Wednesday, June 8, 2011

Bullions and Metals Report today | MCX Trading Tips

Rebound in dollar lead to a fall in bullions and base metals. Gold edged lower and silver dropped more than two per cent as dollar index ticked up from one month low levels. Copper in LME fell as dollar firmed amid bleak economic outlook for US. Crude oil continued to be under pressure ahead of the OPEC meeting today in Vienna where member countries are expected to decide upon to raise output. EIA inventory report is schedule to release today. Crude inventories are seen down. API inventory data that released earlier today also showed a decline in crude oil inventories

futures for August delivery eased by $3.20 to settle at $1,554 an ounce, after trading as high as $1,537.20 and as low as $1,549.90 on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices rose slightly by $0.64 to $1,543.69 an ounce.

Crude oil
for July delivery fell 23 cents, or 0.2%, to $98.78 a barrel after trading in a range of $98.11 to $99.30 on the New York Mercantile Exchange. In London, Brent crude for July delivery rose by 87 cents, or 0.8%, to $115.35 a barrel on the ICE.

futures for July delivery gained 0.75 cents or 0.2% to settle at $4.1480 per lb, after trading between $4.1320 and $4.1480, on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the LME rose $5 or 0.05% to end at $9,140 a tonne.

Gold declined Rs 130 to Rs 22,680 per ten grams at Delhi`s bullion market on Wednesday amid a weak global trend. Silver fell Rs 500 to Rs 54,700 per kilo.