12/14/2010 05:44:00 PM
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Commodity Trend
MCX TIPS FOR TODAY
Sell silver 44970 sl 45200 tgt 44200 -43900 -43300
MCX TREND
Gold Review
Spot gold prices were trading on a positive note, gaining almost 1 percent in the Asian trade today. Weakness in the US dollar and mixed sentiments in the global equity markets made gold attractive as a safe haven investment for the investors today. On the MCX, the February gold contract gained around 0.4 percent around the same time. Sharp gains on the MCX were capped mainly on the back of Rupee appreciation. At 4.00 pm IST, Spot Rupee traded at 44.99 against the US dollar. The Rupee touched an intra-day high of 45.13
today.
Copper Review
Copper prices touched a fresh record high on the LME today, touching a high of $9262/tonne. The tight supply outlook and strong demand coupled with weakness in the US dollar led red metal prices to hit a new record high on the international markets today.
Crude Oil Review
Crude oil prices declined slightly by 0.1 percent on the Nymex today, touching an intra-day low of $88.13/bbl till 4.00 pm IST today. However, sharp decline was cushioned due to weakness in the US dollar today. The American Petroleum Institute (API) is expected to release its weekly inventory data later at midnight today. Markets are anticipating inventories to decline by 2.2 million barrels in the w/e 10th December.
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