9/28/2010 06:24:00 PM
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MCX Review
MCX Gold futures are in a highly volatile mood today following a freakish sell off in the COMEX futures at the start of the London trades. Prices drifted down nearly $25per ounce from the previous close in response to the sharp up move in US dollar but then recovered in quick time. Currently, COMEX Gold futures for December are quoting at $1291.60, down $7 per ounce on the day. The prices went up above $1300 in last session, extending the recent series of lifetime highs. The WGC reported yesterday that major central banks and the International Monetary Fund over the past 12 months have reportedly sold the smallest amount of gold since an agreement to cap gold sales was put in place in 1999. The local Gold futures slipped under the critical Rs 19000 per 10-gram mark and recovered from a low of Rs 18960 per 10 grams. The counter quotes at Rs 19007, down Rs 72 or 0.38% on the day from the previous close. The more widely traded December futures are quoting.Gold Trend
Spot Gold prices declined by 0.4% and are hovering around Rs 1289.40/oz till 3.45 pm IST. Despite weakness in the US Dollar Index (DX) the yellow metal
consolidated marginally today. On the Indian bourses, prices declined by 0.4%, touching an intra-day low of Rs.18,960. The European markets declined
sharply in the opening session but later pared losses after some positive economic updates from UK and the Euro zone. UK’s current account deficit narrowed to 7.4 billion pounds in the second quarter from the previous of 11.3 billion pounds deficit in the first quarter. UK’s GDP growth remained unchanged at 1.2% in the second quarter.
Copper Trend
Copper prices were trading on a flat note on the LME and were hovering at $7905/tonne till 3.45pm IST today. However, copper prices slipped marginally by
0.1% on the MCX platform, touching an intra-day low of Rs.356.80 till 3.45pm IST today. Copper prices were cushioned on the downside on the back of
sudden decline in the US Dollar Index (DX) in the afternoon trade. The DX was trading at 79.41 against a basket of six currencies till 3.45 pm IST. Copper
inventories on the LME fell by 2850 tonnes to reach at 375,275 tonnes today.
Crude Oil Trend
Crude oil prices declined by 0.7% on the Nymex today and were trading around $76.01/bbl till 3.45pm IST. Oil prices witnessed sharp declines mainly on the
back of weak sentiments in the financial markets which acted as a negative factor for the crude oil prices today. However, crude oil prices gained marginally
by 0.1% on the MCX and were hovering at Rs. 3451/bbl till 3.45pm IST. Crude oil prices witnessed gains on the domestic platform, due to depreciation in the
INR in today’s trading session.
