Monday, April 8, 2013

MCX Commodity Tips ~ Gold, Silver, Copper, Crude Oil Updates Today 08 April 2013

Gold edged higher on Friday, as the dollar cut earlier gains against the euro and the yen and European shares dropped as investors anticipated potentially weak U.S. non-farm payrolls data. 
The metal matched a similar pattern in other commodities, such as copper, further recouping heavy losses seen in the previous session, as investors refrained from taking large bets. 
An improving growth trend in the United States has been a key driver for investors taking on more risk this year, but weaker-than-expected data this week on manufacturing activity and private sector hiring has suggested the momentum might be flagging. 

Select base metal prices dropped further at the non-ferrous metal market here today on consistent stockist selling amidst weak demand from industrial users on back of lower London 
Metal Exchange (LME) cues. Meanwhile, zinc and lead prices edged-up on better offtake from consumer industries. 
Copper cable scrap and copper wire bar both declined by Rs 3 per kg each to Rs 474 and Rs 502 from Rs 477 and Rs 505.