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Indian commodity markets opened on a steady note this morning. The Chinese GDP figures were a shade lower than expected and has lent a note of caution to the market.
Bullion
Gold and silver opened on a steady note after having run up handsomely yesterday. Both gold and silver had gained by almost one per cent.
They are trading steady today, waiting for direction from the global markets.
Base Metals
The base metals counter opened ever so slightly in the negative territory. Copper was trading down 0.4 per cent. The market is expected to trade with a note of caution given that China's GDP for the last quarter grew at 8.1 per cent, down from the 8.9 per cent level of the previous quarter, Mr V. Harish, Senior Analysts at Geojit Comtrade, said. China remains the biggest buyer in the metals counter.
Base metals in LME and Shanghai edged higher giving positive direction to the Indian market. Comments by the European Central Bank that it was ready to intervene further pacified the market. Concerns over resurfacing Euro zone debt crisis faded.
Crude Oil
Crude oil also opened steady with a positive bias. Crude was up 0.2 per cent in opening trades.
Rupee
After having run up to Rs 51.22 yesterday, the rupee was down at Rs 51.41 today. The rupee lost 0.37 per cent of the gains it notched up yesterday.
Global developments
The Euro zone industrial production showed an increase of 0.5 percent on month-on-month basis supporting Euro currency. However, euro trimmed its gains after the borrowing cost on Italian bonds rose to 3.89 per cent, up from 2.76 per cent last month. India's industrial output rose 4.1 per cent, below expectation further denting sentiment, which has taken a battering since 2011 on weak growth prospect and rising inflation.
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