Precious Metals are trading sharply lower on CMX today with Gold losing $12or 0.75% at $1571.10 while Silver is down almost 1.5% since morning. Having
broken below key support levels, the trend for the evening is likely to
remain on the downside. Base Metals are sharply down on LME with Copper
losing 2.5% and Nickel down 2% whereas on MCX, prices have had limited
downsides due to the rupee which has depreciated by 58 paise or 1.05%
against the dollar. Oil prices are also down heavily with Crude traded on
NYMEX losing almost 3% or $2.5 to trade at $89.30 while Natural Gas is down
over half a percent since morning, $89.0 is a strong support for prices
which is likely to hold today paving way for further advances from here but
a breach below it would see prices fall to $85.0 this week. We maintain a
positive outlook on Natural Gas prices.
No Major Economic Releases.
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