Thursday, February 24, 2011

MCX Commodity Updates

Spot Gold continued to trade higher today, as worries in the Middle East and North Africa increased safe-haven demand for gold. Geo-political worries in Libya continued as there are no signs of leader Muammar Gaddafi stepping down after 41 years in power. This led investors to flock towards gold as a safe-haven investment. In addition to this weakness in the US dollar also helped the yellow metal prices to rise today.

Base metals came under pressure mainly taking cues from poor sentiments in the global equity markets today. As the crisis in Libya worsened, investors moved away from riskier assets. Nickel was the worst performer of the day, as the metal prices have slipped around 2.6 percent on the LME and were trading at $27,750/tonne at 4.00 pm IST today.

We expect base metals to trade lower mainly due to weak sentiments in the global markets today. While, crude oil prices are expected to trade with a positive bias mainly taking cues from ongoing geo-political worries and weakness in the US dollar today. But sharp gains in prices will be capped due to poor sentiments in the global markets and expected rise in US oil inventories. Geo-political worries will help the bullion pack to trade higher today. Additionally, weakness in the US dollar will also act as a supportive factor for gold prices to rise.

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at 2/24/2011 06:46:00 PM
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