Crude oil expected to remain choppy : SMC research
Published on Thursday, March 11th, 2010 at 9:27 PMAuthor: onlinecommoditycalls (1958 Articles)
Energy: Crude oil is also expected to remain choppy today. Oil prices continue to trade at highs on speculation that seasonal factors would sustain prices. Spring is the time when supply is reduced as refineries that are temporarily shut down for maintenance and also on account of increased demand for gasoline as the summer driving season approaches.
Bullions: Bullions are expected to remain on sideways note tracking mixed movements in dollar index. Yesterday yellow metal started to sag as equities and crude oil fell back from earlier highs and the euro eased from its strongest levels. China`s chief foreign exchange regulator, who said China`s future purchases, would be limited by factors such as the relatively small size of the gold market and price impact of such an action. Gold can trade in range of Rs 16,450-16,550 while silver can trade in range of Rs 26,450- 26,600.
Base metals: Base metals are expected to trade on very volatile path tracking mixed movements in LME and SHFE. The Chinese trade balance figures for February month has come slightly better than the expectations at USD 7.61 billion while halved from the prior month of USD 14.17 billion. Aluminum prices may trade in the range of Rs 98-101 in near term. China`s aluminum demand is likely to remain stable this year despite a tighter monetary policy and excessive aluminum stocks. The government still hopes to keep the real estate and automobile industries stable, but not to curb their development. China`s copper demand is expected to expand about 7% to about 6 million ton in 2010, with growth significantly slower than last year.
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