MCX News

MCX Gold-Gold futures tad higher amid robust central bank purchases

MCX Gold futures were trading a tad higher in the domestic market on today as robust bullion purchases from central banks and a pickup in physical demand for the precious metal from Asia more than offset a continued decline in investor holdings in bullion-backed exchange traded products (ETPs). Russia and Kazakhstan boosted gold reserves for the seventh month on the trot in April 2013, data from the International Monetary Fund (IMF) showed. However, concerns remained that the US Federal Reserve may scale back its easing plan in the near-term amid a continued improvement in the economy, dimming the appeal of the precious metal, which is a hedge against the inflationary risk of monetary stimulus, weighing on gold futures. At the MCX, Gold futures, for the June 2013 contract, are trading at Rs 26,411 per 10 gram, up by 0.02 per cent, after opening at Rs 26,439, against a previous close of Rs 26,406

Today LME Market Closed on due to Spring bank Holiday,Base metals likely little Volatile Today. 

MCX Copper-Copper futures slip due to China growth concerns

MCX Copper futures fell in the domestic market on today  amid concerns that slowing growth in China, the world’s biggest metals consuming nation, may crimp the demand for copper. Business sentiment in China fell last month, signaling a deepening slowdown in the world’s second biggest economy. A gauge measuring Chinese business sentiment fell to 57.1 in May 2013 from 58.5 in April 2013. Chinese leaders signaled that they are tolerant to slower economic expansion to protect the environment, dimming the demand outlook for the base metal. However, acceleration in Chinese industrial company profits last month eased concerns over slowing manufacturing in the nation, trimming losses in copper futures. Net profit of Chinese industrial companies rose 9.3 per cent to 437 billion Yuan in April 2013, year on year, up from a 5.3 per cent annual rise in March 2013. At the MCX, Copper futures, for the June 2013 contract, is trading at Rs 407 per kg, down by 0.21per cent, after opening at Rs 408.20, against a previous close of Rs 407.85. 

MCX Zinc-Zinc futures down on weak China demand outlook, sluggish physical demand

MCX Zinc futures fell in the domestic market on today  as investors and speculators exited positions in the base metal amid sluggish physical demand for zinc in the domestic spot market. Prices also fell as China signaled its tolerance to slower economic expansion, dimming the demand outlook for the base metal in the world’s biggest metals consuming nation. Chinese leaders signaled their tolerance to slowing economic growth in a bid to avoid environmental degradation. Policymakers said that the nation will not sacrifice the environment for speeding up short-term growth. At the MCX, Zinc futures, for the May 2013 contract, is trading at Rs 101.65 per kg, down by 0.34 per cent, after opening at Rs 101.90, against a previous close of Rs 102.

MCX Crude Oil Weak China demand outlook drags down crude oil futures

MCX Crude Oil futures fell in the domestic market on today amid concerns that slowing economic growth in China, the world’s second biggest crude oil consuming nation, may crimp the demand for the fuel. Chinese leaders signaled their tolerance to slowing economic growth in a bid to avoid environmental degradation. Policymakers said that the nation will not sacrifice the environment for speeding up short-term growth. Meanwhile, OPEC, which accounts for nearly 40 per cent of global crude oil supplies, is tipped to keep its production target steady at a meet this week as the group looks to meet increased demand during the summer months in the northern hemisphere. At the MCX, Crude Oil futures, for the June 2013 contract, is trading at Rs 5,227 per barrel, down by 0.78 per cent, after opening at Rs 5,251, against a previous close of Rs 5,268.