MCX gold futures gained some ground on the week ended on Friday with overseas prices rose above $930 on a flat dollar and amid weaker European stock markets. On Friday, gold closed at $930.90 in NY, up $5.20.
On the other hand, copper futures on the domestic market fell about 8% last week amid concerns on falling Chinese demand. Reports that China?s copper imports reached a record last month even as the country?s export slump deepened raised concern that supply may outpace consumption.
MCX copper June 2009 contracts traded at Rs 218.30 per kg on Friday, Rs 19 or 8% lower over the previous week. LME copper three-month contracts fell nearly 3% to a day?s low of $4,315 a tonne and futures were down 6.6% during the week ended Friday.
Trading below Rs 214 would lead to lower prices initially towards Rs 211 and then finally towards Rs 207 levels, an analyst said.
MCX crude oil May 2009 contracts were traded steady at Rs 2,867 per barrel on Friday. A test of the new floor of $55 next week will indicate where crude prices and thus gasoline pricing at the pumps will heading in the near term.
MCX gold June 2009 contracts traded higher at Rs 14,556 per 10 gram on Friday. Gold spot price in London was around $930 an ounce on Friday from $913 during the previous week. ?This week market is expected to find very good support at Rs 14,700-14,720 levels. And strong support is seen at 14,540-14,560 levels,? an analyst with Angel Commodities said.
MCX silver June 2009 contracts were traded stronger at Rs 22,722 per kg on Friday, up by Rs 200 over the previous week. Silver was closed at $13.95 on the Comex. ?Comex silver consolidation from $14.37 is still in progress and some more pull back could be seen,? an analyst said.