MCX Bullion Market News
Commodity markets tumbled in the last trading week of 2011 at the Multi-Commodity Exchange (MCX) with Crude Oil being the only commodity to post marginal gains.
Gold and silver fell as investors continued to liquidate assets. Both precious metals had exhibited technical weakness. As such, increased technical selling may also have been a factor. Fundamentally, PM's remain bullish since the Euro crisis and US slowdown is not expected to be over with any time soon. As such, most investors see the current decline as a sharp correction and expect to buy in when time favors."Commodity trading tips" for today is so volatile.
Base metals remained in the red on weak Chinese PMI data. Also, trading remained muted since it was the last trading week of 2011. Copper hovers around the Rs 400 psychological level and the outlook warrants for a fall below 400 especially with indications from both China and Europe painting a disappointing economic outlook.
Crude oil was the only commodity that remained positive thanks to increasing tensions between Iran and the US. NYMEX WTI prices remained stubborn in the $100 territory despite base metals and precious metals declining. Natural Gas continued its weak performance.