Commodity MCX NCDEX Updates

Gold Review

Gold prices declined sharply last week, with spot prices in the international markets declining more than 3 percent. Slight revival in the US employment scenario raised hopes of recovery in the world’s largest economy, decreasing the demand for gold as a safe-haven investment. Gold prices are expected to remain under pressure today as demand for high-yielding and riskier assets will be witnessed on signs of improving economic scenario in the US. But, the US dollar is simultaneously expected to remain weak today and this factor will cushion sharp downside in the yellow metal prices.

Crude Oil Review

Nymex crude oil (February contract) started the year with a weekly loss, its biggest drop since mid November 2010. Oil prices came under pressure mainly on the back of strength in the US dollar and weak sentiments in the global equity markets in the last week. Prices declined almost 4 percent on the Nymex and touched a low of $87.25/bbl. On the MCX, crude oil prices dropped almost 2.5 percent in the last week, touching a low of `3977/bbl. Depreciation of the Indian Rupee cushioned sharp decline in crude oil prices on the domestic bourses last week.

Copper Review

Copper prices declined the most on the LME as well as on the MCX in the last week. The red metal prices slipped more than 3 percent on the LME, touching a low of $9300/tonne last week. Strength in the US dollar and choppy sentiments in the global equity markets led to decline in prices. In addition to this, rising inventory levels on the LME warehouse also acted as a negative factor for prices last week. LME copper inventories increased by 0.5 percent in the last week to reach 379,525 tonnes on Friday. The red metal prices witnessed less declines on the MCX, due to depreciation of the Indian Rupee resisting further drop in prices on the domestic exchange.

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