2/04/2011 06:24:00 PM
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MCX Commodity Trend
Nickel Trend
Nickel was the best performer of the day as the metal gained almost 1 percent on the LME and around 0.5 percent on the MCX. Prices touched an intra-day high of $28,125/tonne on the LME and were hovering around $28,067/tonne till 4.00 pm IST today. Decline in inventories on the LME supported prices. Nickel inventories declined 0.5 percent to reach the level of 132,798 tonnes today. On the MCX, the metal prices hit an intra-day high of `1283.90/kg and were trading at ` 1282.40/kg around the same time.
Crude Oil Review
Crude oil prices are expected to trade higher today, mainly on the back of political unrest in Egypt as supply concerns may erupt in the Suez Canal if issues escalate. We expect gold prices to receive support on the back of concerns surrounding Egypt as this could lead to increased demand for gold as a safe-haven asset.
Gold Review
Spot Gold prices came under pressure in today’s Asian trading session, touching an intra-day low of $1347/oz till 4.00 pm IST. On the MCX gold prices (April contract) were hovering around `20,065/10 gm at the same time. Depreciation of the Indian Rupee led to minimal losses on the domestic markets today.
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