Monday, June 20, 2011

MCX Commodity market new and Trading Tips Today

Gold prices traded on a flat note on Monday as its upside chances were limited by the appreciation in American dollar, which made the precious metal costlier for overseas investors. Copper prices wilted in Monday's trading session on profit booking by traders after the appreciation in American greenback against a basket of currencies undermined the dollar denominated commodity appeal to overseas investors. The red metal prices also got weighed down on reports that European finance ministers delayed a final decision on extending an emergency loan to Greece, stating that it would first have to introduce harsh austerity measures. Crude oil futures are trading with over half a percent cut on the penultimate day of July series contract expiry as investors squared off positions on lingering apprehensions over Greece's debt problems, global economic recovery and weak fuel demand prospects. The crude oil prices also got pounded by the strengthening in US greenback which make the commodity costlier for overseas investors
Spot gold eased by $2.29 to $1,537.71 an ounce on the Comex division of the New York Mercantile Exchange after rising above $1,541 in the previous session.

Copper for three-month delivery
on the LME eased by 0.2% to $9,076.50 a tonne, after settling with 0.3% gains in the previous session.
Benchmark crude oil for July delivery fell 64 cents to $92.37 a barrel in electronic trading on the New York Mercantile Exchange. In London, Brent crude for August delivery shed 69 cents, or 0.6%, to $112.52 a barrel on the ICE.