Base metals
LME base metals pack is trading on a mixed note, whereby Copper prices have pared gains, while Lead prices have witnessed moderate signs of bottoming out. However, the broader weakness persists in the non-ferrous pack, as Chinese exports have grown at a slower pace than expected. Slowing exports has raised doubts regarding the growth prospects of an export oriented Chinese economy.
MCX Copper (April)Price indication: Prices have support at Rs 408/kg and resistance at Rs 415/kg.
Precious metals
Precious metals have scaled back gains, as FOMC policy minutes revealed that US Federal Reserve officials remain undecided over the duration of the
bond buying program. However, several Fed officials stated that the central bank should narrow its bond purchases later in the year and close down it altogether by year-end if the labor market improves. On sovereign front, Cyprus is reported to have sold 400mn euros worth of gold reserves to partially finance its bailout. Gold prices are trading around USD 1,560/ounce and Silver prices are sustaining above the crucial level of USD 27/ounce
LME base metals pack is trading on a mixed note, whereby Copper prices have pared gains, while Lead prices have witnessed moderate signs of bottoming out. However, the broader weakness persists in the non-ferrous pack, as Chinese exports have grown at a slower pace than expected. Slowing exports has raised doubts regarding the growth prospects of an export oriented Chinese economy.
MCX Copper (April)Price indication: Prices have support at Rs 408/kg and resistance at Rs 415/kg.
Precious metals
Precious metals have scaled back gains, as FOMC policy minutes revealed that US Federal Reserve officials remain undecided over the duration of the
bond buying program. However, several Fed officials stated that the central bank should narrow its bond purchases later in the year and close down it altogether by year-end if the labor market improves. On sovereign front, Cyprus is reported to have sold 400mn euros worth of gold reserves to partially finance its bailout. Gold prices are trading around USD 1,560/ounce and Silver prices are sustaining above the crucial level of USD 27/ounce
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