Friday, June 17, 2011

MCX Commodity Market (GOLD, COPPER, CRUDE OIL) News Today

Gold prices advanced for the third straight session on Thursday, as investors continued to show inclination towards the safe haven on mounting apprehensions. Copper prices receded for the second successive session on Thursday as investors remained cautious amid the growing perception. Despite the profit booking in last two sessions, copper prices continued to trade above the $9,000 per tonne level as prospects of a tighter supply base and resurgent Chinese buying activity kept traders involved. Crude prices made a bounce back on Thursday after plunging to more than three months low in previous session.

Crude oil shed around two per cent in Nymex and is heading towards biggest weekly drop since early May. Gold in the international market remained mostly steady to negative while silver dropped on dollar. Safe heaven buying may lift bullions. CME  group will lower margin requirement by 10 per cent for gold from Monday onwards. In MCX, a recovery was seen by after noon after initial fall while bullions, tracking international market remained steady to negative. Crude Oil stayed near a four-month low on Thursday as investors continued to worry about the European financial crisis.

Gold futures for August delivery advanced by $3.70 to settle at $1,529.90 an ounce, after trading as high as $1,534 and as low as $1,522, on the Comex division of the New York Mercantile Exchange.

Copper futures for September delivery slipped 0.30 cent to settle at $4.1360 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange declined by $89 to end at $9,065 a tonne.
Benchmark crude for July settled up 14 cents, or 0.15 percent, at $94.95 a barrel, after trading in a range from $94.29 to $95.75. In London, Brent oil for August delivery increased $1.01, or 0.9 percent, to end the session at $114.02 a barrel on the ICE.