6/29/2011 05:39:00 PM
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MCX Commodity Updates
Crude Oil Updates
Crude oil prices gained 0.6 percent on the Nymex today mainly on account of expected fall in US crude oil inventories and dollar weakness. Additionally, rise in risk appetite due to hopes for some solution on Greece acted as a positive factor for oil. On the MCX, crude July contract surged 1.7 percent and touched an intra-day high of `4222/bbl till 4.00 pm IST. We expect crude oil to trade on a positive note today mainly taking cues from expected fall in US crude oil inventories coupled with dollar weakness. Additionally, upbeat market sentiments will also support prices.
Gold Updates
India gold edged higher on Wednesday afternoon, recovering partially from its lowest level in three weeks, following a similar trend in overseas market, although a firm rupee kept a lid on gains. Dealers said physical buying retreated after traders booked deals at sub-$1,500 levels struck in the previous session. Premiums charged on London prices were steady at $1.5 an ounce.
Nickel Updates
The prices of tin, nickel and brass rose on the non-ferrous metal market due to heavy industrial demand coupled with stockists buying. Copper and zinc eased further owing to subdued demand from consumer industries. Tin rallied by Rs 10 per kg to Rs 1,370 and nickel firmed up by Rs 5 per kg to Rs 1,175. Brass sheets cutting inched up by Re 1 per kg to Rs 315. Copper scrap heavy moved up by rs 2 per kg to Rs 450. Copper cable scrap, copper utensils scrap, copper wire bar and zinc all softened by Re 1 per kg each to Rs 458, Rs 421, Rs 486 and Rs 122 respectively.
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