MCX Commodity Trend
Spot Gold prices were trading little unchanged to its previous close of $1379/oz till 3.45 pm IST. The yellow metal prices were trading flat today ahead of the
key economic updates and Federal Reserve’s Chairman Ben Bernanke’s speech to be delivered at 5.45 pm IST. The US Dollar Index (DX) depreciated slightly and was trading at 76.50 at 3.45 pm IST. Global financial markets were trading on a mixed note in the afternoon trade today. The European markets were trading in the green but witnessed lackluster trading. The domestic indices slumped in today’s session declining around 2% as rising inflation raised concerns over further interest rate hike in India. Inflation rate increased to 8.62% in September from the previous of 8.5% in August.
Copper prices gained sharply 0.8% on the LME and were trading at $8445/tonne till 3.45 pm IST today. Despite negative sentiments in the financial markets, the red metals prices took cues from the weakness in the DX today. However, on the MCX, red metal prices declined around by 0.3%, on the back of constant appreciation in the Indian Rupee (INR). This factor exerted pressure on the copper prices on the Indian platform today. Copper inventories on the LME
decreased by 475 tonnes to reach at 371,025 tonnes today.
Crude oil prices declined merely by 0.1% on the Nymex today and were trading at $82.77/bbl till 3.45 pm IST. Poor sentiments in the global equity markets acted as a negative factor for the oil prices to decline today. But sharp declines were cushioned due to weakness in the DX. In the OPEC meeting in Vienna yesterday, the members agreed to keep the oil production quotas unchanged to 24.84 million barrels per day. Falling fuel demand from the US, one the world’s largest oil user has also acted as a negative factor for the oil prices. On the MCX, crude oil prices dropped around by 0.3% and were hovering at Rs. 3654/bbl till 3.45pm IST.
Commodity MCX- Metal, Commodity NCDEX Updates - 15'Oct
10/15/2010 05:44:00 PM
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