Euro zone woes, growth concerns may keep commodity spot, futures market under pressure

Resurfacing worries over the Euro zone debt crisis and questions over global economic growth are likely to remain concerns of the global commodity spot and futures market today as well.

Spot gold took a breather after rising four consecutive days as investors looked for cues and further directional moves.

Gold prices

However, gold prices are unlikely to give way unless gloomy economic outlook evaporates, thereby undermining the safe haven appeal of the yellow metal.

MCX gold steadied yesterday after rallying in the previous session tracking international markets.

Base metals

Base metal complex at the London Metal Exchange steadied after the previous session of liquidation. Copper regained some of its lost ground but the prices continued to decline in Shanghai.

At the Multi Commodity Exchange, base metals were seen edging up, paring the initial losses, a report from Geojit Comtrade said.

Concerns over slowing economic growth in China and weak US jobs data could keep the markets under pressure today as well.

Crude oil

Crude oil was hovering near eight-week low levels weighed down by burgeoning crude oil stockpiles in the US. Data released yesterday showed an increase of 6.6 million barrels in crude oil inventories.

The Indian rupee traded virtually flat yesterday, up by 0.13 percent at 51.74.

>cj@thehindu.co.in