11/18/2010 06:17:00 PM
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Spot Gold prices gained almost 1.5% and were hovering around $1355.95/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) today. Subdued US consumer inflation and unfavorable data from the US has fueled speculation of Fed pumping more money in the US economy in order to accelerate the growth. On the MCX; gold prices gained around 0.7% and were trading at `20,050 till 3.45 IST today. Depreciation of the Indian Rupee has supported the yellow metal prices on the domestic bourses today.
MCX Copper Trend
Copper prices rallied, gaining almost 2%, on the LME, touching an intra‐day high of $8362.50/tonne till 3.45 pm IST today. Weakness in the US dollar coupled with positive sentiments in the global equities acted as a supportive factor for the red metal prices to gain today. Moreover, falling inventory levels in the LME warehouse additionally helped the prices to move in the northward direction today. LME copper inventories declined by 525 tonnes to 360,600 tonnes today. On the MCX, copper prices jumped by more than 1% and were hovering at `379.65/kg today.
Copper prices rallied, gaining almost 2%, on the LME, touching an intra‐day high of $8362.50/tonne till 3.45 pm IST today. Weakness in the US dollar coupled with positive sentiments in the global equities acted as a supportive factor for the red metal prices to gain today. Moreover, falling inventory levels in the LME warehouse additionally helped the prices to move in the northward direction today. LME copper inventories declined by 525 tonnes to 360,600 tonnes today. On the MCX, copper prices jumped by more than 1% and were hovering at `379.65/kg today.
MCX Crude Trend
Crude oil prices rebounded from its four‐week low, surging by almost 2% on the Nymex till 3.45 pm IST today. Oil prices witnessed gains mainly on the back of weakness in the DX coupled with easing concerns over Ireland’s debt issues today. Moreover, the unexpected decline in the US crude oil inventories in the last week has also supported the oil prices today. On the MCX, oil prices declined around 1.4% and were hovering at `3800/bbl till 4.30 pm IST today.
Crude oil prices rebounded from its four‐week low, surging by almost 2% on the Nymex till 3.45 pm IST today. Oil prices witnessed gains mainly on the back of weakness in the DX coupled with easing concerns over Ireland’s debt issues today. Moreover, the unexpected decline in the US crude oil inventories in the last week has also supported the oil prices today. On the MCX, oil prices declined around 1.4% and were hovering at `3800/bbl till 4.30 pm IST today.
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