Live Commodity News

MCX silver front month July contract lost around Rs 10,000/kg from yesterday’s high of Rs 59,976/kg, which is nearly 17 per cent. It currently dropped six per cent.

London spot gold and silver made a low of USD 1,478.15/oz and USD 32.33/oz respectively Thursday. Gold in London spot lost nearly 1.5 per cent. It currently traded at USD 1,583.65/oz, down 16.85.

MCX gold, most active June contract traded at Rs 21,797/10 gm, down Rs 124 and fluctuated between Rs 22,034- 21,710/10gm. Volume was 23,544 lots. 

Gold mini, most active June contract traded at Rs 21,804/10 gm, down Rs 121 and fluctuated between Rs 22,065- 21,720/10gm. Volume was 42,046 lots.

Most active silver July contract tanked Rs 3,130 at Rs 50,740/kg and so far made intra-day high and low of Rs 54,637- 49,751/kg so far. Volume so far was 99,734 lots. MCX silver mini most active June contract plummeted by Rs 3,098 at Rs 50,797/kg and traded between Rs 55,668- 49,775/kg. Volume recorded 198,703 lots.

Commodities fell for a second day after China raised banks’ reserve requirements, heightening speculation slower growth will curb raw materials demand.

The Standard & Poor’s GSCI Index of 24 raw materials fell 0.9 percent to 674.89 by 3:15 p.m. London time after dropping 3.9 percent yesterday. Silver tumbled 5.3 percent. Crude oil declined 0.8 percent after the International Energy Agency cut its 2011 demand forecast.

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MCX Commodity Bullion & Base Metal Trend

MCX Commodity Bullion  

Spot Silver traded lower by almost 9 percent on Wednesday, mainly on the back of strength in the US dollar. Silver being as industrial metals was also pressurized due to downtrend in the base metals yesterday. Prices touched an intra-day low of $35.02/oz and closed at $35.06/oz. On the MCX, silver July contract slipped around 8 percent and touched an intra-day low of `53,520/kg on Wednesday.

Spot gold declined more than 1 percent in yesterday’s trading session as strength in the US dollar exerted pressure on gold prices. Additionally, fall in crude oil prices also eased the inflation fears which reduced inflation-hedge demand for the yellow metal. Prices touched an intra-day low of $1495.65/oz and closed at $1499.75/oz on Wednesday.

Crude Oil

We expect crude oil to trade lower today on account of a stronger dollar and choppy sentiments in the global financial markets. But sharp decline will be cushioned as prices will receive support from expected strong demand growth in Asia.

Copper Review

Copper was the worst performer of the day, as the metal declined more than 3 percent on both LME as well as on the MCX on Wednesday. Weak economic data from China indicates declining growth in the country which may affect demand for red metal from the world’s largest metal consumer. This has acted as a negative factor for copper

yesterday.

Following copper, Lead declined around 2.8 percent on the LME and almost 2.5 percent on the MCX to be the second bad performer on Wednesday. The metal touched an intra- day low of $2264.25/tonne on the LME and closed at $2280/tonne. On the MCX, the metal touched an intra-day low of `101.80/kg and closed at `102.70/kg yesterday.

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MCX Commodity Trend - 12 May

Date	Time	Currency	Economic Data	Forecast	Previous
THU 12TH MAY	6:00pm	USD	Core Retail Sales m/m	0.7%	0.8%
	6:00pm	USD	PPI m/m	0.6%	0.7%
	6:00pm	USD	Retail Sales m/m	0.5%	0.4%
	6:00pm	USD	Unemployment Claims	430K	474K
	6:00pm	USD	Core PPI m/m	0.2%	0.3%
	6:00pm	USD	FOMC Member Plosser Speaks
	7:30pm	USD	Fed Chairman Bernanke Testifies
	7:30pm	USD	Business Inventories m/m	0.8%	0.5%
	8:00pm	USD	Natural Gas Storage	69B	72B

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MCX Commodity Trend

MCX Commodity Trend

We expect base metals and crude oil to trade lower today mainly on the back of Chinese inflation data and increasing worries with regard to Euro zone debt crisis. Oil will also come under pressure on expectations of rise in US crude oil inventories to be released by the EIA today. But sharp declines will be cushioned due to upbeat sentiments in the global equity markets.

We expect gold to trade higher today mainly taking cues European debt crisis which will increase safe-haven demand for the yellow metal. Additionally, China’s inflation data will also help the yellow metal to move in the northward direction.

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MCX Commodity Trend - 11 May

Date	Time	Currency	Economic Data	Forecast	Previous
WED 11TH MAY	6:00pm	USD	Trade Balance	-46.8B	-45.8B
	8:00pm	USD	Crude Oil Inventories	1.1M	3.4M
	10:30pm	USD	FOMC Member Kocherlakota Speaks
	11:30pm	USD	Federal Budget Balance		-188.2B

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MCX Commodity Trend - 10 May

MCX Bullion Trend

Spot Silver traded higher by more than 6 percent of $49.83/oz on Monday, as a weaker dollar coupled with escalating worries with regard to sovereign debt crisis in the Euro Zone boosted demand for the white metal. Prices touched an intra-day high of $37.96/oz and closed at $37.78/oz yesterday. On the MCX, silver July contract gained around 5.2 percent and close its trading session at `57,108/kg on Monday.

Spot gold prices rose more than 1 percent on Monday as dollar weakness and choppy sentiments in the global equity markets increased safe-haven demand for gold. Rising concerns on account of debt crisis in Euro Zone also supported yellow metal prices yesterday.

Base Metal Trend

Crude Oil Review

Nymex crude oil prices traded higher by more than 5.5 percent on Monday mainly on the back of weakness in the US dollar. Prices touched an intra-day high of $103.40/bbl and closed at $102.55/bbl. On the MCX, oil prices gained around 0.2 percent and touched an intra-day high of `4575/bbl yesterday. Appreciation in the Indian Rupee capped further gains on the domestic bourses on Monday. We expect crude oil to trade lower today on account of margin hike, strength in the dollar and choppy sentiments in the global financial markets. Oil will also come under pressure on expectations of rise in US crude oil inventories to be released by the API today.

Zinc Review

Zinc was the best performer of the day, as the metal gained almost 1.5 percent on the LME and around 1.2 percent on the MCX. The metal touched an intra-day high of $2192.75/tonne on the LME on Monday and closed at $2176.50/tonne. On the MCX, the metal touched an intra-day high of `97.90/kg and closed at `97.10/kg yesterday. We expect base metals to come under pressure mainly on the back dollar strength, mixed global market sentiments and increasing worries with regard to Euro zone debt crisis.

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