12/09/2010 06:21:00 PM
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MCX Trend
Gold futures recovered in the afternoon trading as fresh buying emerged on bargain hunting after a steep fall in gold prices in the last two sessions. Spot gold prices in the international markets were trading slightly higher after touching an intra-day low of $1378.80/oz. On the MCX, the February gold contract was trading on a flat note, but recovered after touching an intra-day low of Rs 20502/10 gm. Indian equities declined sharply today with the Nifty losing more than 2%. Earlier the Asian indices comprising the Hang Seng and Japan’s Nikkei ended in the green on better-than-expected GDP growth of Japan in the third quarter.
Aluminum prices are currently trading higher despite strength in the US dollar mainly on back of supply concerns due to strike in BHP Billiton’s aluminium smelter in South Africa, which is the world's sixth largest producer of primary aluminium. Hillside, with annual capacity of around 700,000 tonnes, is South Africa's major producer of aluminium. About 600 workers went on strike, with the demand of 12 percent increase in their wages and a 50 percent employer contribution to a medical aid scheme.
Crude oil prices came under pressure today mainly taking cues from the stronger dollar. Oil prices declined more than 0.5 percent on the Nymex and were trading at $88.44/bbl till 4.00 pm IST today. However, crude oil prices gained around 0.2 percent on the MCX, touching an intra-day high of `4042/bbl around the same time. Depreciation of the Indian Rupee, helped oil prices to trade in the green on the MCX today.
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