MCX Gold , Copper, Cruid Oil Trend For the Day

Commodity Review
Spot gold prices gained around 0.6%, after falling sharply in yesterday’s session and are hovering around Rs 1340.85/oz till 3.45 pm IST today. The yellow metal prices witnessed gains mainly on the back of weakness in the US Dollar Index (DX) today. The DX depreciated around 0.5% against a basket of currencies today. Moreover, mixed sentiments in the financial markets also made gold prices to look attractive for the investors helping yellow metal prices to rise. On the MCX platform, gold prices declined merely by 0.1%, touching an intra-day low of Rs.19, 480 till 3.45 pm IST. Appreciation in the Indian Rupee exerted pressure on the MCX gold prices. Spot Rupee touched an intra-day high of 44.25 against the dollar today.

Copper prices gained around 0.5% on the LME today taking cues from the weakness in the DX today. The red metal prices were hovering around $8265/tonne on the LME till 3.45 IST today. Copper prices had declined sharply in yesterday’s session on the back of unexpected move by China to raise interest rates. On the MCX, copper prices declined sharply by 0.7%, on the back of appreciation in the Indian Rupee. Copper inventories on the LME increased by 800 tonnes to reach at 370,750 tonnes today. Cancelled warrants jumped by 14% to 25,350 tonnes on the LME warehouse today.

Crude oil prices reversed losses and gained by 1% on the Nymex today, touching an intra-day high of $80.32/bbl till 3.45 pm IST today. Weakness in the DX
supported oil prices to rise in the international markets today. On the MCX, crude oil prices. declined sharply by 0.7% till 3.45pm IST today. Appreciation of the INR in the beginning of the trading sessions exerted pressure on the oil prices in the Indian markets today.


NCDEX Refined Soya Oil for the November delivery spurted to the intraday high of Rs 528.70 and the session low was Rs 523.15 per 10 kg. The contract ended the day higher at Rs 528.30, up Rs 5.15 or 0.98 percent from the last close and the open interest added 0.73 percent to 1,49,470 tonnes, indicating fresh buying and volume traded declined to 1,120 tonnes from 1,38,300 tonnes.
The Refined Soya Oil October delivery ended the day higher by Rs 0.15 or 0.03 percent at Rs 512.60 after moving in the range of Rs 512.80-Rs 511.20 per 10 kg. The open interest in the contract declined 10.17 percent to 21,630 tonnes and volume traded declined to 2,730 tonnes from 3,120 tonnes.

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