Archive for September 2015
Gold correct from the three-week high on Monday on stronger dollar dampened a rally fueled by the Federal Reserve's decision.
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings stood at 674.61 down 3.57 tonnes from previous business day.
Base metals recovered from two week lows on Monday on rising Chinese imports rose, however on stronger dollar gains are limited. Daily average primary aluminium output excluding China rose to 68,600 tonnes in August.
Crude oil traded marginally higher as U.S. rig count fell by 8 to 644 rigs as of September 18. crude oil might turned down on stronger dollar and higher output.
Copper traded on mixed note as supply disruptions in Chile and the US interest rate decision continued to boost the price of the industrial metal and on Monday dollar index turned higher. Traders can hold their short position. Resistance of copper now seen at 354.10.
Crude oil price have got some support due to a decrease in the number of rigs in the world's biggest consumer of crude oil USA. Foreign crude oil is trading near $ 45.40 per barrel with a gain of near about one per cent.
Oil production companies are now facing loss due to the Crude oil prices fall and because of that the number of oil rigs has decline for the third consecutive week. According to the energy and crude oil market expert firm McKenzie Woods of the oil prices below 50 dollars is not profitable for US oil producing companies.
Crude Updates: Possible support in MCX Crude
The impact of price fall in Global market may appear in Domestic market too. on MCX Commodity exchange crude oil is likely to open higher in early trade. On the other hand Rupee is also weak against US dollar so it may support Crude oil to get a strong support as per our experts.