Precious metals rose and base metals continued to fell due to concern over geopolitical tensions in Syria and North Korea, as well as worry that political uncertainty in the euro zone ahead of elections in France might continue to dent market sentiment
Gold prices will trade higher as uncertain global economic developments and heightened geo-political risks will ensure the rising safe haven appeal for the yellow metal.
Oil prices continues to be supported by disruptions in oil supplies in Libya and the geo-political risk between US and Syria while inventories in the US remain high, oil has to be traded with high amount of caution. The trend remains positive though. We might see some profit booking today after a recent rally. Crude oil prices are trading lower by 0.11 percent at $53 per barrel while MCX oil prices are trading lower by 0.2 percent at Rs.3417 per barrel. Crude oil eased from a five-week high on Tuesday as rising U.S. shale oil production offset concerns over geopolitical tensions in the Middle East and output cuts being made to support prices.
Copper prices are expected to trade sideways today as risk appetite is likely to be under pressure today following news of a probable US navy strike on North Korea owing to the latter’s advancing weapons programme.
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