Tuesday, 25 September 2012

Commodity Market Update (Gold performance)

Precious Metals are trading sharply lower today with CMX Gold down 18.6 or 1.08% to 1759.40 an ounce and Silver is also losing about 2.36% or 81 cents to trade at 33.82 an ounce. The rupee’s strength also aggravated the downside in domestic bullions; Gold is down 180 points to 31324.0 and Silver is losing 1097.0 to trade at 62183.0 on MCX. Precious Metals
are trading below key support levels are we may see further correction in prices during the evening. Base Metals are trading in red today, on LME, Copper is down 100.0 or 1.23% to trade at 8190.0 while Nickel is trading at 17970.0, –158.0 or 0.87%. Prices are trading with a slightly negative bias and may consolidate before moving lower today. Crude Oil is down 1.46 or 1.57% to 91.75 a barrel while Natural Gas is down 1.25% at 2.849 on NYMEX. We are negative on Crude Oil and expect prices to move lower to test support at 90.0 and possibly 87.50 coming into play.

No Economic Releases today.

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