Base metals ended higher on Tuesday. At the Multi Commodity Exchange (MCX) on Tuesday, 28 June 2011, copper for delivery in June ended higher by 0.69% or Rs 2.8, at Rs 406.35 per kg. Copper has been trading in the range of Rs 407.25 per kg and low at Rs 402.8 per kg. MCX Aluminium ended higher by 0.13% or Rs 0.15 per kg, at Rs 112.30 per kg. Lead ended higher by 0.48% or Rs 0.55, at Rs 115.6 per kg, Zinc rose by 0.5% or Rs 0.5, at Rs 101.15 per kg and Nickel ended higher by 1.46% or Rs 14.6, at Rs 1027.1
Bullions may open on positive note tracking firm international cues due to rising euro and declining greenback. Gold can trade in range of Rs. 22,000-22,400 while silver can trade in range of Rs. 51,000-54,000 in near term. Gold edged higher on Wednesday.
- MCX Gold August contract is currently trading at Rs. 22167, it rose by Rs. 64 in today's trade.
- MCX Silver July is trading at Rs. 51411, it is up by Rs. 755 for the day.
Base metals may remain on firm note tracking positive international cues. Copper and nickel advanced as optimism that Greece won`t default helped increase confidence in the economy.
- Copper may test 410-415 levels in MCX While Nickel may test 1,035-1,040 in MCX.
- All Base Metals in MCX are trading marginally positive for the day.
- Nickel is up by 1% for the day whereas Copper, Lead and Zinc are marginally positive.
Crude oil may also remain on firm note and prices can test 4,250 in near term. Crude oil prices moved higher and rose above $91 a barrel on Tuesday.
- Nymex Crude Oil august is currently trading at $93.30, up by 43cents for the day.
- MCX Crude Oil July is trading at Rs. 4211, it is trading up by 1.42% for the day.
