6/16/2011 05:58:00 PM
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MCX Commodity News
- Euro tasted a three week low yesterday on concerns of Greece on the verge of default.
- Copper futures on COMEX and LME slumped yesterday on weak U.S. Economic data and on stronger U.S. dollar.
Gold Updates
COMEX Gold Aug futures touched a low of $1,514.5 per troy ounce yesterday as stronger greenback reduced the appeal of the yellow metal as a safe haven demand. However rise in the concerns of in the Euro Zone region and happenings in the Greece worried investors which saw shelter in Gold and Futures ended the day with a 0.12 percent gain to close at $1,526.2 per troy ounce from $1,524.4 per troy ounce on 14th June, 2011.
Silver Updates
COMEX Silver July futures however remained unchanged yesterday at $35.41 per troy ounce and investment demand still remained to be seen in the white metal as holdings at iShares Silver trust remained unchanged yesterday.
Gold/Silver ratio edged downwards to 42.93 on 15th June, 2011 from 43.1 on 14th June, 2011 which showed that the investment demand for the white metal has still some strength left.
Copper Updates
COMEX Copper July futures got pressurized on weaker than expected U.S. economic data and on stronger U.S. Dollar and they fell by 0.79 percent to close at $4.122 per pound from $4.155 per pound on 14th June, 2011. Copper three month futures on LME were also pressurized and they fell by 0.9 percent to close at $9,097 per ton from $9,180 per ton on 14th June, 2011. Today we have a range of economic data to be dissipated from U.S. which will give the direction and magnitude of the housing market and the manufacturing activity in the Philadelphia region. A lower than expected Jobless claims would also provide support to the red metal.
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NCDEX Commodity News
Guar Updates
Guar futures may trade range bound with negative bias owing to forecast of normal and timely arrival of monsoon over Rajasthan which has raised hopes of sowing this season. Prices are expected to trade in the range of Rs. 3150-3400 per qtl levels in the short term.
Robust export demand for Indian Guar gum from Oil companies may support Guar prices in the long term (September). However, in the next 2 months (July – August), rainfall distribution over Northwest India would be an important factor to be watched for as the price movement during this period mainly depends on monsoon.
Turmeric Updates
Turmeric spot prices at Nizamabad and Erode were quoted at steady to slightly lower rates due to lower offtakes at the domestic mandi. However, Futures settled 0.47% higher due to short coverings by the market participants. According to the trade sources area under Turmeric in the chief growing areas of Nizamabad and Erode is likely to decline owing to steep fall in the prices and remunerative prices in other cash crops particularly cotton.
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