International live Metals News and Pricing

Aluminum closed on a weaker note last week declining by around 2.37% to settle at $1941 MT. This downfall could be attributed to the weak global economic cues especially with China lowering its growth forecast for 2015.

Copper climbed up to settle at $6490 MT, up by $39 or 0.6% from its last week’s close. The continuous decline in the metal was put to a halt even though the economic data from China.

Nickel declined by around 1.2% and settled at $16600 MT last week. Fundamentally the metal seemed to have been running out on its appeal for the investors as the cancelled warrants declined more than 6.5% during the week.

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Mcx Market Base Metals Report

Copper futures fell the most in a week on concern that demand is ebbing in China, the world’s top consumer of industrial metals. China’s producer-price index in November fell 2.7 percent from a year earlier, government data showed today. The record 33rd straight decline was the biggest since mid-2013. Copper has dropped 15 percent this year, heading for a consecutive annual decline for the first time since 2001.

Nickel commodity also traded down along with other metals drop and ended the day at $16325 down by 1.30% from its previous close. This morning nickel is seen trading up by $42 from its previous close.

Both lead and zinc traded down but the loss in Zinc was more prominent to lead. Hence, the suggested spread between the two commodities has moved in the favor as expected. We believe still the same scenario could be developed where in continue to sell zinc and buy lead for the day.

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Today Gold and Silver Price in Mcx Market

Silver likewise gold traded in a constricted range though managed to eke-out marginal gains of around 0.3% to $17.18 per ounce at the Comex for March expiry

Silver same month’s expiry at MCX advanced 0.3% to Rs 38670 per Kg level. 

Gold after the good gains on Tuesday had a largely ranged session while finally the commodity closed modestly lower under $1230 mark, down by 0.2% at Comex.

MCX Gold for FEB expiry was also little moved though shut marginally higher by 0.1% to Rs 27190 per 10 Gms.

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Base Metals
The base metals pack traded on a mixed note in yesterday’s session on the back of unfavorable employment figures from the US economy acting as a negative factor. Further, strength in the DX exerted downside pressure on the prices.

Copper
LME Copper prices plunged around 0.6 percent yesterday on the back of unfavorable non-farm employment figures from the US hinting towards slow growth in world’s largest economy. Further, strength in the DX exerted downside pressure on the prices.

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Today Gold and Silver Price in Mcx Market

Gold
Spot gold prices gained by 0.89 percent to $1209.2/oz on Wednesday boosted by firmer oil prices that prompted investors to shuffle positions while largely shrugging off the firm U.S. dollar.

Silver
Spot silver prices declined by 0.2 percent to $16.4/oz in contrary to the gains in gold prices. Strength in the dollar index coupled with decline in copper prices also acted as a negative factor.

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Mcx Market Base Metals Report

Base Metals
Base metals on the LME aprt from Aluminium traded on a negative note yesterday after a surprise fall in U.S. consumer confidence. In addition, investors doubted whether additional monetary policy easing in top metals consumer China would translate into a significant increase in demand.

On the MCX, red metal prices plunged by 1.5 percent and closed at Rs.404/kg on Tuesday.

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Today Gold and Silver Price in Mcx Market

Gold
Spot gold prices edged up by 0.3 percent on Tuesday and closed at $1200.7/oz as dollar weakness after data showed a deterioration in consumer confidence, offsetting better-than-expected U.S. economic growth numbers.

On the MCX, gold prices rose declined by 0.58 percent and closed at Rs.26326/10 gms.

Silver
Spot silver prices rose by 1.3 percent and closed at $16.7/oz in tandem with rise in gold prices. Weak dollar and poor consumer confidence further pushed prices higher. 

On the MCX, silver prices rose by 0.76 percent and closed at Rs.36520/kg.

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Today Silver Price in Mcx Market

MCX Dec Silver futures opened 400 points gap down in yesterday’s sessions, there after traded in a  narrow range with a negative bias. However, today’soutlook remains neutral and further fall is expecting on break of 35650 levels. Downside support seems to be at 34770 levels.

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Mcx Market Base Metals Report

Base Metals
Base metals pack on the LME traded on a mixed note yesterday as news that Japan's economy had slipped into recession weighed on prices. Also, strength in the DX along with weak market sentiments acted as negative factors. Further, output at factories, mines and utilities in the U.S., the second-biggest consumer, fell 0.1 percent in October.

Copper
LME copper prices fell by 0.1 percent yesterday as Japan’s slump into its fourth recession since 2008 threatening the failure of the Abenomics reflation program, raised demand concerns for the red metal. Also, unfavorable industrial data from the US exerted downside pressure on prices. However, expectations of supply deficit coupled with decline in LME stocks cushioned sharp downside. 

On the MCX, red metal prices declined 0.1 percent and closed at Rs.415.1/kg on Monday.

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Today Silver Price of Mcx Market

Gold
On Monday, spot gold prices declined by 0.14 percent to $1186.2 /oz on reports that Japan had slipped in to recession which led to strength in the dollar index in turn dragging gold prices. The dollar surged to a seven-year peak against the yen after data showed Japan's gross domestic product (GDP) shrank by an annualized 1.6 percent in July-September, after plunging 7.3 percent in the second quarter.

On the MCX, gold prices declined by 0.51 percent to close at Rs.26330/10 gms.

Silver
Spot silver prices declined by 1 percent to close at $16.1/oz on Monday in tandem with fall in gold prices. Strength in the dollar and waning interest by the speculators is dragging prices down further. 

On the MCX, silver prices declined by around 1.12 percent and closed at Rs.35629/kg.

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