3/24/2011 06:10:00 PM
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Gold/Silver Ratio continued to show strength in the white metal as it edged down further to close at 38.67 on 23rd Mar, 2011 from 39.29 on 22nd Mar, 2011 indicating that silver still attracts investment demand from the investors. Gold Apr futures on COMEX continued to end in green territory for the sixth consecutive day showing a 0.73 percent gain. Futures closed at $1,438 per troy ounce yesterday from $1,427.6 per troy ounce the prior day. Silver May futures on COMEX also tasted green colour the sixth consecutive day to close at $37.198 per troy ounce yesterday, a 2.56 percent gain from $36.269
per troy ounce the prior day.
Silver prices likely to face resistance at $37.7/troy ounce and $38.2/troy ounce level on COMEX May futures i.e. at Rs.55,978/kg and Rs.56,458/kg in MCX May contract. While on lower side prices can take support at $36.4/troy ounce and $35.6/troy ounce level i.e. at Rs.54,583/kg and Rs.53,668/kg in
MCX May contract.
Copper May futures on COMEX and three month futures on London Metal Exchange surged up for the second consecutive day and rose by 2.68 percent and 2.80 percent respectively yesterday. Futures at COMEX closed at $4.4285 per pound on 23rd Mar, 2011 from $4.313 per pound the prior day while at LME they closed at $9,745 per ton yesterday from $9,480 per ton. All the Base Metals three month futures ended in green yesterday at LME with Aluminium up 1.57 percent, Zinc up 4.19 percent, Lead up 1.86 percent and Nickel up 1.70 percent. Chilean miner Codelco, plans to ship an additional 10,000 to 20,000 tonnes of copper cathodes to Japan after this month's devastating quake coupled with a drawdown in the LME warehouse inventory after a week yesterday also supported the Copper futures. These bullish demand views slowed the dismal housing report from the U.S. Today in the afternoon session we have Euro PMI and U.K. Retail Sales both with negative expectation for Base Metals. In the evening session of the trade we also have U.S. Durable Goods Orders which are expected to support the prices of Base Metals.
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