3/27/2012 05:20:00 PM
Your Advisor
- Asian markets trade higher on Ben Bernanke’s statement. Copper prices increase more than 2 percent on Monday.
- German Ifo business climate index up to eight month high in March.
The Indian Rupee (INR) witnessed depreciation of around 0.3 percent in yesterday’s trading session on the back of weak sentiments in the domestic bourses.
Gold Trend
The yellow metal touched an intra-day high of $1693/oz and closed its trading session at $1689/oz yesterday. On the MCX, Gold April contract rose almost 1 percent on Monday. MCX gold touched an intra-day high of Rs28,396/10 gms and closed at the level of Rs28,367/10 gms yesterday. Prices have support at US$1,680/ounce and resistance at
US$1,706/ounce.
Crude oil futures sustained above the significant levels, supported by reports that some buyers have reduced imports of Iranian oil due to sanctions imposed by US in order to derail Iran’s disputed nuclear enrichment program. Prices have support at Rs5,420/bbl and resistance at Rs5,510/bbl.
Copper Updates
Base metals are expected to trade with a sideways bias today as on one hand rising fears with respect to demand from China may exert downside pressure on the metal prices. Copper, the leader of the base metals pack, rose sharply by more than 2 percent on the LME in yesterday’s trading session mainly on account of positive Euro Zone sentiments coupled with comments from Fed’s chairman.
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