9/14/2011 05:37:00 PM
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MCX Commodity Trend
Gold Trend
Investment demand for the yellow metal still showed no signs of reversal as holdings at SPDR Gold ETF showed 0.61 tonnes of redemption yesterday. Spot Gold prices fell reversing the gains made earlier today on downgrade of French banks. Credit rating agency Moody’s downgraded top two banks of France by a notch.
Silver Trend
Investment demand for the white metal at iShares Silver trust remained muted yesterday as the holdings remained unchanged.Silver is expected to trade with a sideways bias today as it will take mixed cues from a stronger dollar, downside in base metals and choppy sentiments in the global equity markets.
Crudeoil Updates
Crude oil inventories declined 5.05 million barrels to 344.2 million last week, the American Petroleum Institute said. Gasoline stockpiles rose 2.76 million barrels to 212.7 million, the report showed while inventories of distillates, including heating oil and diesel, rose 67,000 barrels. Demand growth for 2012 is estimated to decline by 1,90,000 bpd to 1.42 million bpd. IEA is forecasting that world oil onsumption will increase more slowly than expectations this year as well as the next year. The OPEC and the US department of energy both have also cut their forecasts for global oil demand growth this month. As per the IEA report OPEC oil production increased 1,65,000 bpd in August as against 30.26 million bpd in July.
Copper updates
In the evening session of the trade we have U.S. Retail Sales and Business inventory data which if comes better than expected then would support the Base Metals Complex. The sell off seen so far during the day may not continue unless trades below 413 convincingly. For the day initial dips likely to find
support near 416-14 regions and turn higher later. However broad picture requires a close above 424 for bigger rallies.
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