Monday, July 11, 2011

MCX Commodity Market News & Report Today

Gold traded on an absolutely flat note on Monday as investors remained cautious ahead of a slew of US economic data. Copper prices extended the down trend on Monday, a session after drifting 0.8%. Crude oil prices receded for a second straight session on Monday as investors squared off positions on concerns over fuel demand prospects after getting weak global economic reports from the world's top two energy consumers.
  • NYMEX crude rose 1.3% last week marking its second weekly gain.
  • Crude oil edged up on upbeat price forecast.
  • EIA notes 0.889 mn bbl drop in US crude oil stocks; gasoline stocks fell  by 0.191 mn bbl while distillate stocks fell 0.634 mn bbl.  
  • Crude oil speculators raised net long position for the first time in ten weeks. 
  • NYMEX natural gas fell 2.5% last week marking its third weekly drop in four weeks. 
  • Natural gas fell last week as bigger than expected increase in US stocks outweighed warm weather forecasts. 
  • Natural gas speculators trimmed net short position for the first time in four weeks.
Spot gold prices were little changed at $1,544.10 an ounce on the Comex division of the New York Mercantile Exchange.

Copper for three-month delivery on the LME shed 0.2% to $9,646 a tonne.

Benchmark crude for August delivery eased $0.47 to $95.73 a barrel in electronic trading on the New York Mercantile Exchange. In London, Brent crude for August delivery eased $0.63 or 0.5% to $117.70 a barrel on the ICE.