Wednesday, September 14, 2011

Commodity Market Updates Today

MCX Commodity Market GOLD, SILVER, COPPER, CRUDE Updates:

Gold prices moved higher, paring earlier losses. Silver prices moved 2.4% higher, inline with the gains in the yellow metal.  MCX December Silver settled higher by 2.8% at Rs65,568/kg. Silver prices managed a high of Rs 65,690/kg and a low of Rs 63,998/kg. MCX December Silver is trading marginally lower by 0.17% today at Rs 65,459/kg.

Copper prices remained supported by prevailing supply threat in Indonesia,  where the labourers at Freeport McMoRan Copper & Gold mine are set to strike from September 15 to October 15 unless the firm meets their demands for a pay rise. Crude oil prices moved higher, underpinned by anticipation of a drawdown in US oil stockpiles.

NCDEX Commodity Market PEPPER, CHANA Updates:

Pepper futures may trade higher. Spot prices on matching demand and supply stayed steady at Rs 30,700 (ungarbled) and Rs 31,700 (MG 1) a quintal. Turmeric futures may remain downside. Spot turmeric dropped by Rs 100 a quintal further on Tuesday following poor demand. Chana futures may trade with a positive bias. Soybean futures may trade with weaker bias tracking lower quoting international prices.

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