Monday, 15 October 2012

Commodity News For 15 oct 12

Gold prices moved lower amid better flow of macroeconomic numbers in US. Better than expected consumer sentiment dented the safe have appeal to an extent. In spite of the recent weakness in the precious metals complex, we infer that gold prices should find support around US$1,740/ounce levels. On the domestic front, Rs31,000/10gms act as a good support level.  

Base metals ended lower, devoid of any impetus.  Market participants are waiting for further direction from the slew of Chinese macroeconomic numbers scheduled to be released this week, including industrial
production and Q3 GDP data. In the meantime, better than expected Chinese trade data should provide some kind of support to the non‐ferrous complex. China's exports grew at roughly twice the rate expected in September while imports also expanded.

Crude oil futures ended lower, as lower global demand estimates from EIA and weak economic growth forecasts across various geographies have managed to offset the looming geopolitical tensions emanating from the Middle East.

1 comment:

  1. Glad to hear that you are stable financially. I am sure you will manage to start saving more, and I am eager to read about it on this blog in the future =)

    Regards: Commodity Tips, MCX Tips