Thursday, June 2, 2011

MCX Commodity Market news today | MCX Trading Tips

At the Multi Commodity Exchange (MCX), COMDEX is trading down by 11.25 points, or 0.32%, at 3,479.06 after opening at 3,484.78. MCXMETAL is trading downward by 18.01 points, or 0.40%, at 4,539.82 after opening at 4,543.47. MCXENERGY is trading down by 11.98 points, or 0.37%, at 3,209.57 after opening at 3,211.55. MCXAGRI is trading up 1.51 points, or 0.06%, at 2,592.33 after opening at 2,589.32.

Disappointing data flowing from US and Moody’s downgrading of Greece punctured investors sentiments leading to a fall in base metals and crude oil. Reports that OPEC was considering to raise output by 0.5– 1.5 million barrels per day added pressure to the fall crude oil prices. Gold remained mostly steady today after rising to a one month high in the previous session and silver rose more than one per cent. In MCX, silver was seen falling.

Precious metals prices are trading firm on COMEX today. In the evening session we have the initial claims data to be released by the US. Any positive data reported will lead to some profittaking in precious metals. Base metals prices are trading lower on international bourses today. We expect a further fall in the prices of base metals on account of weak demand outlook from major developed and developing nations. Crude oil prices are trading lower on NYMEX today. In the evening session we have the crude oil inventory report to be released by the EIA; any major drawdown in inventory reported will limit the downside in crude oil prices.