Monday, September 5, 2011

MCX Commodity Market Updates Today

Gold prices extended the gains last week, as concerns over the outlook for global growth and rising fears that the US economy is losing more momentum. Gold prices are most likely to continue their bullish trend over the coming period.

COMEX Silver
gained 3.7%, breaching the key levels of USD 43/ounce, witnessing a high of USD 43.5/ounce. The white metal was significantly influenced by the firm tone in the precious metals complex. MCX December Silver is trading 0.58% higher today at Rs 66,286 /kg, registering intraday high of Rs 66,350/kg and low of Rs 66,050/kg. MCX September silver prices ended higher on Friday, settling at Rs 64,282/kg.

Base metals was a volatile session last week amid mixed global cues. Copper prices rose on Tuesday and Wednesday hitting highs of $9304 at LME but pared almost all  its gains on Thursday and Friday to end the session $1 higher at $9076 a ton. Aluminium and Nickel too ended in positive territory while Lead and Zinc noted decline.

NYMEX crude plunges more than $1 Monday after 1.3% gain last week. 
NYMEX crude rose 1.3% last week marking its second weekly gain. 
NYMEX natural gas fell 1.5% last week marking its third weekly decline. 
Natural gas speculators cut net short position for the first time in five weeks.
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