Friday, April 22, 2016

MCX Daily Market Update by commodity MCX NCDEX Calls

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Indian Gold prices closed with gains under its belt. The prices ended at Rs 29350 per 10 grams, up 0.11%. Indian Gold contract followed the footsteps of COMEX in terms of rise. COMEX Gold ended at crucial levels of $ 1250.90 per troy ounce. The recovery hopes in the world economic growth is paving way to Gold apart from Silver that is outperforming the markets.

MCX Silver futures are up about 24% this year, outperforming gold's more than 18% rise. Gold futures on the other hand also promised gains to investors and joined the bandwagon. The prices shined by 8% on COMEX at $ 1262.2 per troy ounce when last checked.

Crude oil prices were little changed Thursday morning after the European Central Bank announced it would implement the planned expansion of its asset purchasing program. At the same time, the ECB held steady on interest rates. WTI June crude oil was down 2 cents at $44.16, keeping most gains from a furious rally that took prices to their highest in 2016.

Indian Crude Oil May futures were down by Rs 19 per barrel and ended at Rs 2900 per barrel; in a single session. From current, a high of Rs 2950 and 3000 per barrel is on cards for Crude Oil as next level of resistance.

Indian Copper prices ended at Rs 330.75 per kg, up 1.02%. The prices are gaining momentum to now test Rs 336 per kg. When last checked Copper had gains of 1.24% under its belt. Comex Copper was also up 1.5% to trade at $ 2.27 per pound. Copper prices remained bullish in the session and tried to test new avenues not seen since August last year.

World stock markets climbed to their highest in almost five months on Thursday after a surge in oil prices boosted risk appetite, while the euro steadied ahead of a European Central Bank meeting. This has created a buying spree in riskier asset classes like Copper.


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