6/02/2011 05:53:00 PM
Your Advisor
Nymex crude oil traded higher by 0.2 percent mainly taking cues from weakness in the US dollar. But sharp gains were capped due to the comment from the OPEC delegate that the cartel may increase its supply target to temper prices. Oil touched an intra-day high of $100.74/bbl and was hovering at $100.45/bbl till 4.00pm IST. On the MCX, crude oil traded on a flat note and touched an intra-day low of `4471/bbl today.
Commodity Outlook
We expect base metals and crude oil to trade higher today mainly on the back of dollar weakness. But sharp gains will be capped due to weak global market sentiments. Gold prices are expected to higher today mainly taking cues from weakness in the dollar and poor sentiments in the global equity markets which will fuel demand for gold as a safe-haven investment.
Gold Updtaes
Gold June futures on COMEX rebounded from their prior day loss and rose by 0.42 percent to close at $1,542.4 per troy ounce yesterday from $1,535.9 per troy ounce made on 31st May, 2011. Investment demand for the yellow metals also saw an increase by 2.12 tonnes in SPDR Gold ETF yesterday after almost a week.
Silver updates
Silver July futures on COMEX however pared their prior day losses and fell by 1.60 percent to close at $37.694 per troy ounce from $38.305 per troy ounce made on 31st May, 2011. Investment demand has still not seen in the white metal with holdings remaining unchanged at iShares Silver Trust. Gold/Silver ratio rose to 40.91 yesterday from 39.98 made on 31st May, 2011.
Click & Get Free Commodity Tips - FREE Commodity Tips
We provides all Commodity tips, mcx tips, ncdex tips, all gold tips, silver tips, copper trend, commodity news you can get form here. We daily update our commodity tips page.
