Friday, June 3, 2011

MCX Commodity market news and trading tips today

At the Multi Commodity Exchange (MCX), COMDEX belled on a negative terrain after a fall of 0.75% on Thursday. It is currently trading higher by 4.47 points, or 0.13%, at 3,468.73 after opening at 3,459.92. MCXMETAL is trading upward by 5.42 points, or 0.12%, at 4,487.89 after opening at 4,471.17. MCXAGRI is trading up 3.74 points, or 0.14%, at 2,600.62 after opening at 2,601.23. MCXENERGY is trading up 4.33 points, or 0.13%, at 3,230.50 after opening at 3,231.81.
Gold prices are not expected to fall significantly because on ongoing geo political tension, higher crude oil prices and concerns over spreading of unrest in other MENA region and sovereign European concerns.

Precious metals prices are trading firm today. Any positive data reported will support the dollar thus, leading to a further profit-taking in precious metals prices. Base metals prices are trading higher today. We do not expect any major rise in the prices of base metals as near term demand from major developed and developing nations is still not encouraging. Crude oil prices are trading firm today. We expect crude oil prices to seek direction after the release of the Non-farm payrolls data to be released by the US later in the session.