Market Update

Gold trading range for the day is 29964-30222. Gold gained as comments by Merkel and disappointing U.S. manufacturing data fueled speculation of stimulus measures Further monetary easing would benefit gold by boosting liquidity and maintaining pressure on long-term interest rates Gold imports by India slumped 56 percent in the second quarter after record prices discouraged buyers

 

 Silver trading range for the day is 53233-54053. Silver firmed on speculation that central banks may be set to launch more bullion-friendly stimulus measures Softer than expected inflation data reassured investors that price pressures would not prevent Fed from launching more QE Expectations of monetary stimulus tend to benefit prices, as bullion is seen as safe store of value.
 

Crude trading range for the day is 5188-5360. Crude gains on worries over possible disruptions to supply from the Middle East and a drop in U.S. oil inventories. A fall in production in North Sea during September due to maintenance has also tightened supply in Europe. Crude stocks have also declined in part due to the fall in output because of hurricanes in the US. 

 

 Copper trading range for the day is 411.9-417.3. Copper ended with slight gains recovering from losses supported by a weaker dollar Expectations for stimulus in China grew after Premier Jiabao said country still faced headwinds despite cooling inflation German Merkel’s comments helped euro rebound strongly and drive commodity markets rallying from lows. Warehouse stock for Copper at LME was at 235250mt that is down by -1125mt. 

 

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