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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