SILVER GOLD
D A I L Y B U Z Z
Gold edged lower on Wednesday, failing to capitalise on dovish Federal Reserve's comments as investors awaited the release of the minutes of the U.S. central bank's policy meeting later in the session for clues on when it will trim its stimulus.
In a speech that echoed comments by his nominated successor, Janet Yellen, Bernanke said that while the economy had made significant progress, it was still far from where officials wanted it to be.
Spot gold fell 0.3 percent to $1,270.96 an ounce by 1058 GMT. The short-term upside was capped at 10-day moving average of $1,290, while a break below $1,260 would trigger losses to $1,220, VTB Capital said in a note.
U.S. gold futures for December delivery fell 0.3 percent to $1,270.10 an ounce.
The dollar was marginally lower against a basket of currencies ahead of the minutes for the October 29-30 Fed meeting, due for release at 1900 GMT. Investors were looking for detail of Fed discussions on the timing of any tapering.
COPPER CRUDE OIL
D A I L Y B U Z Z
MCX crude oil is expected to witness further recovery during intra-day trade. US Energy Information Administration (EIA) is scheduled to release its weekly crude oil inventory data at 21.00 IST on Wednesday. Also a list of data releases are scheduled for the day and traders may get further details for their trading.
India crude oil prices edged higher due to short covering and was seen trading up on Wednesday amid a slight recovery in global crude oil futures. NYMEX crude oil for January delivery was seen trading at $93.89 per barrel as of 15.35 IST.
Crude oil futures on India's Multi Commodity Exchange (MCX) for December delivery was seen trading with a gain of 0.47% at Rs.5928 per barrel as of 15.37 IST on Wednesday.
MCX crude oil is expected to witness further recovery during intra-day trade. Resistance for the commodity is seen at 5960 and trading above the same may push the prices further till 6000. Support for the commodity is seen at 5900 and 4875 levels, according to Melbin Noble, Research Analyst at Commodity Online.
CHANA DHANIYA
D A I L Y B U Z Z
In overseas markets, US corn and wheat futures rose marginally to $414 and $646 6/8 respectively while soybeans fell t $12.83 per bushel on favourable planting conditions in Argentina. Among the gainers were ICE Coffee, ICE Sugar and Cotton.
Mixed trends were visible in agri-commodities markets with turmeric futures in India's National Commodity and Derivatives Exchange (NCDEX) gain sharply this week on estimates of lower producers while Chana fell 2.36% to Rs 3149 s market sentiments turned bearish on inferior quality of the commodity in Rajasthan and Maharashtra markets.
In overseas markets, US corn and wheat futures rose marginally to $414 and $646 6/8 respectively while soybeans fell t $12.83 per bushel on favourable planting conditions in Argentina. Among the gainers were ICE Coffee, ICE Sugar and COtton.
