS; RUPEE TOUCHES 51.43/$

 Date : 26.03.2012

The BSE Sensex stayed under pressure in afternoon trade as selling across sectors weighed on the market while the NSE Nifty was struggling at 5200 level. The Indian rupee too extended its fall, losing 26 paise to 51.43 a dollar. www.goldennifty.com

Shares of country's largest private sector lender ICICI Bank, largest private power producer Tata Power and London listed Vedanta group's Sterlite Industries tumbled 4-4.5%. BHEL, Cipla, Hindalco, DLF and NTPC tanked 3-3.6%.www.goldennifty.com

The BSE benchmark dropped 1.77% or 307 points to 17,055 and the NSE benchmark was down 96 points to 5,182, underperforming global peers due to GAAR related selling.

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