Thursday, June 9, 2011

MCX Commodity news and Trading Strategies for today

A divergent trend developed in the bullion market Thursday as silver recovered by Rs 400 to Rs 55,100 per kg on fresh buying by stockists amid a firming global trend, while gold fell further by Rs 25 to Rs 22,655 per 10 gram on sluggish demand at existing high levels, reports PTI. Silver coins followed suit and shot up by Rs 1,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces

Precious metals are trading flat on COMEX today. However, we can see profit-booking by investors due to the worries about the U.S. economy outlook. Base metals are trading flat on international bourses today. We expect a bounce back in the prices today hence any rise should be considered as a good selling opportunity. Crude oil is trading higher on NYMEX today. We expect further appreciation in the prices due to no signs of output increment in OPEC's meeting yesterday and a sharp fall in the inventory data.  

At the Multi Commodity Exchange (MCX), COMDEX is trading up by 7.86 points, or 0.23%, at 3,480.45 after opening at 3,472.51. MCXMETAL is trading upward by 10.45 points, or 0.23%, at 4,508.13 after opening at 4,497.48.  MCXENERGY is trading up 10.39 points, or 0.32%, at 3,248.55 after opening at 3,243.18. MCXAGRI is trading down by 0.80 points, or 0.03%, at 2,584.97 after opening at 2,583.17.