6/10/2011 05:22:00 PM
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MCX Commodity News
Spot gold prices gained around 0.5 percent yesterday mainly on the back of rising concerns over Greece’s debt problems which increased safe-haven demand for gold. But sharp gains were capped due to a stronger dollar. It touched an intra-day high of $1549.30/oz and closed at $1543.60/oz yesterday. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, declined to 1,211.87 tonnes on 9th June from 1,212.87 tonnes on 8th June.
Gold Updates
Gold is expected to trade with a sideways bias today, as the yellow metal will take cues from dollar strength on one hand and mixed global market sentiments on the other. Although economic concerns continue and are positive for gold, we feel that dollar strength will cap sharp gains today.
Silver Updates
Silver will take cues from gold today as global markets remain cautious ahead of mixed economic news over monetary policy. Any news of tightening in China could lead to downside pressure on silver.
Crude Oil Updates
Nymex crude oil ended in the positive territory on Thursday and gained almost 2 percent. Favorable trade data from the US and OPEC’s failure to increase production quotas supported oil prices. It touched an intra-day high of $102.44/bbl and closed at $101.93/bbl yesterday. MCX crude June contract gained 0.6 percent and touched an intra-day high of `4575/bbl on Thursday.
Nickel Updates
Nickel prices gained more than 1.5 percent on the LME and around 1.2 percent on the MCX. Falling inventories supported nickel prices on Thursday as inventories declined almost 1 percent to 115,134 tonnes on the LME warehouse.
Copper Updates
Copper gained around 0.2 percent on the LME yesterday. Codelco’s production declined by 7,000 tonnes due to the strike in EI Teniente copper mine in Chile. Copper prices touched an intra-day high of $9088/tonne and closed at $9056/tonne on Thursday. MCX copper June contract traded on a flat note and touched an intra-day low of `400.80/kg yesterday.
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