Domestic Commodities are trading sharply lower due to the rupee which has appreciated by 97 paise or 1.78% and is currently trading at 53.41. On COMEX, Gold and Silver prices are higher marginally and was se
en trading at 1777.20, up 7.0 and 34.85, up 17 cents respectively whereas on MCX, Gold is down 268 points to trade at 31645.0 while Silver is losing about 440 points to settle at 63922.0. Base Metals on LME are higher by over 1.5% while their domestic counterparts have ended up trading down in red. Copper, at the time of writing this, is trading higher at 8325.0, +67.0 or 0.81% on LME while on MCX, it is down to 449.55, losing 2.65 or 0.59%. Oil prices are higher by 62 cents to trade at 93.0 while on MCX, prices are lower by 28 points or 0.56% to trade at 4989.0. Natural Gas is also down 1% to trade at 150.10 on MCX.
A stronger rupee caps upside for domestic commodities which means that a rally on international counters will not be reflected here on MCX listed futures whereas a counter move on the downside could see domestic commodities slide lower sharply. Longs are better avoided today and opportunities to go short should be considered.
No Major Economic Releases today.
A stronger rupee caps upside for domestic commodities which means that a rally on international counters will not be reflected here on MCX listed futures whereas a counter move on the downside could see domestic commodities slide lower sharply. Longs are better avoided today and opportunities to go short should be considered.
No Major Economic Releases today.
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