Last Updated : January 03, 2012 16:00
Precious metals settled with moderate gains, aided by short covering and a relatively weaker US dollar index.
On sovereign front, International Monetary Fund reported that Gold reserves increased in November in Belarus, Turkey, Tajikistan, Macedonia, Mauritius and Morocco, and declined in Mexico.
Turkey?s holdings increased to 5.758mn ounces from 4.429mn in October and Mexico?s declined to 3.413mn ounces from 3.417mn.
Morocco?s holdings were 710,000 ounces in November compared with 708,800 in October.
On speculative front, non commercials have cut net longs on COMEX Silver futures and options to 6,200 lots in the week ended Dec. 27, it?s lowest in more than three years.
LME base metals were untraded yesterday, due to a bank holiday in United Kingdom. On macroeconomic front, China's official purchasing managers' index (PMI) rose to 50.3 in December from 49 in November. This indicated a slight expansion in business activity in the manufacturing sector.
In Europe, Euro zone manufacturing activity declined for a fifth consecutive month in December. In this regard, final manufacturing PMI was reported at 46.9 for December, as compared with the same number during November.
On supply front, workers at Freeport McMoran Copper & Gold Inc?s Indonesia unit delayed their return after a three-month strike because 500 employees of sub-contractors lack job security.
US Crude Oil futures treaded water, amid thin participation in international markets. However, the energy complex is trading higher today underpinned by concerns that worsening tensions between Iran and the West could Lead to a major disruption in oil supply.
In this context, Iran has announced a nuclear fuel breakthrough and test-fired a new radarevading medium-range missile in the Gulf. Such move has a probability of provoking the West in regard with imposing new sanctions on Iran?s oil exports.
This recent move could aggravate the already escalated tensions, due to 10 days of Iranian naval exercises in the Gulf, where Tehran has warned it could shut the Strait of Hormuz, if sanctions are imposed on its crude exports.
Moreover, U.S. President Barack Obama has signed a law imposing tougher financial sanctions on Iran; while the European Union is due to consider similar steps soon.
Courtesy: IIFL
MCX ZINC 30 April 2012 contract was trading at Rs 101.45 , up Rs. 0.1 . What's your view on it?
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