10/19/2010 06:56:00 PM
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MCX Commodity Updates
Spot gold prices declined merely by 0.1% and are hovering around Rs 1367.50/oz till 3.45 pm IST today. The yellow metal prices witnessed declines mainly on
the back of strength in the US Dollar Index (DX) today. The DX continued to strengthen, rising around 0.4% against a basket of currencies today. On the MCX
platform, gold prices declined around 0.3%, touching an intra-day low of Rs.19, 840 till 3.45 pm IST. Appreciation of the Indian Rupee (INR) exerted pressure
on the yellow metal prices on the MCX today.
Copper prices slipped by 0.2% on the LME and were trading at $8465/tonne till 3.45 pm IST today. The red metal prices declined mainly on the back of
strength in the DX today. On the MCX, red metal prices declined sharply by 0.7%, as appreciation of the Indian Rupee (INR) further exerted pressure on the
copper prices on the Indian platform today. Copper inventories on the LME decreased by 500 tonnes to reach at 369,950 tonnes today. Another factor that
kept copper prices under pressure is slow GDP growth expectations of China. The data is expected to be released on Thursday.
Crude oil prices declined sharply by 0.5% on the Nymex today as well as on the MCX platform till 3.45 pm IST today. Strength in the DX exerted downside
pressure on the oil prices. Nymex crude oil prices were hovering at $82.59/bbl till 3.45 pm IST today. On the MCX, crude oil prices touched a low of Rs.
3713/bbl till 3.45pm IST today. Appreciation of the INR also exerted pressure on the oil prices in the Indian markets today.
NCDEX Commodity Updates
Guar futures gained around 2% on Monday due to delay in arrivals of good quality crop. However, arrivals have would peak up in the coming week. November onwards Guar prices may again decline significantly on expectations of a bumper crop in 2010-11 which is currently estimated to be around 150 lakh bags (15 lakh tones). Pace of arrivals and overseas demand would also influence the prices.
In long term (December onwards), Jeera prices will depend on the demand from the overseas and domestic buyers and sowing progress in the major jeera growing areas particularly Rajasthan and Gujarat. Spread between November and December contract is at Rs.255 as compared to Rs.165 the previous day.
NCDEX November Soybean futures closed slightly lower on account of weak overseas market. Spread between NCDEX November and December contract is Rs 30.50 against previous day of Rs 35.0 per 100 Kg.
CBOT November soybean futures ended lower at $ 11.84/bushels on Monday, down 1.00 cents/bushel as
compared to previous close. CBOT December Soybean meal futures ended higher at $ 328.30/ton on Monday, up $0.10/tonne as compared to previous close.
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