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Focus of global commodity markets reverted back to the Euro Zone after Standard & Poor's downgraded Spain. The overall market sentiments turned slightly sour following the downgrade.
Gold
Spot gold which had been looking up after fair tidings from the US took a pause after the downgrade. Spot silver climbed back from its three-month low levels. In MCX, gold was seen trimming gains it acquired during the early trades on Friday, a report from Geojit Comtrade said. However, the depreciating rupee continued to provide some support.
Base Metals
Base metals were seen recovering from the initial losses in the LME by afternoon. LME copper was seen reversing its initial losses after data showed that stockpiles in the London warehouses fell to its lowest levels in more than three years. Tracking the international markets, base metal complex in MCX were seen extending the previous sessions gains.
Crude oil
The continuing Euro Zone worries weighed down on crude oil markets. Growth concerns of Europe saw Nymex crude falling from its four-week high. The fair news from the US and bad tidings from Europe are expected to guide the markets today.
Rupee
The Indian rupee traded low at 52.57 down 0.26 per cent on increased dollar demand from importers and flat equity markets.
Fall in German confidence also seems to be weighing on market sentiments.
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