Commodity markets may witness mixed trend today

C.J. Punnathara Updated - November 15, 2017 at 12:04 PM.

A file photo of aluminium rolls.

After some largely positive trends in global commodity futures markets yesterday, mixed trends are expected today. Much of the trends seem to have been guided by the successful Spanish bond auction. The bond auction also boosted the sentiment in the Euro.

Commodities

Commodities pared their early losses and recovery was in evidence across global markets. Though commodities did not register major gains, they showed a steady to firm trend. A firm trend in the Euro also helped the commodity markets.

Gold

The fatigue in gold markets seems to be waning as gold spot prices held steady. Gold was seen trading in a tight range backed by global cues and range-bound Indian rupee, a report by Geojit Comtrade said.

If the rupee holds steady in the Indian markets, similar trend in gold prices can be expected today as well.

Base metals

The base metal complex on the London Metal Exchange was trading in a positive territory after reports that China could be gearing up changes to pump-up bank lending and the successful Spanish auction.

Crude oil

Crude oil traded higher after declining the most in two weeks. Prices began firming up after the successful Spanish auction and seaway pipeline reversal. However, rising stockpiles and Iran talks limited the gains. The WTI-Brent spread continued to remain narrow owing to Iran talks.

Indian rupee

The Indian rupee trimmed some its losses after hitting a 3-month low in the previous session and traded in a tight range down 0.14 per cent at 51.9.

Reports of Japan’s March exports growing by 5.9 per cent, the fastest export growth in a year, is expected to aid global growth. Today's sentiments can be guided by this major signal from the world's third biggest economy.

>cj@thehindu.co.in

Published on April 20, 2012 04:00