5/03/2011 06:00:00 PM
Your Advisor
Spot Silver declined 0.3 percent today mainly tracking strength in the dollar which exerted pressure on white metal prices. Additionally, being an industrial metal it also took cues from the downside movement in the base metals complex. Spot Silver touched an intra-day low of $43.78/oz and was hovering around the same levels till 4.00 pm IST. On the MCX, Silver July contract declined around 2.5 percent and was hovering around `66,116/kg today.
Crude oil prices traded lower by more than 1 percent on the Nymex today on account of mixed global market sentiments along with strength in the US dollar. Additionally, expected rise in US crude oil inventories also exerted pressure on oil prices. Nymex May contract touched an intra-day low of $112.23/bbl and was hovering around $112.31/bbl till 4.00 pm IST. Depreciation in the Rupee resisted further downside in oil prices on the MCX today.
MCX Outlook
Base metals age expected to come under pressure today mainly on the back of choppy sentiments in the global equity markets coupled with strength in the US dollar.
Crude oil prices are expected to trade lower today on account of easing concerns in the Middle East, strength in the dollar and choppy sentiments in the global financial markets. Oil will also come under pressure on expectations of rise in US crude oil inventories to be released by the API today.
We expect Gold and Silver to come under pressure today mainly on account of easing concerns on the geo-political front which will reduce the safe haven demand for the bullion. Additionally, dollar strength will also exert pressure on the yellow metal prices today.
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