Wednesday, June 22, 2011

MCX Commodity (Copper, Crude Oil) news and Trading Tips

At the Multi Commodity Exchange (MCX), COMDEX is trading down by 0.63 points, or 0.02%, at 3,354.13 after opening at 3,354.96. MCXMETAL is trading downward by 2.60 points, or 0.06%, at 4,455.65 after opening at 4,454.70. MCXENERGY is trading up 3.53 points, or 0.12%, at 2,989.30 after opening at 2,986.29. MCXAGRI is trading down by 4.79 points, or 0.19%, at 2,551.93 after opening at 2,554.37.

Precious metals are trading firm on COMEX today. Base metals drifted down on International bourses today. We expect prices to remain under pressure as ahead we have outcome of the Fed meeting. Crude oil extended losses on NYMEX today. We expect prices to fall further. Copper prices managed to snap the four session downtrend and rise higher on Tuesday. The red metal also got a lift from the depreciation in American greenback against a basket of currencies which made the dollar denominated commodity more lucrative for overseas investors. Crude oil prices moved up on Tuesday as the euro recovered against the dollar ahead of a crucial vote in Greece.

Copper futures for September delivery added 1.45 cents to settle at $4.1070 per lb, after trading as high as $4.0775 and as low as $4.1465, on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the LME gained $75 to end at $9,080 a tonne.

Crude oil for July expired and settled at $93.40 a barrel, gaining 14 cents, or 0.15 percent, after trading in a range from $92.50 to $94.74 on the New York Mercantile Exchange. Crude for August delivery closed at $94.17, rising 54 cents, or 0.58 percent. In London, Brent crude for August settled down 74 cents, at $110.95 a barrel on the ICE.