10/25/2010 06:30:00 PM
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MCX Metal Trend
Spot gold prices surged, gaining around 1.3% and are hovering around Rs 1345/oz till 3.45 pm IST today. The yellow metal prices experienced gains mainly on the back of weakness in the US Dollar Index (DX) which helped gold prices to move in the upward direction today. Despite positive markets sentiments today, investors choose to invest in the yellow metal as a weaker DX attracted buying for holders of other currencies. On the MCX platform, gold prices gained more than 0.5% and were trading around `19,589 till 3.45 IST today. Appreciation of the Indian Rupee (INR) capped sharp gains in domestic prices today.
Copper prices rallied around 2% on the LME, touching an intra-day high of $8549/tonne till 3.45 pm IST today. The red metal prices were hovering around $8518/tonne on the LME. A weaker DX, positive sentiments in the European markets today, a decline in inventories and improving Chinese demand provided support to prices. Copper inventories on the LME dropped by 450 tonnes to reach at 368,375 tonnes today. Canceled warrants, gained 0.8 percent to 28,700 tons. On the MCX, red metal prices gained more than 1%, and were trading at `380.65/kg today.
Crude oil prices jumped around 1% on the Nymex and touched an intra-day high of $82.96/bbl till 3.45 pm IST today. The strike in France, the largest port of Fos-Lavera has entered its 29th day of protest and has blocked 57 oil vessels which include 38 crude oil tankers and 19 refined products tankers today. Increasing supply concerns has given crude oil prices a positive push. Hurricane Richard which was headed towards the Gulf of Mexico has weakened to a tropical storm. But oil prices have strong fundamental support in the form of supply issues. On the MCX, crude oil prices gained 0.6% and were trading at
`3691/bbl till 3.45pm IST today.
Commodity Metal News
The quotations in Rs per kg are tin ingot which stood at Rs 815, zinc ingot at Rs 125.50, nickel plate (4x4) at Rs 985-987, gun metal scrap at Rs 226 and bell metal scrap stood at Rs 228.Similarly, the copper wire scrap stood at Rs 431, copper wire bar at Rs 450, copper mixed scrap at Rs 411, Utensil scrap at Rs 224 and Chadripital stood at Rs 175. The lead ingot stood at Rs 127, lead imported at Rs 129, aluminium ingots at Rs 102, sheet cutting at Rs 105, aluminium wire scrap at Rs 102 and aluminium utensils scrap stood at Rs 102. Moreover, the prices carried on being unaffected as the demand from construction units and wire manufacturers fell due to the tight stocks holdings.
