Last Updated : October 22, 2012 18:12
MUMBAI (Commodity Online): Precious metals and Crude Oil prices in the evening session are expected to trade with upward bias on the back of positive sentiments amongst market participants anticipating better earnings from the US companies today. Further, rise in the risk appetite thereby may result into weak demand for the low yielding currency that is US Dollar Index (DX). This in turn might support an upside in the commodities.Base metal prices might however, may remain weak anticipating demand to decline tracking weak exports from Japan and slower growth in China, the key consumer of the base metals. Although, weakness in the DX might cushion sharp fall in the prices.
Precious Metals
Spot Gold prices increased by 0.2% today on the back of rise in risk appetite in the global markets. Additionally, weakness in the DX also supported an upside in the prices.
In the Indian markets appreciation in the Indian Rupee added downside pressure on the yellow metal prices.
Taking cues from rise in gold prices along with upside in the base metals complex, Spot Silver prices gained by 0.5% today. Additionally, weaker DX also acted as a positive factor for the white metal prices.
Base Metals
Base metal prices were trading on a bearish note on the back of weak data from the Japan and slower growth in China, the key consumer of the metals. Weakness in the DX thereby acted as a supportive factor for the base metals.
Copper prices on LME were trading on a mixed note due to expectation of decline in the demand after observing weak data from Japan and China. Further, rise in the LME inventories restricted sharp gains in the Copper prices.
In the domestic markets copper prices declined 0.8% due to appreciation in the Indian rupee and were hovering around Rs.432.01 per kg till 4:30 today.
Energy
Nymex Crude Oil prices increased by 0.6% on the back of short coverings as investors felt that decline in crude prices in the last week was excessive. Additionally, weakness in the DX. However, sharp upside in the prices was capped as a result of TransCanda Corporations plans to start Keystone pipeline today.
On the domestic bourses, prices declined by 1.8% on account of appreciation in the Indian Rupee and were trading around Rs.4,848/bbl today.
Courtesy: Angel Commodities
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