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2006-12-13 00:00:00 |
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Copper futures in red at MCX
MUMBAI (Commodity Online) -- Copper futures on the MCX are trading in red right now after opening marginally higher today. LME Copper dipped today after gaining by about 2% yesterday.However, LME witnessed a subdued opening today. LME Copper stockpiles are up 475 tonnes at 161375 tonnes today.
Poor Industrial production data from UK pressurized the commodity today. According to data released by UK’s National Statistics, industrial production has dropped 0.8% in the United Kingdom in October.
LME Copper for three month futures are trading at $7095 right now, down $80 while MCX February futures are trading at Rs 322.35 per kg, down Rs 3.95 after trading as low as Rs 321.55 a kg. |
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Refined soy oil futures are trading down at the NCDEX counter on Monday due to the absence of fresh cues from global markets. |
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Gold futures in the domestic exchange are seen dwindling in the early moves on Monday due to the monetary measures taken by Reserve Bank of India and the continued rally of US dollar. |
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Chilli futures went down further on Monday due to weak fundamentals such as lower demand and the higher supply in the domestic spot market. |
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| Technical Calls |
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Gold price under downside pressure |
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Gold is feeling downside pressure from bearishly postured "outside markets" early Monday--a firmer U.S. dollar against the other major currencies and weaker crude oil futures prices. |
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Gold under pressure, copper, Oil falls on dollar gains |
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Spot Gold prices continued to remain under pressure till 4.15 pm IST today as the strength in the dollar made the yellow metal look unattractive as an alternative investment for holders of other currencies. |
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Gold likely to rally further & dollar drop away |
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Gold has not broken down as yet from this potential Head-and-Shoulders top just as the dollar has not quite broken out yet to commence another strong upleg, although these developments are now looking increasingly probable - but until they happen the |
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