Commodity Updates - Copper updates

Gold Updates

Despite rising concerns with respect to the European economies, gold prices declined sharply by 3.7 percent last week mainly due to strength in the US dollar. Cheers came to the investment side when holdings at SPDR Gold ETF showed resumption by 3.63 tonnes on Friday signaling that the investment demand continued to remain strong even when we saw prices succumbing to technical selling.

Silver Trend

Gold/Silver ratio ended at 53.26 on Saturday from 53.08 the prior trading day signaling weakness in the investment demand for the white metal compared to the yellow metal. Holdings in the iShares Silver Trust, the world's largest silver-backed exchange-traded fund, decreased around 0.7 percent to 9,715.63 tonnes by 18th November from the previous 9,783.71 tonnes on 11th November 2011. Silver clearly seems on downside, because of doller strength & base metal decline.

Base Metal Trend

Copper Updates

In copper we can see downside fall, impact of doller strength & other factor fush to copper in to downdisde trend. China's top copper smelter Jiangxi Copper Co. and global miner Freeport-McMoRan Copper & Gold Inc have agreed a 12.4 percent rise in term treatment and refining charges (TC/RC) for 2012 concentrate shipments, a Jiangxi Copper source said on Saturday.

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