5/18/2011 05:29:00 PM
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MCX Commodity News
On Tuesday (17 May 2011), the crude oil traded near its lowest in a week as confidence in Europe`s economic recovery prospects was offset by signs of accumulating crude supplies in the US. Crude oil for June delivery declined as much as $1.08 cents to $96.29 per barrel on the New York Mercantile Exchange. Brent crude for July settlement declined 85 cents to $109.99 per barrel on the London-based ICE Futures Europe Exchange. The June contract expired on Monday, losing $1.10 to $112.73.
Spot Silver Trend
Spot Silver traded higher by more than 1 percent on Tuesday mainly on the back of weakness in the US dollar along with choppy global market seniments. Prices touched an intra-day high of $34.37/oz and closed at $33.91/oz. Holdings in the iShares Silver Trust, the world’s largest silver-backed ETFs, dropped 8 percent from its peak in late April to 10,487.38 tonnes by 17 May. On the MCX, silver July contract slipped almost 2 percent on account of Rupee appreciation and touched an intra-day low of `50,750/kg yesterday.
Crude Oil Review
Nymex crude oil prices declined 0.4 percent on Tuesday mainly on the back of unfavorable economic data from the US coupled with choppy sentiments in the global equity markets. But sharp decline was not witnessed due to dollar weakness and decline in the US crude oil inventories yesterday. Prices touched an intra-day low of $95.02/bbl and closed at $96.91/bbl. On the MCX, crude oil May contract declined more than 1.5 percent mainly due to Rupee appreciation and touched aan intra-day low of `4297/bbl on Tuesday.
Lead was the top performer on the day, as the metal gained almost 2 percent on the LME as well as on the MCX. It touched an intra-day high of $2330/tonne on the LME and closed at $2320.25/tonne. On the MCX, the metal touched an intra-day high of `105.60/kg and closed at `105.25/kg on Tuesday.
Aluminium prices declined around 1.6 percent on the LME to become the worst performer on Tuesday. The metal inventories more than 0.5 percent to 4,710,550 tonnes on the LME warehouse yesterday. Prices touched an intra-day low of $2500/tonne and closed its trading session at $2514.50/tonne yesterday.
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