Bullion: Gold and silver contracts on domestic exchanges were up as rupee tumbled to the lowest level this month against the dollar, even as global markets remained weak amid a bleak outlook on world economic growth. Precious metals are trading lower on MCX today. We expect prices to trade lower for the day.
Metals: Most base metals, barring copper, contracts on the MCX were trading lower mirroring the trend in the benchmark contracts on the London Metal Exchange. Zinc, lead, nickel and aluminium traded weak on firm US dollar against the euro and on concern over demand amid an overall bleak global economic outlook. Industrial metals are trading flat on International bourses today. We expect prices to remain under pressure on account of concerns over the global demand. Support for November copper is seen at Rs.432 while resistance is seen at Rs. 442.
Energy: Crude-oil futures were slightly lower on Wednesday after a surge in the previous session, as traders looked to reports on the global oil market that suggest plentiful supplies. Crude oil is trading marginally lower on MCX today. We expect prices to trade in a range with a negative bias.
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