Precious Base Metals and Crude Oil may rise on hopes of better US data

European markets are trading on mixed note as investors are awaiting economic data from the US economy along with weakness in the DX. Successful Spain's auction of new bonds indicated that confidence among the investors are improving thereby supporting an upside in the Euro.

Asian markets also ended on a positive note and US futures are trading on a mixed note.

Spot gold prices are trading on positive note on the back of weakness in the DX along with expectation of positive economic data from the US economy. Prices are currently trading around $1,682.8 per ounce till 4:30 p.m. Appreciation in the rupee exerted downside pressure on the gold prices on MCX.

Spot Silver prices are trading higher taking cues from the firmness in the spot gold prices along with weakness in the DX. Strength in the base metals pack also acted as a supportive factor for the silver prices. MCX silver prices are trading 0.8% lower due to appreciation in the rupee. MCX silver prices are trading Rs.59,230 per kg till 4:30 p.m. today.

Base metals prices are trading higher on hopes of favorable data from the US and China. Weakness in the DX along with decline in the LME inventories supported an upside in the base metals prices. However, worries over the global growth capped gains in the base metal prices. In the domestic market, appreciation in the rupee acted as a bearish factor for the base metal prices on MCX.

Copper prices are trading 0.2 percent higher till 4:30p.m today on the back of expectation of favorable data from the US and China. Fall in the LME inventories of the red metal along with weakness in the DX also pushed prices of copper till 4:30 p.m today. In the domestic market, Copper prices are trading 0.6 percent lower due to appreciation in the rupee on MCX.

Crude oil prices gained 0.2% up due weakness in the DX along with unexpected decline in the US crude oil inventories released yesterday. Hopes of positive data from the China tomorrow is also creating positive sentiments in the market. MCX crude oil prices are trading 0.2% lower due to appreciation in the rupee. MCX crude oil prices are trading at Rs. 5,124 per bbl.

In the evening session, we expect precious, base metals an crude oil prices to trade with upward bias due to expectation of favorable data from the US in the later part of the evening today. Weakness in the DX is expected to add to the gains in the dollar denominated commodities. Hopes of positive data from the China tomorrow is likely to add appetite for base metals and crude oil.

Courtesy: Angel Commodities

Source: http://www.commodityonline.com/futures-trading/market-report/Precious-Base-Metals-and-Crude-Oil-may-rise-on-hopes-of-better-US-data-29355.html

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