Market Watch

Monday, 28 July 2014

Afternoon Updates of Commodity Market

Gold slipped on Monday due to a stronger dollar but was supported near $1,300 an ounce as its safe-haven appeal rose due to heightened tensions between the West and Russia, and violence in the Middle East.
Gold has been in a narrow trading range of $1,200/ounce-$1,400/ounce so far this year. The yellow metal has managed to trade above the key support of $1,200/ounce mainly because US 10 year yields. 
MCX SILVER September contract was trading at Rs 44356 up Rs 75, or 0.17 percent. The SILVER rate touched an intraday high of Rs 44534 and an intraday low of Rs 44355. So far 1563 contracts have been traded. SILVER prices have moved down Rs 2644, or 5.63 percent in the September series so far.
Aluminum gained in London as stockpiles fell and industrial data showed an improved demand outlook in China, the world’s largest consumer of metals. 
Aluminum for delivery in three months advanced as much as 1.1 percent to $2,019 a metric ton on the London Metal Exchange and traded at $2,017.75 at 3:05 p.m. in Hong Kong. The metal is up 12 percent this year and entered a bull market on July 22.

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