MCX Commodity Tips ~ Market Data Today 06 March 2013

Gold futures rebounded Tuesday as physical buyers returned to the precious metal after its recent retreat. Gold last week settled at the lowest price since late July, capping a four-week slump as a modestly brighter economic outlook left less demand for precious metals as a safe haven. Some investors buy gold on the belief that it will hold up better than other assets during market turmoil. Buying slowed as U.S. stocks climbed to multi-year highs.

Copper futures rebound Tuesday on China's plans to maintain its economic growth target and support from stronger U.S. equity markets. Chinese authorities set an economic growth rate target of 7.5% for 2013, outgoing Chinese Premier Wen Jiabao said Tuesday. The target is unchanged from last year, but soothes investor worries of slower targeted growth. Copper prices had slumped to a three-month low Friday, after Chinese authorities introduced a 20% capital gains tax on property sales in order to cool speculation in the real estate sector. Support for April copper is seen at Rs.426 while resistance is seen at Rs. 434.

Domestic crude oil futures were up tracking a weak rupee and rise in benchmark contracts on the New York Mercantile Exchange. NYMEX oil gained on bargain buying after falling in the last few sessions due to demand concerns.


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