COMEX Copper and NYMEX Crude oil current month futures surged by 3.07 percent and 3.05 percent respectively on Friday while more than forecasted rise in the U.S. Asian markets up on easing Euro Zone debt concerns. Crude oil up on a weaker dollar and rising risk appetite. Aluminium Shanghai inventories up by 51 percent last week.
MCX Gold trend
COMEX Gold Dec futures ended the day in green paring their prior day gains and rose by 0.87 percent to $1,683 per troy ounce from $1,668.5 per troy ounce the prior day. On Indian Commodity in MCX, Gold December contract increased sharply by 2.6 percent last week and hit a high of Rs27, 008/10 gms. At current gold is trading in under pressure.
Silver MCX Trend
COMEX Silver Dec futures also rose along with Gold and surged by 1.6 percent to $32.173 per troy ounce from $31.667 per troy ounce when they had decline sharply by 3.42 percent. Holdings in the iShares Silver Trust, the world's largest silverbacked exchange-traded fund, declined around 0.5 percent to 9,954.27 tonnes by 14 th October. The Silver increased by 0.4 percent for the period 4th– 11th Oct, 2011 and prices increased by 7.24 percent during the same period.
Copper Trend
COMEX Copper Dec futures surged by 3.07 percent paring their prior day gains to $3.4085 per pound from $3.3070 per pound the prior day. On a weekly basis, copper LME inventories declined sharply by almost 4 percent to reach the level of 450,200 tonnes on Friday. MCX Copper November contract increased 3.5 percent as and closed at Rs371.8/kg last week.
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