Gold: Gold futures prices have seen a narrow range as hurricane Sandy intimidates at the US East Coast yesterday. Volumes are therefore expected to remain thin for the day. At present the Asian equities are trading at a positive note while the Euro is slightly up against the dollar.
Silver: Silver futures prices have gained a little at the Globex but we think the metal to pare the early gains during the day. Volumes therefore are likely to remain thin for the day. We expect silver to stay weak for the day and hence recommend staying short for the metal from higher levels.
Crude Oil: During early Asian session, oil futures prices are trading below $85.5/bbl in International market. Volumes have been fallen by more than 35 percent on yesterday as US market was close. Due to presence of hurricane, US market will remain close for today also and may create lower participation to keep oil prices under pressure. We may expect a pull back in MCX platform due to expected depreciating Indian currency ahead of Cash Reserve Ratio Declaration due for today. We may expect oil futures prices to trade under pressure for the day.
Natural Gas: Today, we may expect gas futures prices to continue its upside movement on speculation of higher demand due to presence of tropical storm in inland.
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