Commodity MCX Trend for The Day

MCX Commodity Trend

Copper prices rose sharply, gaining almost 2 percent on the LME on Tuesday. The red metal prices touched an intra-day high of $8408/tonne yesterday. Copper inventories declined by 800 tonnes to reach 355,750 tonnes on the LME warehouse on Tuesday. Chile’s Collahuasi mine, the world’s third largest copper mine continued its wage talks, signaling the possibilities of strike coming to an end if these negotiations succeed. On the MCX, prices rallied more than 2 percent, to close at `388.05/kg on Tuesday.

Considering the poor global economic scenario, especially in the Euro zone, we expect oil prices to remain under pressure today. The dollar is also expected to remain strong today and this factor will also exert pressure on oil prices.  However, a sharp downside in the commodity prices will be cushioned on  expectations of a cooler weather coupled with decline in US crude oil inventories.

Gold futures rose more than 1% on the Comex on Tuesday on the back of safe-haven demand. After Ireland receiving around 85 bn Euros as a financial aid, concerns that Spain and Portugal would also need a bailout are attracting investors towards the yellow metal. On the MCX, the February gold contract closed above Rs 20500/10 gm. Gains in gold prices on the MCX were slightly less yesterday as the Rupee pared losses against the US dollar on better than expected domestic GDP figures.

Silver prices surged, both in the spot market as well as in the futures markets on Tuesday taking cues from a rise in the bullion pack as well as base metals prices. Hopes of increase in Manufacturing PMI of China helped base metal prices to gain on the LME yesterday.

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