Bullions: Bullions may open on weaker note tracking weak international cues. Rise in greenback and decline in crude oil prices are the prime reason for decline in this pack. Gold can trade in range of Rs. 22,000-22,400 while silver can trade in range of Rs. 50,000-53,000 in near term.
Base metals: Base metals may also open on weak note and tad further lower. Copper lost its footing on Monday on continued concern that inflation pressures may prompt top buyer China to tighten credit further along with demand worries linked to the euro zone debt crisis and a stronger dollar.
Energy: Crude oil may dip lower as it can test key support of 4000 in this week. Crude oil fell in New York on concern the economic expansion in the U.S. is slowing.
Base metals: Base metals may also open on weak note and tad further lower. Copper lost its footing on Monday on continued concern that inflation pressures may prompt top buyer China to tighten credit further along with demand worries linked to the euro zone debt crisis and a stronger dollar.
Energy: Crude oil may dip lower as it can test key support of 4000 in this week. Crude oil fell in New York on concern the economic expansion in the U.S. is slowing.
NYMEX crude fell 2% last week marking its fourth weekly decline.
Crude oil fell sharply last week.
Crude oil speculators trimmed net long position for the eight consecutive week
NYMEX natural gas fell 2.2% marking its second weekly decline.
NYMEX natural gas fell 2.2% marking its second weekly decline.
Natural gas fell sharply last week amid lack of weather related demand and storm activity.
Natural gas speculators raised net short position for the second consecutive week.
Natural gas speculators raised net short position for the second consecutive week.
Gold prices gyrated in a tight range around the neutral line this Monday as cautious investors remained on the sidelines. The yellow metal prices have plummeted around three percent in the past two sessions. Copper prices tumbled by around a percent point in early trades on Monday as investors took profits off the table after Friday's surge. The red metal prices also slumped after top consumer China indicated that it could miss its inflation target this year. Crude oil prices continued to slither on Monday as investors speculated that release in stockpiles by IEA will lead supply to exceed demand and thereby dampen oil prices.
Gold futures for August delivery traded around unchanged levels at $1,500.90 an ounce on the Comex division of the New York Mercantile Exchange.
Copper futures for September delivery plunged 1.2%, to $4.0680 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the LME sank by 0.9%, to $8,965 a tonne.
Crude oil for August delivery slipped 76 cents, to $90.40 a barrel on the New York Mercantile Exchange. In London, Brent crude for August delivery shed $0.87, or 0.8%, to $105.25 a barrel on the ICE.
