7/11/2012 05:49:00 PM
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Silver slightly up by 0.20%, while base metals also shows some good result.
Crude Updates
Nymex crude oil prices gained around 1.5 percent today on account of expectations of decline in US crude oil inventories coupled with weakness in the DX. Crude oil prices touched an intra-day high of $85.22/bbl and hovered around $85.20/bbl today till 4:30pm IST. On the domestic bourses, prices declined by 0.6 percent on the back of appreciation in the Indian Rupee and was trading around Rs.4,722/bbl today.
Base Metals and Bullion Updates
The base metals complex traded on a positive on the back of weakness in the DX along with decline in LME inventories. Copper, the leader of the base metals group gained around 0.4 percent on account of decline in LME copper inventories by 0.4 percent which stood at 252,350 tonnes. The red metal touched an intra-day high of $7,538.25/tonne and hovered around $7,530/tonne. In the Indian markets prices declined around 0.1 percent on account of appreciation in the Indian Rupee.
Taking cues from rise in gold prices coupled with upside in base metals, Spot silver prices increased by 1.3 percent today. Additionally, weakness in the DX also helped upside in silver prices. The white metal touched an intra-day high of $27.18/oz and was trading around $27.12/oz today. On the domestic front, prices traded on a flat note and hovered around Rs.52,668/kg till 4:30pm IST today. However, appreciation in the Indian Rupee capped further gains in prices. Silver can show some more buying senario, At 16:05 hrs MCX SILVERMIC August contract was trading at Rs 52655.00 down Rs 36.00, or 0.07%. The SILVERMIC rate touched an intraday high of Rs 52840.00 and an intraday low of Rs 52480.00. So far 5331 contracts have been traded. SILVERMIC prices have moved down Rs 9345.00, or 15.07% in the August series so far. At 16:05 hrs MCX SILVERMIC November contract was trading at Rs 54344.00 down Rs 71.00, or 0.13%. The SILVERMIC rate touched an intraday high of Rs 54502.00 and an intraday low of Rs 54161.00. So far 5561 contracts have been traded. SILVERMIC prices have moved down Rs 6546.00, or 10.75% in the November series so far.
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