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MCX Cardamom Weakens On Selling Pressure: April 24, 2012

ByCommodityOnline
Published 04/24/2012, 08:42 AM
Updated 05/14/2017, 06:45 AM
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Cardamom prices continued the down trend on back of selling at higher levels on Monday’s trading session. 

From opening futures prices started trading down extending previous losses. However, later on prices recovered from huge losses but failed to reverse the trend and ended the day on slightly lower note. 

Precious Metals Under Pressure On Firm US Dollar

Spot gold prices came under pressure in yesterday’s trading session on account of strength in the US Dollar Index, as a stronger dollar makes dollar-denominated commodities look expensive for holders of other currencies. 

Additionally, weak sentiments in the global markets due to rising concerns over Europe’s debt crisis also acted as a negative factor for the yellow metal prices on Monday. 

On the MCX, Gold June contract rose around 0.5 percent  as  a weaker rupee led gains on the domestic platform and touched an intra-day high of Rs.28,805/10 gms yesterday.

Silver

Silver prices dropped sharply by 2.8 percent on the international markets on Monday taking cues from strength in the US Dollar Index along with downside in base metals pack. In addition to this, rise in risk aversion in the markets due to eurozone debt worries also exerted further downside pressure on prices.

The white metal touched an intra-day low of $30.45/oz and ended its trading session at $ 30.76/oz yesterday.  

MCX Silver May contract decline around 1.6 percent and touched an intra-day low of Rs55,303/kg. However, depreciation in the Indian rupee cushioned further fall on the MCX on Monday.

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