Gold futures along with silver can open in positive territory tracking firm opening in international markets. Gold can trade in range of 28,350-28,600 and silver can also trade in range of 55,500-56,500 in near term.
The risk appetite in the market place improved Tuesday. There was a successful Spanish bond auction overnight and some stronger economic data coming out of Germany.
That boosted the European stock markets, and in turn supported the U.S. stock indexes and commodity markets.
Base Metals
Base metals counter can trade sideways with positive bias with some short covering seen at current levels.
Copper may trade in range of 413-417 while lead may trade in range of 106-108 and zinc in range of 102-104.40 in near term. Copper futures rose for the second straight day as signs of progress on Europe’s debt crisis, while an International Monetary Fund projection for faster global economic growth buoyed the outlook for metal demand.
Spain sold more debt than planned, while German investor confidence unexpectedly rose to a two-year high.
Energy
Crude oil can also trade on a firm path, continuing yesterday's gains and can test 5400 in MCX. U.S. crude futures settled up 1.2% Tuesday as investors looked to a coming pipeline reversal that is expected to bring U.S. oil in line with global prices.
The Seaway pipeline reversal, designed to help ease a supply glut in Cushing, Okla., that has been depressing U.S. prices, will begin delivering crude to the Gulf Coast refinery belt in a month, or two weeks earlier than expected.
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Gold, Crude Oil To Edge Higher, MCX Copper Trade At Rs.413-417: April 18, 2012
Published 04/18/2012, 04:53 AM
Updated 05/14/2017, 06:45 AM
Gold, Crude Oil To Edge Higher, MCX Copper Trade At Rs.413-417: April 18, 2012
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