1/31/2011 06:26:00 PM
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Commodity MCX Review
Spot Gold prices were trading on a flat note in the Asian trading session today. Sharp declines in the yellow metal prices were cushioned on the downside due to unrest in Egypt and poor sentiments in the global financial markets today. At 4.00 pm IST, spot gold was quoting at $1333.53/oz, whereas on the MCX, the February futures contract for delivery was trading at `19,947/10 gm, down 0.5 percent at the same time.
MCX Copper (February Contract) touched an all time-high of `449.90/kg in today’s trading session. The red metal prices gained more than 1.45 percent on the MCX and were hovering around `449.10/kg till 4.00 pm IST. Depreciation of the domestic currency helped copper prices to gain more on the Indian bourses today. Expectations of healthy demand from China, the world’s top metal consumers, weakness in the US dollar and fall in the metal inventory on the LME warehouse acted as a positive factor. LME copper inventories declined by 1percent to reach at 394,025 tonnes today. As per the data by the Ministry of Finance released today, refined copper exports of Japan declined 23.3 percent in December from a year earlier to 31,180 tonnes.
Crude oil prices were trading higher in the Asian trade today, with the Nymex March futures up around 0.2 percent till 4.00 pm IST. Oil prices gained on the back of concerns in Egypt, on expected supply concerns and weakness dollar further supported the prices. On the MCX, the February futures contract was quoting at `4141/bbl, up by almost 1 percent at 4.00 pm IST. Depreciation of the Indian Rupee helped oil prices to gain further on the domestic markets today.
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