MCX Update for the day

Central banks help gold rise
The shift marks a turnaround after heavy disposals by European central banks over the past 10 years, when gold was seen as a non-yielding unattractive asset. Monetary institutions then swapped their bullion for yielding sovereign debt.
Gold prices will hit $1500 by the end of the year or first half of 2011, and the yellow metals pricing at the bottom of the next bear market will be more than $1000 an ounce, Jeffrey Nichols said.

-The base metals market is quiet with thin trading as market movement is paused with players are waiting for fresh direction.

-There is some selling into rallies across the complex as profit taking kicks in. Zinc remained the top loser on LME with down by one and half percent, while nickel saw some buying and remained positive.

-Copper was struggling to hold above $7,600, trading at $7,590 per tonne, nearly one percent loss from the previous session. But inventories resumed their downtrend, falling a net 1,025 tonnes to 389,500 tonnes, the lowest since November 9, 2009.

-There was also a 21 percent jump in cancelled warrants to 27,675 tonnes.

-On the US front, core retail sales increased by 0.6% in August as against expectations of an increase by 0.3%. Sales increased for a second consecutive month in August.

-Copper has resistance of $7800 at LME and `356 in MCX with support lies at 352. And Zinc has support of 98.5 and resistance of 99.5.

-Nickel getting support at 1070 and resistance near 1085.

-Lead has support at 101.5 & resistance at 103 

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