6/13/2012 05:18:00 PM
Your Advisor
Commodity Updates
Base Metals trade for up side. Copper showing some buying sentiment with positive 0.40% trend. In silver prices have breached the crucial resistance of 55100. RSI is in a buy mode. We expect prices to go up to levels of 55100. The white metal touched an intra-day high of $29.03/oz and closed at $29/oz on Tuesday. In the Indian markets, prices gained by 0.7 percent on account of depreciation in the Rupee and closed at Rs.55,076/kg after touching an intra-day high of Rs.55,240/kg in yesterday’s trading session.
Form our expectation crude will trade in lower side. Nymex crude oil prices increased by 0.7 percent yesterday, taking cues from ECB’s approval of a plan to guarantee bank deposits and weakness in the DX. However, further upside in prices was capped on the back of unexpected rise in US crude oil inventories, exemptions of sanctions on Iranian crude oil and as OPEC is expected to maintain oil output at current levels before the meeting on 14th June.
The Organization of Petroleum Exporting Countries (OPEC), pumped in 31.58 million barrels a day in May which was down from 31.64 million barrels a day in April and the cartel has exceeded its quota of 30 million which was agreed in December. However, Saudi Arabia, Kuwait, Qatar and United Arab Emirates are planning to raise its output by 500,000 barrels a day which would be discussed in OPEC meeting tomorrow.
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Form our expectation crude will trade in lower side. Nymex crude oil prices increased by 0.7 percent yesterday, taking cues from ECB’s approval of a plan to guarantee bank deposits and weakness in the DX. However, further upside in prices was capped on the back of unexpected rise in US crude oil inventories, exemptions of sanctions on Iranian crude oil and as OPEC is expected to maintain oil output at current levels before the meeting on 14th June.
The Organization of Petroleum Exporting Countries (OPEC), pumped in 31.58 million barrels a day in May which was down from 31.64 million barrels a day in April and the cartel has exceeded its quota of 30 million which was agreed in December. However, Saudi Arabia, Kuwait, Qatar and United Arab Emirates are planning to raise its output by 500,000 barrels a day which would be discussed in OPEC meeting tomorrow.
Fill Form & Get All Commodity Tips, Live Crude Updates, Copper Upadates & Base Metal Trend on Mobile.
