Tuesday, June 21, 2011

MCX Commodity market news and trading tips today

Earlier today international gold held its two week high. In MCX bullions remained steady while base metals were up tracking overseas markets. LME Copper gained combating the previous session’s losses tracking rebound in other commodities. Dollar weakened ahead of the FOMC meet which also helped to boost the oil prices. Crude oil which hit to a four month low last week, gained more than one per cent boosted by weak dollar today. Precious metals are trading higher on COMEX today. We expect prices to trade in the same direction in the evening session on account of weak dollar and Greek debt crisis. Base metals are trading higher on international bourses today. Crude oil is trading higher on NYMEX today. However, we expect prices to remain under pressure hence any major upside in the prices should be considered as good selling opportunity.

Silver recovered by Rs 650 to Rs 54,550 per kg in the national capital today on emergence of buying by stockists and industrial units in tandem with a firming global trend, reports PTI. Silver coins followed suit and surged by Rs 4,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

Gold maintained an upsurge for the fifth straight day by adding Rs 25 to Rs 22,845 per 10 grams on sustained local buying for the marriage season amid rising global trend.