Friday, 30 October 2015

Best News Provider for Mcx Commodity Market

Gold prices are trading higher today at $1172.1 per ounce while MCX gold prices is trading lower by 1 percent at Rs.27030 per 10 gms. Gold prices although rebounded from lowest level in two weeks is still near its lowest level in two weeks after the Federal Reserve hinted at a possible U.S. rate hike in December, thereby raising prospects of rate hike in December.

LME Copper prices declined by 0.6 percent as the Fed downplayed concerns of global growth and sounded optimistic regarding the recovery in the US economy, thereby raising prospects of an early rate hike in December. However, weakness in the DX along with plunge of 1.2 percent in LME stocks restricted sharp fall. MCX copper prices plunged by 0.6 percent to close at Rs.345.40/kg.

MCX Oil prices are trading lower by 0.3 percent trading at Rs.2988 per barrel. Prices surged by more than 6 percent on Wednesday as Mexico’s state-owned PetrĂ³leos Mexicanos, known as Pemex, said it had received permission from the U.S. to import as much as 75,000 barrels a day of highquality “light” crude starting this month.

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