At the Multi Commodity Exchange (MCX), MCXCOMDEX is trading up by 29.04 points, or 0.86%, at 3,418.92 after opening at 3,394.55. Other index like MCXMETAL is trading upward by 46.55 points, or 1.06%, at 4,450.46 after opening at 4,408.99. MCXENERGY is trading up 30.21 points, or 0.97%, at 3,150.50 after opening at 3,131.93. MCXAGRI is trading down by 3.11 points, or 0.12%, at 2,575.88 after opening at 2,578.48.
Both the precious metals, silver and gold, strengthened today on stockists and speculators buying amid a firming global trend and rising seasonal demand. While silver surged by Rs 1,100 to Rs 54,300 per kg, gold rose by Rs 110 to Rs 22,690 per 10 grams, wiping of most of the losses suffered in the previous session.
Precious metals climbed to its highest level in nearly two weeks on Monday. We expect a further rise in the prices of precious metals for the day on account the ongoing euro zone debt problems which may prompt further safe-haven buying specially in gold.
Industrial base metals prices are trading firm on international bourses today. Any major rise in prices should be used as a good selling opportunity based on weak Euro zone economic data points and slowing imports from China. Nickel in particular looks weak from a short-term perspective.
Crude oil fell on Monday as concerns about the euro zone sovereign debt crisis sent investors out of commodities and into safer havens. We expect a further fall in the prices of crude oil on account of a weak demand outlook from US and China.
Both the precious metals, silver and gold, strengthened today on stockists and speculators buying amid a firming global trend and rising seasonal demand. While silver surged by Rs 1,100 to Rs 54,300 per kg, gold rose by Rs 110 to Rs 22,690 per 10 grams, wiping of most of the losses suffered in the previous session.
Precious metals climbed to its highest level in nearly two weeks on Monday. We expect a further rise in the prices of precious metals for the day on account the ongoing euro zone debt problems which may prompt further safe-haven buying specially in gold.
Industrial base metals prices are trading firm on international bourses today. Any major rise in prices should be used as a good selling opportunity based on weak Euro zone economic data points and slowing imports from China. Nickel in particular looks weak from a short-term perspective.
Crude oil fell on Monday as concerns about the euro zone sovereign debt crisis sent investors out of commodities and into safer havens. We expect a further fall in the prices of crude oil on account of a weak demand outlook from US and China.
