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What To Expect For Energy, Precious And Base Metals This Evening

ByCommodityOnline
Published 04/25/2012, 09:23 AM
Updated 05/14/2017, 06:45 AM
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Investors will keep an eye on a US Federal Reserve policy meeting. The Federal Reserve’s approach towards monetary policy has been a crucial factor behind the fluctuation of gold prices in recent months.

If the Fed drops any clue on monetary easing at the meeting then this may lead to further upside in gold prices. According to Angel Commodities, bullion could trade higher today on account of weakness in the US dollar index and upbeat market sentiments.

Silver prices will also take cues from movement in base metals pack. However, precious metals on the MCX are expected to trade lower on account of appreciation in the Indian currency.

According to Angel, crude oil prices may trade with a sideways bias on the back of expected rise in US crude oil inventories but on the other hand weakness in the US dollar index coupled with upbeat global market sentiments will provide support to oil prices.

MCX crude oil prices are expected to trade on mild bearish note on account of a stronger Rupee.

The US Energy Department (EIA) is scheduled to release it weekly inventories report today at 8:00pm IST and US crude oil inventories are expected to rise by 2.7 million barrels for the week ending on 20th April 2012.

Yesterday, US crude oil inventories declined unexpectedly by 985,000 barrels for the week ending on 20th April 2012. Gasoline inventories declined by 3.64 million barrels and whereas distillate inventories also dropped by 3.56 million barrels for the same week.

Base metals are likely to to trade higher today on account of weakness in the US dollar index

If the Fed drops any clue on monetary easing at the meeting then this may lead to upside in metal prices. However, appreciation in the Indian Rupee may hold gains on the MCX.

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