Today MCX open negative zone after rise of 0.10% on saturday. Silver has given a strong breakout once it has crossed above USD 35 and we maintain our bullish scenario in very near-term. There is a great probability for silver on an international level to test around USD 38.5. So we are positive on silver.
Crude oil levels USD 93 per barrel on a downside and USD 98.5 per barrel on the upper side.
Base metals resumed their upward rally after noting gains in previous week. LME Copper hit highs of9789.75 to end the session 2.29% higher at $9661 a ton. All the other base metals, barring Zinc rose tracking firmness in Copper prices.
Crude oil edged up on upbeat price forecast.
EIA notes 0.889 mn bbl drop in US crude oil stocks; gasoline stocks fell by 0.191 mn bbl while distillate stocks fell 0.634 mn bbl.
Crude oil speculators raised net long position for the first time in ten weeks.
NYMEX natural gas fell 2.5% last week marking its third weekly drop in four weeks.
Natural gas fell last week as bigger than expected increase in US stocks outweighed warm weather forecasts.
Natural gas speculators trimmed net short position for the first time in four weeks.
Monday, July 11, 2011
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