8/24/2011 05:43:00 PM
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Gold Trend
Spot Gold bounced back recovering from the fall in the earlier session. This was supported by safe haven buying after Moody’s downgraded Japan. During evening session we expect prices to test initially 27650-700 region for a pull back towards downside 27400 levels. Recovery in the Financial Markets dented the safe haven appeal of the Precious Metals yesterday and COMEX Gold Oct futures contract saw some profit booking yesterday after prices surged pass the
1,900 mark again yesterday.
Silver trend
COMEX Silver Sept futures also succumbed to profit booking yesterday and fell by 2.39 percent to close at $42.291 per troy ounce from $43.325 per troy ounce on 22nd Aug, 2011. Spot Silver prices too came under pressure on Tuesday and fell 4.2 percent, taking cues from decline in gold prices. But sharp losses were cushioned on account of a weaker dollar which fell by 0.3 percent in yesterday’s trade.
Copper trend
LME Copper initially edged higher on hopes of further economic quantitative measures by Federal Reserve to boost the world’s largest economy but later those gains were capped on persistent worries of global economic slow down. Copper prices on the LME increased 1.1 percent to close at $8851/tonne as dollar weakness coupled with stable market sentiments supported increase in prices. Inventories of the metal declined 0.3 percent and hence this factor did not provide much cues to prices in yesterday’s trade. Prices are trading below the crucial $9000/tonne mark and this indicates demand concerns amid the grim global economic scenario.
Crude Oil Trend
NYMEX Crude oil Oct futures extended their gains yesterday on weaker greenback and hopes of FED stimulus optimism while a rally in equities also supported the Black Gold. s. In Africa, Royal Dutch Shell has been forced to shut in its Nigerian Bonny Light crude exports to repair pipeline damage caused by a recent spate of hacksaw attacks. Additionally, dollar weakness also provided further support. MCX crude rose around 2 percent and touched an intra-day high of Rs3957/bbl on Tuesday.
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