Tuesday, June 28, 2011

MCX Commodity Market Report today | MCX Trading Tips

At the Multi Commodity Exchange (MCX), COMDEX is trading up by 16.70 points, or 0.51%, at 3,320.06 after opening at 3,308.65. MCXMETAL is trading upward by 26.66 points, or 0.61%, at 4,409.18 after opening at 4,388.15. MCXENERGY is trading up 16.87 points, or 0.58%, at 2,943.27 after opening at 2,933.84. MCXAGRI is trading down by 0.23 points, or 0.01%, at 2,559.41 after opening at 2,559.10.

Bullions may open on positive note tracking firm international cues as some short covering can be seen after yesterday slide. Gold can trade in range of Rs. 21,900-22,300 while silver can trade in range of Rs. 49,500-52,500 in near term. Base metals may remain on flat note as investors will eye the Greece parliament vote tomorrow regarding USD 40 billion austerity measure. Crude oil may also witness marginal short covering ahead of API crude oil inventory report today. US oil supplies probably dropped to the lowest level in two months.

Gold prices receded for yet another session after bullion's appeal got undermined despite. Copper prices stumbled on Monday and investors booked profits. The red metal prices were also weighed down after demand side worries crept in as top consumer China indicated that it could miss its inflation target this year. Crude oil continued its decline on Monday and fell slightly on concerns about Greece's debt crisis and US demand.

Gold futures for August delivery
slipped by $4.50 to settle at $1,496.40 an ounce, after trading as high as $1,506.10 and as low as $1,490.80, on the Comex division of the New York Mercantile Exchange.

Copper futures for September delivery plunged 4.80 cents, or 1.2%, to settle at $4.0675 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the LME slumped by $80, or 1%, to end at $8,970 a tonne.

Benchmark crude for August delivery settled down 55 cents, or 0.6%, to $90.61, on the New York Mercantile Exchange. Brent crude for August, in London settled up 87 cents, or 0.8%, to $105.99 a barrel on the ICE.