Thursday, June 30, 2011

MCX Bullions, base Metals, Crude Oil Report Today

Bullions may open on positive note tracking firm international cues due to rising euro and declining greenback. Gold can test Rs. 22,300 while silver can test Rs. 53,000-54,000 in near term. Base metals may remain on firm note tracking positive international cues. Copper hit its highest in nearly two months on Wednesday. Copper may test 425 levels in MCX, While Nickel may test 1050-1060 in MCX. Crude oil may also remain on firm note and prices can test 4,350 in near term.

Gold prices climbed higher to re-capture the psychological $1,500 an ounce levels on Wednesday. Copper prices witnessed a sharp rally of close to three percent points on Wednesday. Crude prices surged on Wednesday, ending higher by over two percent after the US Energy Information Administration reported that crude stocks dived 4.4 million barrels last week, more than double, what was being expected.

Gold futures for August delivery rose by $10.50 to settle at $1,510.70 an ounce, after trading as high as $1,513.80 and as low as $1,500.80, on the Comex division of the New York Mercantile Exchange. 

Copper futures for September delivery spurted by 11.60 cents, or 2.8%, to settle at $4.2240 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the LME jumped $247.50, or 2.7%, to end at $9,320 a tonne.

Crude oil for August delivery rose $1.88, or 2.02 percent, to settle at $94.77 a barrel, after trading in a range from $92.66 to $95.84 on the New York Mercantile Exchange. In London, Brent crude for August rose $3.62, or 3.3 percent, to settle at $112.40 a barrel on the ICE.