MCX Commodity Trend, Gold & Base Metal Review

MCX Commodity Trend

Gold Price review

Spot Gold prices were trading on a flat note at $1362.93/oz till 4.00 pm IST. But, on the MCX, gold prices gained around 0.2 percent and were hovering around `20,254/10 gm at the same time. Depreciation of the Indian Rupee helped the yellow metal prices to rise on the domestic bourses today. Since investors are moving from safe-haven to riskier investments, gold prices are witnessing downside pressure.

Base Metal Review

Base metal prices delivered worst performance in today’s trading session. China’s step to curb inflation exerted pressure on the metasl. Zinc was the worst performer of the day as the metal declined more than 1.5 percent on the LME and touched an intra-day low of $2452/tonne till 4.00 pm IST today. Shipments at Peru's main port resumed, using Navy sailors to load a cargo ship with zinc yesterday. Hence this eased supply concerns in zinc markets. Peru is a leading global producer of gold, silver, copper, zinc, lead and tin.

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MCX Gold Trend, Oil Trend

Gold Trend

Gold edges up, gains tempered by China

LONDON - Gold edged up for a second day on Tuesday, shrugging off a rise in China’s benchmark interest rates, while equities fell, the euro picked up and flows of metal out of exchange-traded funds stabilised. The gold price came under intense pressure last week after more signs emerged that global growth continues to improve and that the euro zone debt crisis has not worsened, which eroded some investor appetite for the metal.

Spot gold was up 0.2 percent at $1,352.80 an ounce by 1055 GMT, set for a second consecutive weekly rise but still 5 percent below record highs struck in mid-December.

Oil Review

Oil drops after China rate hike

LONDON - Oil prices fell on Tuesday after China moved to tame inflation with an interest rate increase, the second lift in just over six weeks.

US crude (WTI) for March fell by $1.13 to $86.35 a barrel by 1122 GMT. ICE Brent lost 95 cents to $98.30 a barrel. “I think it was a largely expected move, they are trying to put pressure on the economy in 2011 as they don’t want inflation to rise too much,” Credit Agricole CIB’s analyst Christophe Barret said. “Of course it will have an impact on oil demand.”

Stronger interest rates may act to tame oil demand growth in China, which according to the International Energy Agency recently overtook the United States as the largest energy consumer in the world.

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MCX Commodity bullion Trend

MCX Commodity Trend

Nickel Trend

Nickel was the best performer of the day as the metal gained almost 1 percent on the LME and around 0.5 percent on the MCX. Prices touched an intra-day high of $28,125/tonne on the LME and were hovering around $28,067/tonne till 4.00 pm IST today. Decline in inventories on the LME supported prices. Nickel inventories declined 0.5 percent to reach the level of 132,798 tonnes today. On the MCX, the metal prices hit an intra-day high of `1283.90/kg and were trading at ` 1282.40/kg around the same time.

Crude Oil Review

Crude oil prices are expected to trade higher today, mainly on the back of political unrest in Egypt as supply concerns may erupt in the Suez Canal if issues escalate. We expect gold prices to receive support on the back of concerns surrounding Egypt as this could lead to increased demand for gold as a safe-haven asset.

Gold Review

Spot Gold prices came under pressure in today’s Asian trading session, touching an intra-day low of $1347/oz till 4.00 pm IST. On the MCX gold prices (April contract) were hovering around `20,065/10 gm at the same time. Depreciation of the Indian Rupee led to minimal losses on the domestic markets today.

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MCX Commodity , Base Metal Trend

MCX Base Metal Review

MCX Gold Trend

Spot Gold prices gained 0.4 percent in the Asian trading session today, touching an intra-day high of $1340.25/oz till 4.00 pm IST. The weaker US dollar helped prices to trade higher in the international markets today. But, on the MCX, the April futures contract for delivery was trading at `20,202/10 gm, up 0.1 percent at the same time with gains being capped on slight strength in the Indian Rupee.

MCX Nickel Trend

Nickel was the top gainer in the Asian trade today, as the metal prices gained more than 1 percent on the LME as well as on the MCX. LME Nickel prices hit a high of $27,864/tonne, the highest since May 2008 and were hovering at $27,700/tonne at 4.00 pm IST today. On the MCX, prices gained around 1.6 percent and were trading at `1243.90/kg around the same time. News stated today that production at Yabulu nickel refinery in Australia has been suspended on expectations of a cyclone hitting the northeastern Australia later this week. Yabulu refinery produces about 30,000 tonnes of nickel per year.

Crude Oil Review

Crude oil prices were trading lower in the Asian trade today, with the Nymex March futures down 0.5percent till 4.00 pm IST. Oil prices declined today mainly on expectations of rise in the US crude oil inventories. On the MCX, the February futures contract was quoting at `4219/bbl, down 0.2 percent at 4.00 pm IST. The American Petroleum Institute (API) will release its weekly inventory data later at midnight today. As per Reuters poll, crude oil inventories are th expected to increase 2.8 million barrels in the w/e 28 January 2011.

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