Monday, 11 March 2013

Commodity Market Update

Precious Metals are trading slightly higher today; Gold is up 2.90 at 1579.80 an ounce while Silver is higher by 2 cents at 28.97 an ounce. Bullions may weaken further in the evening today as prices are trading near good intraday supports – for Gold a break below 1579.0 could see prices move lower to 1570-1565.00 today. Silver finds good support at 28.90 below which 28.50 is expected to come into play. Base Metals are also lower today with most of the metals trading lower by almost a percent since morning; Copper traded on COMEX is down 0.025 or 0.70% at 3.484 a pound; copper is trading near a crucial support zone at 3.47-3.46 at the time of writing this and an hourly close below this level would turn the intraday bias to bearish triggering further downside over the week. The rest of the metals are also expected to follow course. Crude Oil is down half a percent today and may halt its recovery from sub 90.0 levels, prices are at 91.53 losing 41 cents since morning. Shorts will be the trade of the day and we see prices moving down to 91.0 below which 90.0 is likely to be tested. Natural Gas is trading steady at 3.63, up 0.15%. The rupee has been trading slightly weak today and is at 54.35, down almost 5 paise. A weaker rupee will limit downsides for domestic commodity prices.

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