Gold prices declined around 1.4 percent yesterday on the back of strength in the DX. Further, declining trend in SPDR Gold Holdings acted as a negative factor. Holdings in the world’s largest gold ETF have slipped to 872.02 tonnes.
Spot silver prices declined around 3.5 percent yesterday on the back of expectations of QE tapering by the Federal Reserve in its December monetary policy meeting. Further, plunge in base metals complex exerted downside pressure in prices.
Nymex crude oil prices declined around 0.4 percent yesterday on the back of expectation of QE tapering by the Federal Reserve in its December monetary policy meeting. Further, strength in the DX along with weak market sentiments in later part of the trade exerted downside pressure on the prices.
EIA Inventories Data
US Energy Information Administration (EIA) released its weekly inventories yesterday and US natural gas inventory increased more than expectations by 38 billion cubic feet (bcf) which stood at 3.779 trillion cubic feet for the week ending on 25th October 2013.
Base metals traded lower yesterday on the back of concerns of QE taper to be commenced as soon as December. Also, strength in the DX coupled with mixed inventories scenario acted as negative factors. Further, weak global market sentiments along with negative economic data for the Euro Zone led to fall in prices.
LME Copper declined 0.5 percent taking cues from speculation that the Federal Reserve may start the QE taper sooner than forecast in the U.S, world’s second biggest consumer of the metal.
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Mcx Commodity Technical Report 01 November