7/05/2011 05:30:00 PM
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MCX Commodity News
Stronger Euro and weaker greenback supported the Precious Metals complex which benefitted from a mix of bargain hunting. COMEX Copper prices in electronic trading were however dented on souring of the outlook and on thin trade volumes due to national day holiday in U.S. However some support
to the red metal came from concerns of supply side disruptions arising from Chile’s Codelco mine as thousands of union workers planned a 24 hour strike on 11 th July, 2011 after disagreements with the management over restructuring at the world’s top copper mine. A one day shutdown could cost around 4,600 tonnes of copper output.
Gold Updates
Spot Gold prices erased their two days of losses and rose yesterday on mix of bargain hunting and stronger Euro which pressurized the greenback. The yellow metal rose by 0.62 percent to close at $1,495.8 per troy ounce from $1,486.5 per troy ounce on 1st July, 2011, although the trade as thin due to Independence Day holiday in U.S. What also kept the Euro high was the expectation of an interest rate hike by the European Central Bank on 7th July, 2011.
Silver Updates
Spot Silver also pared their prior day losses and rose by 0.82 percent to close at $34.08 per troy ounce yesterday from $33.8 per troy ounce on 1 st July, 2011. Silver ETF demand at iShares Silver Trust was muted yesterday owing to holiday in U.S. Gold/Silver ratio edged down slightly to 43.77 yesterday from 43.9 on 1st July, 2011 indicating strength in the white metal. Spot Silver prices also rose around 1 percent yesterday, tracking gains in gold and weakness in the DX. Despite upbeat global markets silver prices rose as a weaker dollar makes dollar-denominated commodities look attractive for holders of other currencies.
The crucial support for Spot Silver can be seen at the 200 day SMA which is at $32.3 per troy ounce and if broken then prices can scroll down to $31.3 per troy ounce and then to $29.6 per troy ounce.
Copper Trend
Copper was up on expectations China’s monetary tightening will halt as overall manufacturing and non-manufacturing activities witness a slowdown. The red metal touched an intraday high of 95.20.25/tonnes and closed at $9484/tonnes on Monday. Copper three month futures on London Metal Exchange got support from weaker U.S. Dollar and declining LME inventories and rose yesterday by 0.25 percent to close at $9,484 per ton from $9,460 per ton on 1st July, 2011.
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