MCX Commodity Live

MCX Bullion Trend
Precious metals are trading lower on COMEX today. We expect prices to remain under pressure on account of positive data from US and margin hike done by CME. Investment demand at SPDR Gold ETF also faced the redemption and fell by 27.26 tonnes yesterday, the biggest one day decline since 25th Jan, 2011. Spot Gold prices slipped 4.3 percent on Wednesday to close at $1750/oz and prices on the MCX October contract declined 4.7 percent and closed at Rs26,293/10 gm.

COMEX Silver Sept futures also tumbled down yesterday and showed a sharp fall by 7.4 percent to close at $39.162 per troy ounce from $42.291 per troy ounce the prior day. Spot Silver prices also took cues from movement in gold and slipped 5.3 percent to close at $39.63/oz. In the Indian markets, the MCX September contract fell almost 6 percent to end yesterday’s trade Rs59,836/kg.

Crude Oil Updates
Crude oil prices are expected to trade higher today mainly taking cues from dollar weakness coupled with rise in risk appetite due to expectations that Fed may go for additional stimulus measures. Additionally, if hurricane Irene hits the US East Coast then this will create supply fears which would further provide support for oil prices. Crude oil inventories declined unexpectedly by 2.2 million barrels to 351.8 million barrels when analysts were expecting them to rise by 0.7 million barrels from a 4.2 million barrel increase in the prior week.


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