Commodity Market Update (Copper)

Precious Metals are trading lower today with Gold down 8.4 or 0.50% at 1697.20 and Silver is trading at 32.27, down 40 cents or 1.24%. Despite the nominal fall in international prices, domestic prices have w

eakened further due to the stronger rupee which is higher by 22 paise at 55.44 at the time of writing this. We maintain a neutral outlook on Bullions. On MCX, Gold is down 173 points to trade at 31293.0 while Silver is down 686 points to trade at 61663.0. Base Metals on LME are trading strong in green with Copper leading the gains; three month Copper is trading at 7844.25, up 135.50 or 1.76% and at 439.80, up 6.35 or 1.46% on MCX. Nickel if following close at 16332.0, up 261.0 or 1.62%; on MCX prices are trading at 907.20, up 10.30 or 1.15%. Base Metals are likely to trend higher today in the second session and also gain further strength in the short term. We expect Copper prices to test 465.0, 480.0 in the near term. Crude Oil is trading higher by 21 cents at 96.06 while Natural Gas is down 1.5% to trade at 2.735 since morning. We are neutral on Energy prices.

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