7/25/2011 05:19:00 PM
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MCX Commodity News
COMEX Copper Sept futures and Copper three month futures held steady on Friday and rose by 0.60 percent and 0.41 percent respectively on Friday compared to the prior day on supply side concerns as workers in Chile’s Escondida Copper mine, the world’s largest copper mine started on Friday and has entered a third day on Sunday with no signs of receding. What also supported the Red Metal on Friday was a rebound in the Euro Zone Industrial Production Index which exceeded analysts’ forecast of a rise of 0.6 percent and instead surged by 3.6 percent to 116.3 in May, 2011 from 112.2 in Apr, 2011 when it had declined by 0.09 percent.
Gold hit a record high above USD 1,622 an ounce on Monday, while the dollar steadied and Asian stocks slipped as investors piled into bullion over fears of a possible US debt default as the debt ceiling talks in Washington stalled. Spot gold, which has risen nearly 14% so far this year, climbed more than 1% to a record of USD 1,622.49 an ounce, before easing to USD 1,615.66 by 0621 GMT. US gold also hit a record at USD 1,624.30. It was last quoted at USD 1,616.50. Spot gold has rallied in 14 of this month's 17 trading sessions, and is up 7.6% from the end of last month. But so far this year, it has lagged spot silver's 31% climb.
Gold Trend
COMEX Gold Aug futures rebounded on Friday and rose by 0.91 percent to close at $1,601.5 per troy ounce from $1,587 per troy ounce on 21st July, 2011 amid renewed concerns that the bailout plan for the Greece would not solve the continent’s problem and also got support from the rating agency Fitch’s comment of Greece going for a selective default. Prices made a high of $1,607.7 per troy ounce near its record high indicating that the metal is still the investor’s preferred safe haven choice.
Silver Trend
COMEX Silver Sept futures also surged tracking the Gold futures and rose by 3.02 percent to close at $40.122 per troy ounce on Friday from $38.947 per troy ounce on 21st July, 2011. Investment demand remained muted at iShares Silver Trust on Friday while Gold/Silver ratio edged down to 39.96 on Friday from 40.64 on 21 st July, 2011.
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