MCX Gold, Silver, Copper, Crude Oil Tips Today 28 Feb. 2013

Bullion: Gold futures were down on domestic exchanges noting the rupee's rise against the dollar and the fall in international prices. On the COMEX, gold futures slipped on profit booking. The metal had gained sharply on Tuesday, after US Federal Reserve Chairman Ben Bernanke hinted that the central bank's bond-buying policy will continue. 

Metals: Domestic base metal futures were trading lower tracking the strength in the against the US dollar, but rangebound movement in the London Metal Exchange benchmark contract limited the fall. Metal contracts on LME slightly edged up on weak dollar against the euro and as market gained support from positive comments from the US Federal Reserve Chairman Ben Bernanke.

Energy: Domestic crude oil futures were trading lower due to the appreciation in the rupee against the dollar, but rise in benchmark contracts on the New York Mercantile Exchange limited the losses. NYMEX crude oil gained today due to weakness in the dollar against the euro and as sentiment improved in the international market following positive comments from the US Federal Reserve Chairman Ben Bernanke.

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MCX Bullion, Metals, Energy Updates and Tips Today

Bullion: Gold futures were up on domestic exchanges tracking rise in international prices and due to a weak rupee against the dollar. On COMEX, gold futures rose and surpassed the $1,600 an ounce level as concerns over Italian elections boosted safe-haven demand of the metal. The weakness in the dollar against the euro also supported prices. Spot gold prices moved to trade around $15 higher on the day Tuesday as investors digested comments from Federal Reserve Chairman Ben Bernanke as encouraging for gold-bullish loose monetary policy. 

Metals: Base metal futures on MCX were trading lower tracking benchmark contracts on London Metal Exchange, where prices fell on demand concerns from China. Moreover, demand concerns from Eurozone deepened amid uncertainty regarding political instability in Italy.

Energy: Domestic crude oil futures were trading lower following weak cues from the New York Mercantile Exchange, where prices declined due to firm dollar against the euro and on likely rise in the US  crude oil stocks. Besides demand concerns from China and Eurozone added to downward pressure on oil futures.

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MCX Gold, Silver, Copper, Crude Oil Updates Today 26 Feb. 2013

Bullion: Gold futures were up on domestic exchanges tracking rise in international prices, but a firm rupee against the dollar limited the gains. On COMEX, gold futures rose due to weakness in the dollar against the euro and on bargain buying after the recent fall in prices. 

Metals: Base metal futures on MCX were trading lower tracking firm rupee against the dollar, but mild upward correction in benchmark contracts on London Metal Exchange limited losses. LME contracts moved higher today on bargain buying, but demand concerns and release of discouraging Chinese manufacturing Purchasing Manager's Index data capped gains.

Energy: Domestic crude oil futures were trading lower tracking New York Mercantile Exchange and also due to appreciation in rupee against the dollar. China, the worlds second-biggest oil consumer after the U.S., and the engine for oil-demand growth, is sending mixed signals. China's crude oil imports rose in January by a healthy 7.4% from a year earlier, but early indications show manufacturing activity dropped in February to a level that barely indicates a growing economy. 

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Weekly MCX Commodity Market Upadtes and Tips

Gold firmed on Friday, extending gains from the previous session as lacklustre U.S. data bolstered hopes that the Federal Reserve's monetary stimulus would stay in place, though prices were headed for a second straight weekly drop.

Premium in gold traded in the Shanghai market over prices in global market stood at nearly $20 an ounce, compared with lower single-digit premiums at the end of 2012, indicating strong buying from China, the world's second-largest gold consumer, he added.

Spot gold rose nearly half a per cent to $1,582.54 an ounce by 0335 GMT, on course for a 1.6 per cent weekly decline, its second week in the red. U.S. gold inched up 0.3 per cent to $1,582.60. Technical analysis suggested spot gold may consolidate in the range of $1,554.49-$1,585 over the next few sessions, as indicated by its wave pattern and a Fibonacci retracement analysis. Chen expected gold to drop to as low as $1,500 an ounce by mid-year.

In limited deals, nickel prices rose by Rs 2 per kg on the local non-ferrous metal market today on some industrial demand. Traders said some industrial and a firming trend in overseas market mainly led to rise in nickel prices.

Meanwhile, nickel gained 2.1 per cent to USD 16,974 a tonne on the London Metal Exchange. In the national capital,nickel (4x4) rose by Rs 2 Rs 1072-1075 per kg.

The following are metal rates per kg: Zinc ingot 119-125, nickel plate (4x4) 1,072-1,075, gun metal scrap 227, bell metal scrap 229, copper mixed scrap 443, chadri deshi 285.

Lead ingot 143, lead imported 141, aluminium ingots 138, sheet cutting 139, aluminium wire scrap 142 and aluminium utensils scrap 138.

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