MCX REVIEW
Spot gold prices started the week on a positive note, trialing slightly below $1300/oz in the afternoon trade. At 3.45 pm IST, the yellow metal prices were
trading at 1298/oz. However, gold prices on the MCX platform continued to trade in the red as the constant strength in the Indian Rupee exerted pressure on the yellow metal prices. Spot Rupee touched a high of 44.99 against the dollar in the afternoon trade today and was trading at 45.15 till 3.45 pm IST. In the last week as well, gold prices on the MCX had ended in the red because of the Rupee factor, despite prices gaining in the international markets.
Copper prices declined almost 1% on the LME and were trading at $7885/tonne till 3.45pm IST today. Inevitable profit booking at the higher levels exerted
pressure on the red metal prices. Copper prices have gained constantly in the last three weeks on the LME. On the MCX, copper prices extended losses today,
declining around 1.2%, because of the Rupee appreciation. Copper prices touched an intra-day low of Rs.358.70 till 3.45pm IST today. Inventories of the red metal on the LME fell by 2,100 tonnes to reach at 378,125 tonnes today. However, a simultaneous decline in cancelled warrants faded away the positive sentiment. Cancelled warrants- the metal booked for removal from the LME warehouse decreased by 1,650 tonnes today.
Crude oil prices gained marginally by 0.1% on the Nymex today and are hovering around $76.53/bbl till 3.45pm IST. The National Hurricane Center reported
that tropical storm Matthew has weakened and this factor capped sharp gains in the oil prices. However, the weakness in the US Dollar Index (DX) cushioned
crude oil prices. On the MCX, crude oil prices declined by 0.1% and were hovering at Rs. 3477/bbl till 3.45pm IST.
NCDEX REVIEW
Chana Review
Spread between October and November contract is at Rs. 42 as compared to Rs.36 per qtl. spot prices of Chana were quoted at premium due to improved demand amidst lower supplies. Heavy rains in North India have affected the arrivals in the last 3-4 days.
Black pepper
Spread between October and November contract is Rs.204 as compared to Rs.216 the previous day. Black Pepper prices in the international market slipped to $4,500-$4,600/tonne but still remains at premium whereas Indonesian is being offered lower at 4,250/tonne.
