Commodity Market Update

Precious Metals are trading lower in a narrow range, Gold on MCX is trading lower by 120 points at Rs.29310.00, extending its last evening fall of around a percent while Silver is trading at Rs.52750.00, slightly positive since last closing as the market is locked in a very tight band, COMEX Gold futures are trading below its key level of $1600.00 and are likely to decline further to test its support around $1540.00 in coming session, Base Metals are recovering slightly after its previous decline on China’s weaker than expected Copper import data but the today’s recovery will be an opportunity to carry short on industrial metals concentrating on the uncertainties over the euro zone bank problems. On Energy Complex, Crude Oil futures prices are expected to trade with high volatility as the traders are waiting for the inventories data to be released today. Natural Gas is likely to trade with negative bias.