1/31/2012 06:07:00 PM
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Gold MCX Trend
Gold is volatile today & can move both side. Investment demand for the yellow metal remained muted yesterday as holdings at SPDR Gold ETF remained unchanged yesterday.
Today in the evening session of the trade we have U.S. Consumer Confidence data which is expected to improve and hence would support the financial markets and would also support the Precious Metals Complex.
Silver updates
MCX Silver can be buy if it will cross the level of 57150 else silver may seen the level of 56650 today. COMEX Silver Mar futures also fell facing the cautious sentiment and they fell by 0.78 percent to $33.527 per troy ounce from $33.790 per troy ounce the prior day. Investment demand for the white metal showed resumption to the tune of 98.25 tonnes yesterday at iShares Silver trust while the Gold/Silver ratio showed deviation as it increased to 51.63 from 51.28 the prior day.
Copper Updates
LME Copper Feb futures fell by 1.16 percent yesterday to $8,420.75 per ton compared to prior day while COMEX Copper Mar futures also fell by 1.61 percent to $3.8265 per pound from $3.8890 per pound the prior day. What kept the metals complex down was the lingering worries regarding the Greece Swap deal, stronger greenback and weak economic data coming from U.S. pressurized the complex.
The world's largest copper producer Chile said its December copper output gained 2.2 per cent on the year to 509,407 metric tons. However, production for all of 2011 fell 3.2 per cent from the prior year to 5.25 million metric tons, the government statistics agency said Monday. The agency cited inclement weather, labour strikes and falling ore grades, or the amount of copper contained in mined material, as the reason for the drop in 2011 production.
Gold is volatile today & can move both side. Investment demand for the yellow metal remained muted yesterday as holdings at SPDR Gold ETF remained unchanged yesterday.
Today in the evening session of the trade we have U.S. Consumer Confidence data which is expected to improve and hence would support the financial markets and would also support the Precious Metals Complex.
Silver updates
MCX Silver can be buy if it will cross the level of 57150 else silver may seen the level of 56650 today. COMEX Silver Mar futures also fell facing the cautious sentiment and they fell by 0.78 percent to $33.527 per troy ounce from $33.790 per troy ounce the prior day. Investment demand for the white metal showed resumption to the tune of 98.25 tonnes yesterday at iShares Silver trust while the Gold/Silver ratio showed deviation as it increased to 51.63 from 51.28 the prior day.
Copper Updates
LME Copper Feb futures fell by 1.16 percent yesterday to $8,420.75 per ton compared to prior day while COMEX Copper Mar futures also fell by 1.61 percent to $3.8265 per pound from $3.8890 per pound the prior day. What kept the metals complex down was the lingering worries regarding the Greece Swap deal, stronger greenback and weak economic data coming from U.S. pressurized the complex.
The world's largest copper producer Chile said its December copper output gained 2.2 per cent on the year to 509,407 metric tons. However, production for all of 2011 fell 3.2 per cent from the prior year to 5.25 million metric tons, the government statistics agency said Monday. The agency cited inclement weather, labour strikes and falling ore grades, or the amount of copper contained in mined material, as the reason for the drop in 2011 production.
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