Saturday, June 11, 2011

MCX Commodity Market News today | MCX Tips

Copper prices nosedived to its lowest level in over two weeks on Friday as investors trimmed down hefty positions after getting worse than expected trade data from top consumer China. The red metal prices went home with over a percent cut because of the extended rally in American greenback against a basket of currencies.

Copper futures for July delivery plunged 5.15 cents to settle at $4.0560 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the LME plummeted $117 or 1.3%, to end at $8,938 a tonne.

Crude oil prices declined on Friday after surging in past two sessions, oil prices closed lower for a second week on news that Saudi Arabia was offering more oil to Asian refiners. A Saudi newspaper reported that the Saudi kingdom is planning to raise output to 10 million barrels per day, from 8.8 million bpd in May.

Benchmark crude for July delivery settled at $99.29 a barrel, down $2.64, or 2.59 percent, after trading in a range from $98.60 and $102.15 on the New York Mercantile Exchange. In London, Brent crude for July delivery settled at $118.78 a barrel, slipping 79 cents, or 0.66 percent on the ICE.