Money Market Guru — Technical Comment For The Day: Copper — The prices of MCX Copper got relief from the ongoing selling pressure on Tuesday. The benchmark expiry contract ended at Rs 376.85 per kg, gaining by 0.59%. The metal tested a high of Rs 377.25 per kg, and a low of Rs 375 per kg.
Money Market Guru — The prices of MCX Copper declined by more than 1.5% in a single session. The tormenting by bears continues in Copper and the prices have now breached all important Rs 380 per kg levels. From here the declines can take metal towards Rs 366 per kg and settled at Rs 374.85 per kg. The session on Monday saw Copper ending at Rs 374.85 per kg.
Money Market Guru — MCX Gold futures witnessed strong gains in the shortened session yesterday as global prices remained near one month high on weak US dollar and safe haven demand following the blast in a Russia’s St Petersburg.
Money Market Guru — After reporting sharp increases in new orders for US manufactured goods in the two previous months, the Commerce Department released a report on Tuesday showing that factory orders saw further upside.
Money Market Guru — LME Aluminium prices averaged at $ 1901.57 per tonne by the end of March 2017, up 24% from last year when prices were at $ 1856.80 per tonne. The prices of Aluminium were at $ 1856.80 per tonne in February 2017. In global markets, International Aluminium Institute (IAI) that measures the production trend in the world came out with its latest numbers.
Money Market Guru — Oil has edged above $50 per barrel amid speculation that the Organisation of Petroleum Exporting Countries (OPEC) would extend its deal to cut output beyond June. However, there are broad concerns that the deal between OPEC and some non-members to reduce output by 1.8 million barrels per day (bpd) in the first half of 2017 has not substantially lowered global oil stockpiles.
Money Market Guru — Zinc, a metal that is used in Galvanization had a bull run in the month of March 2017. On LME, prices averaged at $ 2782 per tonne in March 2017 compared to $ 2848 per tonne in February 2017, up by a whopping 54%.
Money Market Guru — Jewellery sales in organized sector remain on track, according to a quarterly business update from Titan Company. The company’s Jewellery division had a very good quarter, aided by a very successful studded jewellery activation . The division has achieved a new milestone in terms of sales as well as profits.
Money Market Guru — According to United States preliminary data showed in February 2017, the United States steel imports fell by about 4.6%, to 2.3581 million tons compared with last month, accounting for 25% of the total exports, increased by 18% compared with the sample period of last year.