News and Analysis
- Indian HSBC Services PMI declines to its lowest level since 2009.
- Spanish Services PMI expanded in August to 50.4-mark.
- Euro Zone Retail Sales gained by 0.1 percent in the month of July.
Spanish Services Purchasing Managers' Index (PMI) increased by 1.9 points to 50.4-mark in August as against a rise of 48.5-level in July. Italian Services PMI was at 48.8-level in August from 48.7-mark a month ago. European Retail Sales rose by 0.1 percent in July as compared to decline of 0.7 percent a month earlier.
UK's Services Purchasing Managers' Index (PMI) rose by 0.3 points to 60.5-mark in August as against a rise of 60.2-level in July.
Spot gold prices declined around 0.8 percent today on the back of weak global market sentiments coupled with decline in SPDR holding However, sharp downside in prices was cushioned as result of weakness in the DX. In the Indian markets, gold declined by 3 percent due to appreciation in the Rupee.
Spot silver prices declined today by 1.6 percent taking cues from fall in gold prices and downside in base metals. Weak global market sentiments added to the downside. On the MCX, Appreciation in the Rupee led to decline in the prices of the white metal.
Base metals on the LME are trading on a negative note on the increased likelihood of the US Syria war and the QE tapering concerns from the Federal Reserve. However, favorable economic data from the Euro Zone and UK prevented sharp fall. In the Indian markets, Rupee appreciation led to fall in the prices on the MCX.
Copper declined by 1.6 percent on the LME on account of surging political tensions in Syria due to US warships. Marginal gain in LME copper inventories by 0.2 percent led to further downfall. However, positive economic data from the advanced economies cushioned sharp fall. Appreciation in the Rupee led to downside in prices of around 3.9 percent and hovered around Rs.490.20/kg till 4:30pm IST on the MCX.
Nymex crude declined around 0.6 percent due to weak global markets coupled with concerns of QE tapering from the Federal Reserve. However, elevated supply concerns arising out of highly probable US Syria war coupled with forecast for decline in API crude oil inventories prevented sharp declines. MCX crude declined by 3.2 percent on account of appreciation in the Rupee.
The American Petroleum Institute (API) is scheduled to release its weekly inventories today and US crude oil inventories are expected to decline by 1.3 million barrels for the week ending on 30th August 2013.
Outlook: In the evening session, we expect precious metals, base metals and crude oil prices to trade on a lower note on the back of US nearing to take military actions on Syria. Further, strength in the DX will exert downside pressure on dollar denominated commodities. Crude oil prices will find some support on account of forecast for decline in API crude oil inventories. In the Indian markets, Rupee has already appreciated sharply and prices will continue to remain in negative territory.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Anda sedang membaca artikel tentang
Crude prices to trade on a lower note: Angel
Dengan url
http://harmonisem.blogspot.com/2013/09/crude-prices-to-trade-on-lower-note.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Crude prices to trade on a lower note: Angel
namun jangan lupa untuk meletakkan link
Crude prices to trade on a lower note: Angel
sebagai sumbernya
0 komentar:
Posting Komentar