5/10/2011 05:22:00 PM
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MCX Bullion Trend
Spot Silver traded higher by more than 6 percent of $49.83/oz on Monday, as a weaker dollar coupled with escalating worries with regard to sovereign debt crisis in the Euro Zone boosted demand for the white metal. Prices touched an intra-day high of $37.96/oz and closed at $37.78/oz yesterday. On the MCX, silver July contract gained around 5.2 percent and close its trading session at `57,108/kg on Monday.
Spot gold prices rose more than 1 percent on Monday as dollar weakness and choppy sentiments in the global equity markets increased safe-haven demand for gold. Rising concerns on account of debt crisis in Euro Zone also supported yellow metal prices yesterday.
Base Metal Trend
Crude Oil Review
Nymex crude oil prices traded higher by more than 5.5 percent on Monday mainly on the back of weakness in the US dollar. Prices touched an intra-day high of $103.40/bbl and closed at $102.55/bbl. On the MCX, oil prices gained around 0.2 percent and touched an intra-day high of `4575/bbl yesterday. Appreciation in the Indian Rupee capped further gains on the domestic bourses on Monday. We expect crude oil to trade lower today on account of margin hike, strength in the dollar and choppy sentiments in the global financial markets. Oil will also come under pressure on expectations of rise in US crude oil inventories to be released by the API today.
Zinc Review
Zinc was the best performer of the day, as the metal gained almost 1.5 percent on the LME and around 1.2 percent on the MCX. The metal touched an intra-day high of $2192.75/tonne on the LME on Monday and closed at $2176.50/tonne. On the MCX, the metal touched an intra-day high of `97.90/kg and closed at `97.10/kg yesterday. We expect base metals to come under pressure mainly on the back dollar strength, mixed global market sentiments and increasing worries with regard to Euro zone debt crisis.
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