Saturday, June 18, 2011

MCX Commodity Market News and Trading Tips

Gold prices climbed for the fourth successive session on Friday. While the yellow metal also took support from the escalating tensions about Greece's sovereign-debt crisis and prompted investors to take shelter under the bullion ahead of the weekend. Copper prices succumbed to late selling pressure in New York and extended the down trend for third straight session on last trading day of the week as a data from US showed that consumer sentiments there worsened this month. Crude prices ended lower on Friday losing almost 2 percent on continued worry about Greece's debt woes and slower economic growth in US.

Gold futures for August delivery advanced by $9.20, or 0.6%, to settle at $1,539.10 an ounce on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices amassed $10.8 to $1,540 an ounce.
Copper futures for September delivery slipped 1.50 cent to settle at $4.1210 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange rose by $30 to end at $9,095 a tonne.

Benchmark crude for July fell $1.94, or 2.04 percent, to settle at $93.01 a barrel, the lowest settlement since the Feb. 18 on the New York Mercantile Exchange. In London, Brent crude for August delivery settled at $113.21 a barrel, down by 81 cents, or 0.71 percent, the lowest settlement since May 24 on the ICE.