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MCX Weekly Report Commodity

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Weekly Commodity Outlook

Gold ended Friday's session close to a six-week low after euro zone finance ministers agreed on a deal to extend Greece’s bailout by four months, dampening the safe-haven appeal of the precious metal.

Weekly Commodity Outlook

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Crude oil prices held steady in early Asia on Monday with markets in Tokyo shut and ahead of a key OPEC meeting later this week. On the New York Mercantile Exchange, crude oil for delivery in January traded at $76.68 a barrel, flat.

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U.S. natural gas storage stood at 3.594 trillion cubic feet as of last week, narrowing the deficit to the five-year average to 6.4% from a record 54.7% at the end of March.Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers increased their bullish on natural gas futures in the week ending November 18.

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Aluminium consumers are paying in excess of $6 billion more than they should because of artificially inflated metal premiums, a senior executive at Novelis has estimated.

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Zinc dipped 1.47% on India's Multi Commodity Exchange (MCX) on Friday morning trade. LME Zinc prices slips below $2300 a ton as investors from globe book profit after prices reached to multi week highs in recent days.Near term, Zinc futures are likely to remain on selling side and may touch level 138 in coming days

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Lead prices in India are fixed on the basis of the rates in the international spot market, and Indian Rupee and US Dollar exchange rates. Economic events such as national industrial growth, global financial crisis, recession, and inflation affect the metal prices.

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Nickel prices strengthened further at the non-ferrous metal market in Mumbai on Friday on sustained buying by stockists amidst rising demand from alloy industries. Elsewhere, tin and select copper recovered on renewed off-take from consuming industries.Nickel climbed by Rs 9 per kg to Rs 1,127 from Thursday's closing level of Rs 1,118. Tin rose by Rs 3 per kg to Rs 1,478 from Rs 1,475. Copper scrap heavy moved up by Rs 2 per kg to Rs 474 from Rs 472.

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Copper futures edged lower on Thursday, in the wake of disappointing economic signals from China, where data showed manufacturing activity hit a six-month low in November. On the Comex division of the New York Mercantile Exchange, copper for December delivery declined 1.5 cents, or 0.48% to trade at $3.031 a pound during European morning hours.

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Impact silver prices in 2014: USD 18 on Comex and Rs 36000 on MCX is a vital support for silver. Huge demand/buying can be expected from these levels as 2014 will be better on economic front. We have already seen the impact of Fed tapering on silver in 2013. No major downfall is expected in silver in 2014.

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Gold: India`s December gold imports are likely to spurt to 15-20 tonnes from 3 tonnes a year earlier, mainly on the back of the wedding season demand and easing prices, the head of the Bombay Bullion Association (BBA) said in an interview on Dec. 9. International gold prices spiked above $1,100 per ounce on Thursday as a recent drop to seven-week lows spurred some bargain hunting in a holiday-thinned market.

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