6 ( ANI ): The stock markets on Tuesday morning rebounded from the Monday slump, aided by positive global cues and short covering
involving the dollar and the euro was observed during the day but the market otherwise lacked fresh incentives, other analysts said.
Nickel Short covering
, profit taking and then more short covering
saw prices rise from $4,880 per tonne to $6,090 on Wednesday, back to $5,200, and then a $5,430 close for a $540 overall gain.
Raw sugar futures rose to a two-month high on Wednesday, boosted by fund short covering
, while cocoa regained much of the prior session's losses.
A bout of short covering
had been expected at some point given the concentration of bearish bets on oil prices over the last two months.
Meanwhile, EURGBP is stable around 0.7950 after it posted a good short covering
rally on Thursday after the market was caught short in to 0.7900.
dollar retreated to lower 128 yen territory Friday in Tokyo after a moderate rise on short covering
and a lift from the euro's surge against the yen.
Had it not been for a strong short covering
rally in lead which took the forward price up by 3.9 per cent on Friday, we should have seen, once again, a clean sweep of net losses over the week in the main contracts.
The strength in risk appetite didn't really dampen Treasuries as short covering
, technical buying, and declines in EGB and JGB rates further pressed yields lower.
Coffee futures on ICE rose on Tuesday, largely erasing the previous session's losses on short covering
, traders said, while cocoa slipped as dealers awaited further indications on the quality and quantity of the main crop in West Africa.
Summary: The EUR-USD short covering
rally extended above 1.4100, with the market gunning for stops above 1.4110-20 and at 1.4130-50.
Prices of 10-year Japanese government bond futures extended their gains slightly Tuesday morning on short covering
spurred partly by a strong performance by Tokyo stocks.