MCX Gold, Silver, Copper, Crude Oil Updates Today 04 April 2013

Precious metals prices are trading lower on international bourses today. We expect a further sell-off in the prices of precious metals as an early indication of alterations in the asset-purchase program by the Fed may pressurize prices. Selling on rise is recommended for the day.

Industrial metals prices are trading lower on international bourses today. We expect a further drop in the prices of metals on account of weak manufacturing growth in major economies of the globe. Selling on rise is recommended for the day.

Crude oil prices are trading lower on NYMEX today. We expect a further drop in the prices of oil on account of higher inventories at key ports. Selling on rise is recommended for the day.

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MCX Gold, Silver, Copper, Crude Oil Updates Today 02 April 2013

Bullion: Gold futures were trading higher on local bourses tracking the rise in COMEX contracts, which rose due to weakness in the dollar against the euro and safe-haven buying. The Indian forex market was closed as banks were shut due to annual closure of accounts. Trading was thin as UK, Australia and Hong Kong markets are closed for Easter holiday. 

Metals: Base metal futures on MCX were trading lower due to concerns over demand from China, as the country reported a lower-than-expected rise in manufacturing Purchasing Managers' Index. The data showed that China's March PMI rose to 50.9 from 50.1 in February, while market had expected it around 52. Absence of cues from the London Metal Exchange today also kept sentiment weak in domestic market. 

Energy: Domestic crude oil futures were trading lower tracking New York Mercantile Exchange, where benchmark contract declined on profit booking in the electronic session. NYMEX oil futures eased today after rising in the previous week on upbeat US durable goods data. Crude oil futures declined also because of ongoing concerns regarding the Eurozone economy and sharp rise in the US crude oil stocks. 

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MCX Gold, Silver, Crude Oil Updates Today

Gold and Silver:

Gold and silver continued their volatility due to the unclear and uncertain news flows that came into the financial markets. The recent news from Cyprus is that its parliament passed on the bailout plan, which isn’t likely to satisfy EU and IMF officials. As a result, gold traded near a 3-1/2-week high on Friday, underpinned by safe-haven demand on the fear of a potential financial meltdown in Cyprus, which has put bullion on track for its biggest weekly rise in four months. 

Crude Oil:

Crude Oil closed at $93.86 on a weekly basis. The commodity traded within a tight range between the upper $91 and $93 per bbl ranges. Supported by positive Chinese HSBC PMI data and strong US economic releases crude remained elevated. Promises of ongoing monetary stimulus from the US FOMC and the Japanese central bank prices remained strong showing little response to poor eco data in the euro zone as the Cyprus bailout problems seem to have little effect on the commodity. 

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MCX Gold, Silver, Copper, Crude Oil Updates and Tips Today

Bullion: Bullion futures were trading up on local exchanges tracking the rise in COMEX futures, but the strong rupee against the dollar limited the upside in prices. Bullion futures rose on COMEX, as the recent consolidation in prices 

after the sharp sell off earlier this month, boosted bargain buying. The weak dollar against the euro also pushed up prices. 

Metals: Domestic base metal futures were trading higher on the MCX tracking the trend on the London Metal Exchange, where prices rose due to a marginal fall in dollar against the euro. The rise in metal prices was, however, capped as the Indian rupee strengthened against the US dollar. On the LME also, base metals were trading higher by 0.21%-1.06%, with the benchmark three-month copper contract up at $7,784.50 a tn.

Energy: Domestic crude oil futures erased early losses on lower level buying, tracking similar technical upward recovery in benchmark contracts on the New York Mercantile Exchange. Upward recovery in MCX oil futures, however, was 

limited due to the rupee's rise against the dollar. On NYMEX, oil futures recovered slightly on bargain buying, but overall sentiment remained weak on anticipation of rise in US crude oil stocks.

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MCX Commodity Market Updates & Tips Today 12 March 2013

Bullion: Gold contracts were slightly higher on domestic exchanges tracking the gains in COMEX futures and weakness in rupee against the dollar. Gold futures rose on COMEX due to the weakness in dollar against the euro. Silver futures were trading down on local exchanges due to the fall in COMEX futures. But the weak rupee limited the downside in prices. 

Metals: Domestic base metal futures were trading weak on the MCX tracking the trend on the London Metal Exchange. The fall in metal prices was, however, limited due to the weakness of the Indian rupee against the US dollar. On the LME, base metals drifted lower after China's weaker-than-expected industrial production and retail sales data.

Energy: Domestic crude oil futures were trading down tracking global cues but a weak rupee against the dollar capped the fall. Prices fell on the New York Mercantile Exchange after economic data out of China disappointed investors, adding that a stronger dollar further dented sentiment.

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MCX Gold, Silver, Copper, Crude Oil Updates Today 07 March 2013

Bullion: Gold futures were slightly lower on domestic exchanges as the rupee rose against the dollar and as COMEX futures shed early gains. On COMEX, gold futures had risen earlier on strong physical demand but the gains were erased as the dollar rose against the euro. 

Metals: Base metal futures on domestic bourses were trading lower on weak cues from benchmark contracts on the London Metal Exchange and firm rupee against the dollar. LME base metal futures traded lower due to firm dollar against the euro and continuing concerns over Chinese demand.

Energy: Domestic crude oil futures were trading lower tracking appreciation in rupee against the dollar and also Crude-oil futures added to early declines Wednesday and fell below $90 a barrel after government data showed a biggerthan-expected rise in crude-oil inventories. The Energy Information Administration said crude oil stocks climbed 3.8 million barrels in the week ended March 1, compared with forecasts for a rise of 500,000 barrels. The sharp increase came as refiners unexpectedly cut crude-processing rates in the week by 480,000 barrels a day to their lowest level in nearly two years.

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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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MCX Commodity Tips

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Today news of MCX Commodity Market:

MCX Gold prices have support at Rs 27,400/10gms and resistance at Rs 27,700/10gms. MCX Silver prices have support at Rs 51,610/kg and resistance at Rs 52,600/kg. MCX Copper prices have support at Rs 410/kg and resistance at Rs 418/kg. MCX Crude prices have support at Rs 5,100/bbl and resistance at Rs 5,180/bbl.

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