8/11/2011 05:51:00 PM
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MCX Bullion Trend
Weakness in the Major Global Equity markets which slumped yesterday prompted investors to continue park funds in the safe haven assets and COMEX Gold Aug futures made a record high of $1,795.6 per troy ounce yesterday which was broken today as prices breached the $1,800 per troy ounce mark today even though CME raised margins of Gold contracts. Earlier Gold Aug futures at COMEX extended their sparkling rally and rose by 2.37 percent to close at $1,781.3 per troy ounce yesterday from $1,740 per troy ounce on 9th Aug, 2011. Gold is expected to trade lower today as rise in margin requirements by the CME will act as a negative factor on prices. Additionally, a stronger dollar will also exert further pressure. Silver is expected to trade with a sideways bias mainly taking mixed cues from upside in base metals and a stronger dollar.
COMEX Silver Sept futures pared their prior day gains and moved along with Gold and rose by 3.81 percent to close at $39.327 per troy ounce yesterday from $37.883 per troy ounce on 9th Aug, 2011. Huge redemption was seen at iShares Silver trust in the past 3 days and yesterday holdings declined by 118.18 tonnes while the Gold/Silver ratio closed down to 45.24 yesterday from 46.13 on 9th Aug, 2011.
Base Metal Updates
Copper trend
COMEX Copper Sept futures fell down by 2.05 percent to close at $3.885 per pound from $3.97 per pound made on 9th Aug, 2011 amid a less than expected U.S. Wholesale Inventory growth coupled with a gloomy global economic outlook.
Crude Oil Trend
Nymex crude oil prices declined slightly by 0.2 percent today mainly on the back of dollar strength. But sharp decline was cushioned due to expected increase in demand from China. Oil touched an intra-day low of $81.14/bbl and were hovering at $82.76/bbl till 4.00 pm IST. On the MCX, oil witnessed gains on account of Rupee depreciation. NYMEX Crude oil Sept futures rose by 4.53 percent to close at $82.89 per barrel yesterday from $79.30 per barrel made on 9th Aug, 2011 as it got support from an unexpected decline in the U.S. Crude oil inventory data showed by the U.S. EIA. Oil stocks fell by 5.23 million barrels to 349.8 million barrels for the week ended 5th Aug, 2011 negating the analysts expectation of a rise by 1.7 million barrels from the prior week’s increase of 1 million barrel.
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