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BULLION:
Bullion for active trading at Comex markets are trading lower currently, extending its losses from
yesterday’s session. Gold and Silver for April and May month contract during the evening hours
were trading lower by 0.6% and 1.3% to $1360 and $21 per ounce mark respectively. We had
recommended selling both the commodities today as markets are taking a pull-back post the huge
set of gains since the start of this year. We are maintaining our bearish bias into the commodity as
we feel today’s US economic data on housing and CPI could show moderate improvement.
ENERGY:
Crude oil for April expiry at NYMEX platform was trading little changed today evening with very
tight movement seen in prices throughout the session. At the time of writing, WTI crude oil was
trading at $98.10 per barrel up by 0.1% as compared to yesterday’s closing meanwhile Indian MCX
crude prices were hovering near Rs 6005 mark, higher by 0.45% as local prices adjusted with the
move in Rupee.
BASE METAL:
Base metals traded on a positive note for most of Asian hours though the modest weakness in
European equities particularly following the negative set of German inflation data. Currently they
trade mixed though the best performer continues to be Nickel. We believe today metals may be
highly swayed by the housing data from the US. From the inventory numbers, particularly for
Copper, we saw huge rise in inventory figures while cancelled warrants fell heavily which pushed
the losses into the commodity as compared to a near 1% gains in Asian session. For this evening we
recommend selling copper, lead and aluminum while nickel continues to be a buy from lower
levels.
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