Commodity Trend Today 23rd December
Base metals pack traded on a positive note today as the International Monetary Fund said it will raise the growth outlook for the US economy for 2014, thereby boosting demand for the base metals. Also, upbeat market sentiments coupled with decline in inventories data supported gains. Also, weakness in the DX acted as a positive factor. In the Indian markets, base metals traded on a mixed note.
Copper Updates
LME Copper prices traded higher by 0.1 percent today taking cues from forecast for positive growth outlook for the US, second biggest consumer of the red metal, in 2014 by the IMF. Also, decline in LME copper inventories by 0.9 percent to 379,100 tonnes along with weakness in the DX supported an upside. MCX Copper prices fell by 0.2 percent on Rupee appreciation.
MCX Bullion Trend:
In the evening session, we expect precious metals, base metals and crude oil prices to trade on a positive note on the back of upbeat market sentiments coupled with weakness in the DX. Further, estimates of favorable economic data from the US in the evening session will support an upside in prices. However, sharp upside in the prices will be capped on the MCX due to Rupee appreciation which has already appreciated around 0.3 percent in today’s trade.
