Wednesday, June 15, 2011

MCX Commodity Market News & trading tips today

Precious metals are trading higher on COMEX today. We expect further upside in the prices on account of better growth prospects of the economies. Base metals are trading marginally lower today on international bourses. We expect prices to trade lower in the following session as we may see some profit booking. Crude oil is trading firm on NYMEX today. We expect prices to trade on the current levels; in the evening session we have inventory data to be released any major drop could help prices to move  higher.

Copper prices snapped the four session declining run on Tuesday. The red metal prices also got a lift from depreciation in American greenback against a basket of currencies, making the dollar denominated commodity more attractive for international investors. Crude oil gained on Tuesday and settled up more than 2 percent. Also the American Petroleum Institute (API) reported that US crude stockpiles dropped to 363 million barrels, the lowest in seven weeks.

Copper futures for July delivery rocketed 12.05 cents or 3% to settle at $4.1550 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the LME spurted by $260 or 2.9%, to end at $9,170 a tonne.

Benchmark crude for July delivery settled at $99.37 a barrel, gaining $2.07, or 2.13 percent, after trading in a range from $ or Rs