8/23/2011 05:26:00 PM
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MCX Bullion Updates
There was no major economic data scheduled to release yesterday and investors continued to bet on Safe haven assets yesterday which led the COMEX Gold Oct futures breach the 1,900 mark and made a high of $1,901.5 per troy ounce yesterday.Spot gold prices rallied almost 2.5 percent on Monday and crossed the psychological level of $1900/oz mainly on the back of growing over slowdown in the global economy which boosted safe-haven demand for gold. On the MCX, Gold October contract rose almost 2 percent yesterday as further gains were capped due to Rupee appreciation.
COMEX Silver futures also rose along with Gold on safe haven buying and surged by 2.1 percent to close at $43.325 per troy ounce yesterday from $42.432 per troy ounce on 19th Aug, 2011. MCX silver September contract gained around 2.3 percent and touched an intra-day high of Rs66,625/kg on Monday.
MCX Base Metals Updates
COMEX Copper futures continued to be pushed and pulled by internal and outside forces yesterday. Futures initially got support from a rise in the Chinese refined copper imports but a stronger dollar and sluggish U.S. Today in the evening session of the trade we have U.S. New Home Sales and U.S. Richmond Manufacturing Index and a reading less than expected would pressurize the Base Metals.
As long as prices trade below 100 levels, we expect a fall towards 96.80 then 95/93 levels for the day. On the other hand, a trade above 101 may see prices to move upside towards 102.5 then 105 levels in the near term. Zinc prices declined around 1.8 percent on the LME in yesterday’s trading session mainly on account of a stronger dollar. On the MCX, prices slipped more than 1.8 percent and touched an intraday low of Rs97.40/kg on Monday.
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