Bullion: Gold futures contracts were trading down on local exchanges. Precious metals prices are trading firm after a sharp drop on MCX. We expect prices to remain firm for the day on account of a weaker US dollar overseas. Buying at dips is recommended for the day.
Metals: Most base metal futures on MCX traded higher tracking benchmark contracts on the London Metal Exchange, where weak dollar against the euro supported prices. On MCX, copper, nickel, lead, zinc traded firm, while aluminium pared early gains on profit booking. Support for February copper is seen at Rs.441 while resistance is seen at Rs. 450.
Industrial/Base metals prices are trading little changed on international bourses today. We expect a further decline in copper prices as stockpiles at major exchange traded warehouses rise. Copper in particular can be sold on rallies.
Energy: Crude oil prices are trading higher on MCX today. We expect oil prices to edge higher as positive economic developments in US and China is likely to support oil prices. Buying at dips is recommended for the day.
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