Commodity MCX Metal Review
Gold prices gained today, taking cues from the G20 meeting at Seoul, which started with mixed views over economic issues. As the global policymakers have gathered in South Korea, there are concerns that the ministers are less likely to achieve consensus over trading disputes, especially involving the currency around $1406.65/oz at 4.00 pm IST today, whereas on the MCX, the December futures contract for gold was movements. Spot gold prices were trading hovering around `20425/10 gm around the same time. The Indian equity markets tumbled towards the end of the trading session, as investors remain clueless over the outcome of the crucial G20 meet. The European equities were trading in the green, but witnessed lackluster trading.
Copper prices rallied, gaining almost 2% on the LME till 4.00 pm IST today. The red metal prices hit its multi‐month high of $8945/tonne, taking cues from the
latest Chinese data which indicates that China’s industrial production rose by 13.1% in October. Moreover, refined copper production in China declined by 1.2% m‐o‐m and 0.2 percent from a year earlier to 400,000 tonnes in October. On the MCX, copper prices surged more than more than 2.2% and were hovering at `398.10/kg at 4.00 pm IST today.
Crude oil prices gained around 0.5% both on the Nymex and on the MCX till 4.00 pm IST today. Nymex crude oil prices touched its 25‐month high of $88.35/bbl mainly taking cues from economic data which indicated an increase in industrial production in China. This coupled with declining US crude oil inventories supported the oil prices today. Crude oil inventories declined unexpectedly by 3.3 million barrels last week, the US Energy Department reported.On the MCX, oil prices touched an intra‐day high of `3923/bbl and were hovering at `3919/bbl till 4.00 pm IST today.
Daily Commodity MCX - Metal Trend
11/11/2010 06:49:00 PM
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