Morning Report 21-09-2011

GOLD

Spot gold prices rose  on Tuesday as investors bought  gold in order to hedge their portfolio in uncertain conditions .  Investors shift to less risky assets as Euro zone issue is deepening & no sings of providing solution toGreecewhich is in the verge of default. Today Gold was steady at $1810 an ounce. Gold spdr’s the world’s largest gold backed ETF remained unchanged on  1252 tons on Tuesday. Outlook: Gold is expected to trade in positive  bias & later take cues from developments in Euro zone & US FOMC meeting.

 SILVER

Silver traded at $40.06  an ounce on Wednesday in Asian trading. Euro zone leaders haven’t  granted the bailout package forGreeceas the country has to take steps to reduce the budget deficit in order to receive the package. Investment demand is supporting the silver prices and limiting the downside.  Ishares silver trust, the world’s largest silver backed ETF holdings  decreased to 9921 tons from  9956 tons on Tuesday.  Outlook: Silver is expected to consolidate & take cues from US dollar index & US FOMC meeting outcome.

 CRUDE OIL

U.S.crude prices declined on Tuesday on concerns of Euro zone leading into a bigger issue and crude stockpiles inUnited statesrose against the analysts expectations of drawdown, according to American petroleum Institute( API).Greecehas agreed to implement austerity measures on Tuesday and convincing International leaders for talks next week to receive the bailout package.  Outlook:  Crude oil prices is expected to trade in negative bias and will take cues from EIA inventory report due to release today.

 COPPER

Copper prices fell on Wednesday  after IMF cut its  global growth forecast  and stating US &  European economies  could slip back into recession. Copper at LME On Wednesday fell 0.6% to $8260 metric ton and in Shangai futures exchange copper prices fell 62010 Yuan per ton. Strike at Indonesian mines have slowed down the production and further help the strong fundamentals  which is already in shortage.   Outlook : Copper prices is likely to trade in negative bias  and take cues from developments in Euro zone &USeconomic data.

 RUBBER

Yesterday Rubber futures on the National Multi-Commodity Exchange has closed with gain as resumed buying by the traders has helped the prices to move northwards. spot market and global cues weighed the sentiment.

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