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Friday, August 12, 2011

MCX Crude Oil and Bullion Metals Tips For Today 12 Aug 2011

Crude oil is traded on gains today. MCX crude oil is trading at a gain of 1 per cent. Domestic crude oil price have reached up to Rs 3,800. However NYMEX around 1 per cent in the crude oil is trading.

Gold and silver are traded on the edge. After Thursday's sharp fall in gold buying has come once again on lower levels. On MCX, gold has gained 25 958 to Rs. With the increase of the silver is trading at Rs 58 495.
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MCX Gold , Silver, Crude Oil and Copper Trading Tips For Today 12 Aug 2011

 MCX Silver falls on poor local demand.

CME Group margin increase in part pressures gold.

Barclays: First gains in crude oil prices since S&P’s downgrade of US long term debt.
Base metals gain on stronger Yuan.

Base metals opened in green zone after witnessing heavy selloff yesterday night whereas LME metal complex up by nearly 3 percent spurred by a stronger Yuan as the People Bank of China fixed the Yuan's mid-point at a record high of 6.3991 versus the dollar.
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MCX Commodity Daily Newsletter For Today 12 Aug 2011

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Gold tumbled more than 3 percent on Thursday from a record hit overnight in Asian trading, as a rebound in U.S. stocks, an increase in trading margins and technical signals spurred traders to take profits from the biggest rally since 2008.
Silver futures extended downtrend on Thursday due to subdued demand from the local markets and on tracking weak global markets.
At MCX Silver September contract is closed at Rs. 57907 per Kg, lower against the previous close.
MCX Crude Closed At 3799 it seemed to recovered and Today Seeming Buy indication.

MCX Commodity Support and Resistance For Today 12 Aug 2011

GOLD EASES FROM RECORD HIGH AFTER CME MARGIN HIKE.
CRUDE OIL DECLINES, ERASING EARLIER GAINS BEFORE U.S. UNEMPLOYMENT REPORT.
COPPER ADVANCES AS INDUSTRIAL METALS GAIN ON YUAN’S CLIMB TO 17-YEAR HIGH.
DOMESTIC OIL AND OILSEED TRADE STEADY.
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