MCX Commodity Tips ~ Market Updates Today 12 March 2013
Gold futures, which hit their lowest level in eight months, are likely to recover from the multimonths low, helped by bargain buying.
Silver prices moved up by Rs 122 to Rs 54,977 per kg in futures trade today, largely driven by a firming trend overseas. At the Multi Commodity Exchange, silver for delivery in May shot up by Rs 122, or 0.22 per cent, to Rs 54,977 per kg in business turnover of 398 lots. Similarly, the white metal for delivery in July rose by Rs 112, or 0.20 per cent, to Rs 56,238 per kg in 13 lots.
Crude oil dropped on Monday as China's industrial production trailed estimates and after Saudi Arabian crude output climbed from a 20-month low last month. Futures in New York fell as much as 0.5% after Chinese government data showed the world's second-biggest oilconsuming nation started the year with the weakest industrial growth since 2009.
Copper strengthened by Rs 2 per kg on the local non-ferrous metal market today on sustained stockists buying in tandem with a firming global trend. Traders said sustained buying by stockists in tandem with a firmin global trend mainly helped copper prices to strengthen. Meanwhile, copper rose 0.1 per cent to 7,771 dollar a metric tonne on the London Metal Exchange. In the national capital, copper mixed scrap advanced by Rs 2 to Rs 443 per kg.
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