10/08/2010 05:54:00 PM
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MCX Metal Trend
Spot gold prices declined sharply by 0.5% and are hovering around Rs 1326.90/oz till 4.00 pm IST today. The yellow metal prices declined for a second Consecutive day after touching a record high of $1264/oz in yesterday’s session. Gold prices witnessed declines mainly on the back of strength in the US Dollar Index (DX) today. The DX appreciated by 0.2% against a basket of currencies today after falling sharply in the previous few sessions. On the MCX platform, gold prices declined around 0.6%, touching an intra-day low of Rs.19, 320 till 4.00 pm IST.
Copper prices were trading on a flat note on the LME and were trading at $8103/tonne till 4.00 pm IST today. The red metal prices declined mainly on the
back of strength in the DX which resisted rise in the copper prices today. Copper prices gained merely 0.1% on the MCX, touching an intra-day high of Rs.363.10 around the same time. Copper inventories on the LME declined by 1450 tonnes to reach at 372,000 tonnes today. Cancelled warrants increased by 3100 tonnes yesterday.
Crude oil prices declined by 1% on the Nymex today and were trading around $80.55/bbl till 4.00pm IST. Strength in the DX acted as a negative factor for the oil prices today, due to which crude oil prices came under pressure. However, strike in the Marseille, largest oil port in France which had disturbed the oil production could support the crude oil prices to gain in the evening sessions. On the MCX platform, crude oil prices declined sharply by 1.2% and were hovering at Rs. 3595/bbl till 4.00pm IST.
NCDEX Review
NCDEX Jeera prices declined further on profit selling amid weak export demand and spillover weakness from the Black pepper futures. Jeera for the November delivery tumbled further by Rs 335 or 2.53 percent to the session low of Rs 12873 per 100 kg. The contract ended the day lower by Rs 258 or 1.95 percent at Rs 12950 per 100 kg. The open interest added 0.98 percent to 12,495 tonnes from 12,372 tonnes, indicating profit taking. Volume traded declined to 1,257 tonnes from 5,523 tonnes.
Fresh arrivals in Haryana and Rajasthan coupled with strong production estimates of the current year have maintained the bearish sentiments in guarseed market in todays trading. As per market sources, fresh arrivals of around 400-800 bags were reported in Sriganganagar mandi with the price range of Rs1780-1800 per quintal. Traders are expecting arrivals will gain momentum in the coming days. The NCDEX October contract plummeted by almost Rs7 per quintal in todays trading and were quoting at Rs1964 per quintal.
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