12/06/2010 06:12:00 PM
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MCX Commodity Trend
Gold ReviewSpot Gold prices were trading on flat note in the Asian trade today as the dollar rebounded after a sharp decline in the last week. The US Dollar Index (DX) – which measures its performance against a basket of six currencies gained around 0.8% till 4.30 pm IST. This factor capped gains in gold prices today. Spot
gold prices in the international markets were hovering around 1392 /oz at 4.15 pm IST. The equity markets traded on a mixed note today. The Asian equity indices gained but the domestic indices ended in the red. The European indices were also trading in the red at 4.30 pm IST.
Copper Review
Strength in the US dollar coupled with mixed sentiments in the global financial markets capped gains in copper prices on the LME today. However, sharp declines were cushioned on account of ongoing strike at Collahuasi mine; which is the world’s third largest copper mine. The red metal prices were trading
on a flat note and were hovering above $8735/tonne on the LME at 4.00 pm IST. On the MCX, stronger Indian Rupee further exerted pressure on copper prices on the MCX. At 4.00 pm IST, the February copper futures on the MCX was trading at `398/kg, down by 0.5%.
Crude Oil
After hitting a fresh two‐year high of $89.76/bbl on the Nymex today, crude oil prices were trading on a flat note at 4.00 pm IST today. Strength in the US dollar and choppy sentiments in the global equity markets capped further gains in prices today. Crude oil prices were trading at $89.15/bbl at 4.00 pm IST. Oil
prices witnessed declines of more than 0.5% on the MCX today and were trading at `4012/bbl till 4.00 pm IST. Appreciation of the Indian Rupee exerted further pressure on the Indian exchanges.
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NCDEX Commodity Review
Chana NewsChana prices on daily charts closed above its 10-days and
its 20-days EMA, indicating bullish market sentiments.
- 14-days RSI is at 65.5 and is in neutral region.
- MACD is in the positive territory
Delay in sowing due to unseasonal rains and resowing in some growing areas may support Chana prices to remain firm in the coming weeks. However, in the short to medium term (one month), Prices may gains may be capped due to rising arrivals of Kharif pulses. Long term trend in Chana futures may depend on the reports sowing of Rabi Pulses which is presently expected to be higher due to increase in MSP of Pulse. Also, weather during the crop development period may be crucial for the deciding the further trend of Chana futures.
Black piper
Prices closed above its 10-Day and its 20-Day EMA
indicating bullish trend.
• The 14-Day RSI is at 63.6 and is in neutral region.
• MACD is however, in the negative territory.
Pepper prices in the intraday are expected to trade firm due to expected demand from the overseas and domestic buyers. In the short term (till mid of December), Pepper prices will depend on global Black pepper availability and demand from the overseas and domestic market. In the medium to long term (December end onwards), price trend will depend on demand from the overseas and domestic market, pepper stocks with major producers and Black pepper production estimates of in India and Vietnam of 2011.
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