11/24/2010 06:50:00 PM
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Gold prices traded on a flat note in the Asian trade today and were hovering around $1377/oz till 4.45 pm IST. On the MCX, the December gold contract for delivery touched an intra‐day high of Rs 20,557 in the afternoon trade today. The Asian equities traded on mixed note today with Japan’s Nikkei losing more than 0.5%. However, Kospi recovered towards the end of the session after declining sharply in the opening session. The Indian equities tumbled in the final hour of trading with the Nifty declining more than 1%. Concerns over the Euro zone debt crisis persist and hence markets are expected to remain choppy.
Copper prices recovered slightly in the afternoon trade today after a sharp decline in yesterday’s trading. On the LME, copper prices were trading at $8228/tonne, up by 0.9% around 5.00 pm IST. Gains in copper prices today were mainly on the back of technical buying at the lower levels. Although, prices are not expected to sustain on the back of grim global economic situation. On the MCX, copper prices were trading at Rs 376.95/kg at 5.00 pm IST.
Crude oil prices rebounded from its losses in the previous session and were trading $81.54/bbl till 4.45 pm IST on the Nymex today. Oil prices witnessed gains mainly on the expectations of decrease in the US crude oil inventories. US oil inventories are expected to decline by 1.9 million barrels for the last week. China’s crude oil imports from Saudi Arabia are expected to increase by 11% in 2011 to around one million barrels per day. On the MCX, oil prices were
trading on a flat note at 5.00 pm IST.
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