Friday, June 10, 2011

Hot MCX Commodity market news & Trading Tips for today

Precious metals are trading mixed on COMEX today. We expect some bounce back in the prices due to the weak global economic outlook. Base metals are trading lower on International bourses today. We expect prices to trade lower on account of weak Chinese data indicating lower demand for the metals. Crude oil is trading firm on NYMEX today. We expect prices to continue their upward rally as fears for the oil output still continues. Copper showed slight increase in cancelled warrants  while zinc remains

Gold futures for August delivery rose by $3.30 or 0.2%, to settle at $1,542 an ounce on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices gained by $6.70 to $1,544.30 an ounce.

Copper futures for July delivery eased 0.10 cent to settle at $4.1075 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange added $10 to end at $9,055 a tonne.

Crude oil for July rose $1.19, or 1.18 percent, to settle at $101.93 a barrel, after trading in a range from $100.74 to $102.44 on the New York Mercantile Exchange. In London, Brent crude for July delivery settled at $119.57, gaining $1.72, the highest close since May 4 on the ICE.