UKs claimant count change increased by 7o0 in March as compared to decline of 8,500 in February. Markets had anticipated the claimant count to decline by 3,600 in the last month. The country’s Average Earnings Index rose by 2 percent in February as compared to 2.3 percent in January. Markets had predicted index to increase upto 2.op- percent in February.

Industrial Production in the Euro Zone increased less than expected by 0.4 percent in February as against 0.2 percent in January. Markets had anticipated industrial production to increase by 0.8 percent in February.

Spot Gold prices traded higher by 0.4 percent today, mainly receiving support on inflation concerns in China, a mayor gold buyer and also by dollar weakness. Prices touched an intra-day high of $ 1463.o5/oz and are hovering around S1457.84/oz till 4.oo pm 1sT. On the MCX, Gold June contract gained around o.2 percent and was trading at 21290/1ogms.

Base metals delivered mixed performance on the LME today with copper, lead and nickel trading in the red while aluminium and zinc in the green. But weakness in dollar and revival in the global financial markets resisted sharp decline in the metal prices. Lead prices declined around 0.3 percent on the I..ME and touched an intra-day low or S2712.50/tonne and were hovering at S2736.25/tonne. Lead inventories rose sharply by 1.8 percent to 280,4o0 tonnes on the LME warehouse today. On the MCX, the metal dropped by 0.4 percent and was trading at 123.70/kg till 4.00 pm 1ST.

Nymex crude oil prices traded higher today mainly due to increasing conflict in Libya and a sudden disruption in Kuwait oil exports. Prices touched an intra-day high or $1o6.97,’bbl and were hovering at $ 106.41/bbl. The Us Energy Department (EIA) is expected to release its weekly inventory data later in the evening today. According to the Reuters poll, Us crude oil inventories are expected to increase by 1 million barrels for the week ended 8th April.

Outlook

We expect base metals to trade on a positive note today, mainly on the back or revival sentiments in the global financial markets along with weakness in dollar.

Unrest in Libya and disruption in Kuwait oil exports will led to supply concerns which would help oil prices to trade higher today. Butt expected rise in US crude oil inventories may exert pressure on prices. We expect gold to trade higher mainly on the back or inflation concerns in china coupled with weakness in the Us dollar today.

Courtesy: Angel Commodities

Get Trading Tips that suits your profile and budget

Post your comment  (1)

Connect:

Post to Twitter

Post to Facebook