2/01/2011 06:25:00 PM
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MCX Base Metal Review
Spot Gold prices gained 0.4 percent in the Asian trading session today, touching an intra-day high of $1340.25/oz till 4.00 pm IST. The weaker US dollar helped prices to trade higher in the international markets today. But, on the MCX, the April futures contract for delivery was trading at `20,202/10 gm, up 0.1 percent at the same time with gains being capped on slight strength in the Indian Rupee.
Nickel was the top gainer in the Asian trade today, as the metal prices gained more than 1 percent on the LME as well as on the MCX. LME Nickel prices hit a high of $27,864/tonne, the highest since May 2008 and were hovering at $27,700/tonne at 4.00 pm IST today. On the MCX, prices gained around 1.6 percent and were trading at `1243.90/kg around the same time. News stated today that production at Yabulu nickel refinery in Australia has been suspended on expectations of a cyclone hitting the northeastern Australia later this week. Yabulu refinery produces about 30,000 tonnes of nickel per year.
Crude oil prices were trading lower in the Asian trade today, with the Nymex March futures down 0.5percent till 4.00 pm IST. Oil prices declined today mainly on expectations of rise in the US crude oil inventories. On the MCX, the February futures contract was quoting at `4219/bbl, down 0.2 percent at 4.00 pm IST. The American Petroleum Institute (API) will release its weekly inventory data later at midnight today. As per Reuters poll, crude oil inventories are th expected to increase 2.8 million barrels in the w/e 28 January 2011.
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