MCX Commodity Updates

MCX Bullion Trend

Gold Trend

Investment demand remained muted yesterday at SPDR Gold ETF as no addition was seen in the gold holdings. Today no major economic data is scheduled to release and hence the technical selling would continue to be seen on the counter, however the dips would be seen as a buying opportunity by the investors to invest again in this remarkable metal. Gold prices came under pressure and declined more than 1 percent as dollar strength led to downside pressure in the yellow metal.

Silver Trend

Investment demand was muted yesterday at the iShares Silver trust with no change in the holdings seen in silver. Gold/Silver ratio made a high of 45.64 before closing down to 44.81 from 44.32 the prior day pointing that Gold has more investment appeal than silver. Taking cues from fall in gold coupled with strength in the dollar spot silver declined sharply by 2.3 percent on Tuesday. Silver being an industrial metal also took cues from downside in base metals and declined further. The white metal touched an intraday low of $41.51/oz and closed at $41.93/oz. On the MCX, silver December contract rose 0.3 percent on account of Rupee depreciation and touched an intra-day high of Rs66,893/kg yesterday.

Base Metal Updates

Crudeoil Updates

NYMEX Crude oil Oct futures fell for a second day on worries that the euro zone debt crisis could stifle world economic growth. Futures ended 0.5 percent down yesterday to $86.02 per barrel from $86.45 per barrel on 2 nd Sept, 2011 and also got weighed down by a stronger U.S.Today the American Petroleum Institute (API) is expected to release its weekly inventory report today. Forecasts indicate crude oil inventories are expected to decrease by 1.9 million barrels in the w/e 2nd September 2011.

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Live MCX Data

MCX Data

Date	Time	Currency	Economic Data	Forecast	Previous
WED 7TH SEP	8:45pm	USD	FOMC Member Evans Speaks
	11:30pm	USD	Beige Book

Live MCX

• GOLD FALLS FROM RECORD AFTER SWISS PEG FRANC.
• CRUDE OIL EXTENDS DROP ON SIGNS OF SLOWING U.S. ECONOMY, RISING STOCKPILES.
• COPPER IN LONDON DROPS FOR A FOURTH DAY ON CONCERN GLOBAL GROWTH TO SLOW.
• DOMESTIC OIL AND OILSEED TRADE BEARISH.

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Daily MCX Commodity Updates

MCX Gold Trend

Sales of gold and silver American Eagle coins were at their highest since January in August, meanwhile, data from the U.S. Mint showed. The Mint sold 112,000 ounces of gold coins and 3.68 million ounces of silver coins last month. Gold futures edged higher in electronic trading Tuesday, as European sovereigndebt woes and global growth concerns boosted the metal’s safe-haven appeal. Spot Gold is currently trading at $1912, it is up by $10 for the day

Silver Trend

Spot Silver prices however took some breathing and fell by 0.83 percent to $42.84 per troy ounce yesterday from $43.2 per troy ounce the prior day. Gold/Silver ratio surged yesterday to 44.32 from 43.57 on 3rd Sept, 2011 pointing to the investment strength in Gold

On the back of growing European economic worries and waning risk appetite, we expect gold prices to trade higher despite dollar strength. But silver on the other hand is expected to witness downside pressure on account of base metals which are trading lower as demand concerns rise on rising economic uncertainty.

Crude Oil Trend

Shut crude oil production in the U.S.-regulated areas of the Gulf of Mexico increased by 1.2 percent on Monday after Tropical Storm Lee dissipated over the southeastern United States, the U.S. government said. On the MCX, crude oil September contract declined around 3 percent and touched an intra-day low of Rs3843/bbl on Monday.

Copper Trend

Copper, leader of the base metals declined almost 1.5 percent on Monday mainly on the back of demand concerns due to global economic growth worries. The 4 hourly price chart shows that prices have witnessed a breakdown from the rising trend line support. Today in the afternoon session of the trade we have Euro Zone GDP data and also the Germany Factory orders which if come better than expected then would support the Euro and will also be positive for the Base Metals. The MACD has also moved below the zero line in sell mode which is bearish. We expect prices to see further declines to test 405 levels in the short term.

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MCX Commodity - Gold, Silver, Crude Oil Updates

MCX Updates 

Dow Jones and NASDAQ suffered another setback and fell by 2.2 percent and 2.58 percent respectively on 2nd Sept, 2011 with the blow coming this time from the dismal US Payrolls data which showed that the job market stagnated in Aug, 2011 when total payrolls remained unchanged at 131.132 million the same as in prior month when analyst’s forecasted a rise by 75,000 from a downwardly revised 85,000 in Jul, 2011.

Gold Trend

Investment demand at SPDR Gold ETF remained unchanged on Friday which showed that investors remained reluctant to add to the  investment in the yellow metal. Update on the open positions for the Non Commercial traders showed that Net longs declined by 18.71 percent in COMEX Gold futures while for Silver futures they surged by 1.03 percent for the period 23rd 30th Aug, 2011 signaling that Silver remained the preferred investment choice among the investors. The upside in prices also indicates that investors are cautious and would prefer to hold on to safer investment assets while enjoying the rally in riskier and higher yielding investment assets. Spot Gold prices rose 3 percent in the last week, but prices remained volatile on account of stable risk

sentiments.

Silver Trend

The weak data from US prompted led the holdings at iShares Silver trust increase by 35.35 tonnes on Friday. Gold/Silver ratio edged down to 43.36 on Friday from 43.93 the prior day conTaking cues from rise in gold, spot silver prices surged 3.7 percent in the last week. Strength in the dollar  failed to deter gains in silver. The white metal touched a high of $43.36/oz and ended its trading session at $43.20/oz. On the MCX, silver December contract rose almost 3.5 percent and touched a high of Rs64,354/kg last week.

Crude Oil Trend

Due to tropical storm Lee, about more than half of US crude oil production was shut in the Gulf of Mexico in on 4th September as delayed to restart oil and gas platforms in the basin. The Gulf  of Mexico  accounts for 27 percent of the country's oil production and about 8 percent of US natural gas production.

This supply disruption would act as a positive factor for the oil prices in the coming trading sessions. Tropical Storm Lee made landfall Sunday, flooding parts of the U.S. Gulf Coast, while Typhoon Talas wreaked havoc in western Japan and Hurricane Katia gained strength in the Atlantic Ocean.

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MCX Silver Trend for Next week

MCX Silver

FUNDAMENTALS

On the New York Mercantile Exchange, Crude for October delivery settled at $86.45 a barrel, falling $2.48, or 2.79 percent, after trading from $85.42 to $88.99. For the week, front-month Crude raised $1.08, or 1.27 percent, from the $85.37 close on Aug. 26 and extended gains to a second straight week.

UPCOMING DATA/EVENTS

New York energy, metal and commodity markets will be closed on Monday in observance of the U.S. Labor Day holiday. On Monday, CME Globex trading halts at 1:15 p.m. EDT (1715 GMT), with

order entry, modification and cancellation allowed, and will restart at 6 p.m. EDT, continuing through the regular close on Tuesday Sept. 6.

All reports you can get from our bullion tips page

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MCX - Bullion & Base Metals Trend

MCX Data

Jobless Claims in US declined by 12,000 for the week ended 27 th August, 2011 giving some ray of hope ahead the US Payroll data

MCX Live Updates

Investment activity remained muted for Silver at iShares Silver trust as holdings remained unchanged for the third day while Gold/Silver ratio edged slightly down to 43.93 from 43.95 the prior day there by showing the slight strength which silver enjoyed yesterday in comparison to gold.

gold and silver prices to witness upside today mainly on the back of re-emergence of global economic worries coupled with Euro Zone debt worries which would fuel safe-haven demand for the bullion. However, dollar strength may cap sharp rise in the metal prices.

Base Metal Trend

Copper trend

Workers at Freeport - McMoRan Copper & Gold's Grasberg mine in Indonesia plan to stage a strike after talks with the company failed to resolve a pay dispute,

in a move that could tighten global copper supplies and lift prices.

CrudeOil Trend

On the MCX, crude oil prices rose around 0.3 percent and touched an intra-day high of Rs4127/bbl on Thursday. We expect crude oil prices to trade lower today mainly on account of dollar strength along with rise in risk aversion in the markets globally.

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