Commodities

Rupee seen swaying gold, edible oil movements

| | Updated on: Oct 09, 2012
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Gold is likely to rule steady, though its movement will depend on the direction the rupee will take. Though the dollar has been gaining in the global currency market, the rupee has been showing a declining trend against the greenback.

On Monday, the rupee fell the most in three months, pushing up domestic gold prices despite global prices dropping over one per cent since the weekend.

On Tuesday morning, spot gold was up marginally at $1,777.39 an ounce in Singapore.

In the US, gold futures were also marginally higher at $1,779.50.

Industrial maize (corn) could under pressure with the corn counter dropping on the Chicago Board of Trade (CBOT) to $7.42 a bushel. Wheat, on the other hand, is likely to make marginal gains. Wheat on CBOT closed at $8.61, up a tad.

Though oil and oilseeds counter gained on Monday on hopes of export demand for groundnut oil, repeated hammering of soyabean and palm oil in the global markets could put pressure on the prices. However, the movement of the rupee will continue to sway sentiments since any surge in the Indian currency is likely to make imports costlier.

On CBOT, soyabean for November delivery dropped to $15.51 a bushel and prices have dropped over 10 per cent since the middle of September.

Sugar could see some action from the bears as ICE raw sugar futures slipped over half a per cent to $21.42 cents a pound.

The crude oil counter is likely to be range-bound. Brent crude futures ended lower on Monday at $111.82 a barrel.

Rubber spot and futures could continue to be under pressure, as a result.

Published on March 12, 2018

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