9/15/2011 06:51:00 PM
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MCX Gold Trend
Investment demand for the yellow metals has still not showed any signs of renewal as holdings at SPDR Gold ETF remained unchanged yesterday. Today in the evening session of the trade we have U.S. Jobless Claims data which is expected to decline, hence would support the greenback. We also have the U.S. CPI data which is a measure for inflation and hence would affect the greenback. e MCX, Gold October contract traded lower by more than 1 percent on account of Rupee appreciation and touched an intra-day low of Rs27,842/10 gms.
MCX Copper Trend
Copper which is considered as a bellwether of the economy tumbled down yesterday even though stock markets rallied and greenback was weak. The RED Metal got pressurized on weak U.S. Retail Sales data and closed down by 1.79 percent to $3.885 per pound yesterday from $3.9560 per pound the prior day.
The base metals complex traded higher on the LME in today’s trading session mainly on account of dollar weakness coupled with rise in risk appetite in the markets globally. Nickel was the top performer of the day as the metal rose 2 percent on the LME and around 1.4 percent in the MCX today.
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