MCX Gold- MCX Gold futures little change over Due to Bernanke testimony
MCX Gold futures were trading flat,with a negative bias in the MCX market on Today as most investors stayed on the sidelines ahead of the testimony on the economy from US Fed Chairman Ben Bernanke to the Congress later today while traders also eyed the FOMC minutes to be released on Wednesday. Uncertainty remains over the outlook for further stimulus in the US. The Federal Reserve Bank of St. Louis President James Bullard urged the central bank to continue its bond buying program to bolster growth in the world’s biggest economy. Loose monetary policies tend to favour gold, which is a hedge against the inflationary risk of monetary stimulus. However, a decline in investor holdings continues to weigh on the bullion. Holdings in the SPDR Gold Trust, the biggest bullion-backed ETP fell to the lowest level since February 2009 to 1,023.08 metric tons on Yesterday. Total investor holdings in gold backed exchange-traded products have declined 17 per cent this year as the investment appeal of the precious metal has taken a serious hit. At the MCX, Gold futures, for the June 2013 contract, are trading at Rs 26,105 per 10 gram, down by 0.02 per cent, after opening at Rs 26,174, against a previous close of Rs 26,110. It touched an intra-day low of Rs 26,062
MCX Crude oil-Rising US stockpiles drag down MCX crude oil futures
MCX Crude Oil futures fell in the MCX market on Today as US crude oil stockpiles rose last week, signaling weakening demand for the fuel in the world’s biggest crude oil consuming nation. US crude oil stockpiles rose 532,000 barrels to 390.7 million barrels last week, the American Petroleum Institute said. The US Energy Department will release separate crude oil stockpiles data on Wednesday. Investors were also cautious ahead of the US Federal Reserve Chairman Ben Bernanke’s testimony to the Congress and minutes from the Fed’s recent policy meet, which may provide further cues over the central bank’s course of action on monetary policy in the near-term. However, a pickup in Japanese exports last month signaled a revival in the world’s third biggest economy, lifting the demand outlook for the fuel, trimming losses in crude oil futures. Japan’s exports rose 3.8 per cent in April 2013 from the same month a year ago, up from the 1.1 per cent annual rise in March 2013. At the MCX, Crude Oil futures, for the June 2013 contract, is trading at Rs 5,320 per barrel, down by 0.50 per cent, after opening at Rs 5,338 against a previous close of Rs 5,347. It touched an intra-day low of Rs 5,316
MCX Copper-Supply concerns lift MCX copper futures
MCX Copper futures rose on Wednesday as investors and speculators created fresh positions in the base metal on concerns over mining supply as operations at the Grasberg complex in Indonesia were slated to stay suspended due to an investigation of a tunnel collapse. Comments from two Fed officials who backed the existing monetary stimulus plans in the US, the world’s biggest economy supported the demand outlook for the base metal. Investors were eying the congressional testimony from Federal Reserve Chairman Ben Bernanke and release of minutes of the Fed's latest policy-setting meeting, both due on Wednesday. The Bank of Japan affirmed its aggressive stimulus plans while the central bank upgraded its assessment of the world’s third biggest economy, lifting the demand outlook for the base metal. At the MCX, Copper futures, for the June 2013 contract, is trading at Rs 412.40 per kg, up by 0.66 per cent, after opening at Rs 410.50, against a previous close of Rs 409.70. It touched an intra-day high of Rs 412.50 .
MCX Gold futures were trading flat,with a negative bias in the MCX market on Today as most investors stayed on the sidelines ahead of the testimony on the economy from US Fed Chairman Ben Bernanke to the Congress later today while traders also eyed the FOMC minutes to be released on Wednesday. Uncertainty remains over the outlook for further stimulus in the US. The Federal Reserve Bank of St. Louis President James Bullard urged the central bank to continue its bond buying program to bolster growth in the world’s biggest economy. Loose monetary policies tend to favour gold, which is a hedge against the inflationary risk of monetary stimulus. However, a decline in investor holdings continues to weigh on the bullion. Holdings in the SPDR Gold Trust, the biggest bullion-backed ETP fell to the lowest level since February 2009 to 1,023.08 metric tons on Yesterday. Total investor holdings in gold backed exchange-traded products have declined 17 per cent this year as the investment appeal of the precious metal has taken a serious hit. At the MCX, Gold futures, for the June 2013 contract, are trading at Rs 26,105 per 10 gram, down by 0.02 per cent, after opening at Rs 26,174, against a previous close of Rs 26,110. It touched an intra-day low of Rs 26,062
MCX Crude oil-Rising US stockpiles drag down MCX crude oil futures
MCX Crude Oil futures fell in the MCX market on Today as US crude oil stockpiles rose last week, signaling weakening demand for the fuel in the world’s biggest crude oil consuming nation. US crude oil stockpiles rose 532,000 barrels to 390.7 million barrels last week, the American Petroleum Institute said. The US Energy Department will release separate crude oil stockpiles data on Wednesday. Investors were also cautious ahead of the US Federal Reserve Chairman Ben Bernanke’s testimony to the Congress and minutes from the Fed’s recent policy meet, which may provide further cues over the central bank’s course of action on monetary policy in the near-term. However, a pickup in Japanese exports last month signaled a revival in the world’s third biggest economy, lifting the demand outlook for the fuel, trimming losses in crude oil futures. Japan’s exports rose 3.8 per cent in April 2013 from the same month a year ago, up from the 1.1 per cent annual rise in March 2013. At the MCX, Crude Oil futures, for the June 2013 contract, is trading at Rs 5,320 per barrel, down by 0.50 per cent, after opening at Rs 5,338 against a previous close of Rs 5,347. It touched an intra-day low of Rs 5,316
MCX Copper-Supply concerns lift MCX copper futures
MCX Copper futures rose on Wednesday as investors and speculators created fresh positions in the base metal on concerns over mining supply as operations at the Grasberg complex in Indonesia were slated to stay suspended due to an investigation of a tunnel collapse. Comments from two Fed officials who backed the existing monetary stimulus plans in the US, the world’s biggest economy supported the demand outlook for the base metal. Investors were eying the congressional testimony from Federal Reserve Chairman Ben Bernanke and release of minutes of the Fed's latest policy-setting meeting, both due on Wednesday. The Bank of Japan affirmed its aggressive stimulus plans while the central bank upgraded its assessment of the world’s third biggest economy, lifting the demand outlook for the base metal. At the MCX, Copper futures, for the June 2013 contract, is trading at Rs 412.40 per kg, up by 0.66 per cent, after opening at Rs 410.50, against a previous close of Rs 409.70. It touched an intra-day high of Rs 412.50 .
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