July 12, 2011

MCX Tips for 12 July | MCX Live Gold & Energy 12 July

MCX Crude oil noted some decline in the price on global cues. The report for NYMEX crude oil is of a weaker weighed down by demand concerns amid weakening outlook for US and Euro-zone economies and concerns that China may extend its monetary tightening. Uncertainty in the market has also pushed US dollar higher weighing on dollar denominated crude oil prices. Apart from it, focus will be on EIA and OPEC monthly oil market outlook. Support for MCX Crude July contract is seen at Rs.4150 while Resistance is seen at Rs.4275. Gold highs as risk aversion increases and Gold ETF holdings rise for 4th week. The Euro fell by more than 1 percent. Copper MCX falls on Italy debt worries and report for Aluminium is of falling below 200 day moving average.
MCX News For The Day
#NYMEX natural gas trades little changed after. 
#Forecast of warm weather in US supports gas prices.  
#European medium section prices were down 1.9%  at Euro653/t
#The Gold MCX price is at high risk aversion.
#Aluminium price falling below moving average.
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