MCX , NCDEX - Commodity Updates 17'SEP

Copper Trend
Copper ended on a positive note at 355.40 after a lack of proper direction in the price trend. Looking at the straight bull rally in the last week, copper future remains under pressure in the entire present week due to lack of volume and mixed macro economic outlook from China and USA.
On Friday, Copper September delivery contract opened slightly higher in morning trades at Multi Commodity Exchange (MCX) by 0.72 percent with total volume of 23360 lots.

Copper may fall further in the coming days on reversing earlier gains after advancing by the most in the last two weeks. Fundamentally, Copper seems to be strong as it’s heavily used in industry. But near term bearishness might keep Copper prices on limbo.

MCX – Gold Review
Gold demand remained weak for a fourth straight day on Friday in India, the world's biggest consumer, as buyers struggled to digest the bullion rally, bank dealers and jewellers said. Gold futures on Multi Commodity Exchange of India (MCX) were steady 19,171 rupees per 10 gram, after hitting a record high of 19,257 rupees earlier in the week. Traditionally, demand for gold in India remains strong during the September-November festival season. Dhanteras, considered auspicious day for buying gold, is in November. "For the last 3-4 days demand has been very weak.

NCDEX- Turmeric
NCDEX turmeric touched the upper circuit on Thursday lead by short covering and fresh buying. The October contract ended the last session higher by 3.77 percent at Rs 12262 after hitting the high of Rs 12290 per 100 kg. The open interest in the contract added 13.45 percent to 5,230 tonnes from 4,610 tonnes as on last day.

Click & get stock tips on mobile -  Commodity tips , Stock Tips