Published on Tue, Nov 10, 2009 at 18:49 | Source : CNBC-TV18
Updated at Tue, Nov 10, 2009 at 19:21
Like this story, share it with millions of investors on M3
0
Like this story, share it with millions of investors on M3
Weak dollar leads to strong equity markets
The Dollar Index has hit 15-month lows at 74.93 and the dollar is at two-week low versus the euro. CNBC-TV18’s Manisha Gupta’s reports.
Below is a verbatim transcript of her comments on CNBC-TV18. Also watch the accompanying video.
The Dollar Index has hit 15-month lows at 74.93 and the dollar is at two-week low versus the euro. CNBC-TV18's Manisha Gupta's reports.
Below is a verbatim transcript of her comments on CNBC-TV18. Also watch the accompanying video.
Metals saw gains yesterday. However, today they are all down on profit taking, demand concerns and because the inventories are pretty much on the higher side.
Copper inventories on London Metal Exchange(LME) are at six month highs and we have seen 62% of gains in Shanghai inventories in last three months itself. Apart from that there is profit taking in other commodities also and the Dollar Index is also at its 15 months low.
There has been short covering as well and that is putting pressure on the prices. Copper on the MCX November is a sell at Rs 303 per kg where one lot's size is 1 tonne, which brings the amount to Rs 3,03,000 lakh, 5% of that is what one pays to the exchanges at around Rs 15,000.
On the lower side, Rs 300-299 per kg is your support or target area. With that strategy you stand to gain around Rs 4,000 per lot in the intraday day today.
