Thursday, June 9, 2011

Hot MCX Commodity market news today | MCx Tips

Gold traded mostly flat while silver steadied ahead of the rate announcement buoyed by a weak dollar. LME copper was down by a tad as investors were waiting for further cues. Crude oil extended the previous session gains as OPEC meeting to decide on raise output target was unsuccessful and fall in crude oil inventories last week on lower imports. Weakness dollar provided additional support to the prices. EIA reported a 4.8 million barrels drop in crude oil inventories exceeding the forecast of 300,000 barrel. However, gasoline and distillate stocks rose.

Gold futures for August delivery declined by $5.30 or 0.3%, to settle at $1,538.70 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 slipped by $7.10 to $1,5437.60 an ounce.

Copper futures for July delivery plunged 4.1 cents or 1% to settle at $4.0880 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange sank $95 to end at $9,045 a tonne.
Crude oil for July rose $1.65, or 1.67 percent, to settle at $100.74 a barrel, after trading in a range from $98.02 to $101.89 on the New York Mercantile Exchange. In London, Brent crude oil for July delivery climbed $1.07, or 0.9 percent, to end the session at $117.85 a barrel on the ICE.