6/20/2011 05:35:00 PM
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MCX Commodity NEWS
Gold Updates
COMEX Gold Aug futures continued to end in green on Friday when they rose by 0.60 percent to close at $1,539.1 per troy ounce from $1,529.9 per troy ounce on 16th June, 2011 as lingering worries over the spread of the Greece contagion to other boundaries prompted investors to park funds in the safe haven assets while a 0.54 percent decline in the Dollar Index also supported the Yellow Metal. Gold is expected to trade higher today mainly taking cues from Greece debt concerns which will increase safe-haven demand for gold. But dollar strength will cap sharp gains.
Silver Updates
COMEX Silver Aug futures also took cues from the Gold rally and rose by 0.53 percent to close at $35.748 per troy ounce on Friday from $35.559 per troy ounce on 16th June, 2011 while investment demand continued to remain weak and investors reduced their holdings at iShares Silver trust which saw redemption of 13.64 tonnes on Friday.
Crude Oil Review
NYMEX Crude Oil Jul futures ended in red on Friday and fell by 2.04 percent to close at $93.01 per barrel from $94.95 per barrel on 16th June, 2011. Weak U.S. economic data also weighed down on the prices.
NCDEX Commodity News
Guar Updates
Guar Complex in the last week settled lower w-w owing to no clear fundamentals to drive the prices. There were some reports of demand from guargum millers. This is seen supporting prices. However, the progress of SW monsoon over Northwest India would decide the further trend in Guar complex.
Commerce ministry withdraws its notification on permissible chemical content. This will spur the movement of guar gum from India to the EU nations, where demand is rising in a wide range of industrial applications.
Guar futures may trade range bound with no clear fundamentals to drive the prices. However, forecast of normal and timely arrival of monsoon over Rajasthan will limit major upside in the prices.
Sugar Updates
Sugar prices may trade sideways to down with reports of non approval of extra 1.5 metric tonnes of sugar. In the medium term prices would depend on the planting progress of Sugarcane across country and thereby the output prediction for 2011-12 Prices are expected to trade in the range of Rs. 2450-2650 per qtl levels. From long term perspective, prices are expected to take cues from the supplies from Brazil and demand from China as the country is expected to increase its sugar imports in the second half of the year.
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