Gold, Silver may extend gains (bullish),MCX Crude may trade in 6270-6320 Price

MUMBAI: Bullions counter may continue yesterday gains tracking positive international clues. Gold can move in range of 29800-30300 while silver can hover in range of 47300-48300 in MCX. Some strength in local currency can keep the upside capped in MCX. 

Gold traded near a 17-week high as investors weighed U.S. economic data that missed estimates against weaker physical demand at higher prices. Assets in the SPDR Gold Trust, the biggest exchange-traded product backed by bullion, expanded yesterday for a third day, the longest stretch of gains since November 2012, and are headed for the first monthly increase since December 2012. China’s net gold imports from Hong Kong were 83.6 metric tons in January, compared with 91.9 tons in December and 19.6 tons a year earlier, SMC Comtrade said in a daily report.

Base metals may witness sideways movement as investors will eye US home sales data today. Copper may trade in range of 442-448 while Lead may move in range of 128-132. Aluminum may move in range of 106-108. Nickel may move in range of 875-895 in MCX. Copper traded near a three-week low after a report showed flagging U.S. consumer confidence and amid concern that China’s growth is slowing, damping demand prospects from the world’s two biggest users. In China, a weaker property market and falling currency fueled concern about the country’s slowing economic growth.

Crude oil prices may trade in range of 6270-6350 in MCX on mixed fundamentals. Today EIA inventory data will give further direction to the prices. The supplies at Cushing, Oklahoma, the biggest oil-storage hub in the U.S dropped by 1.07 million barrels last week, according to the American Petroleum Institute. Total U.S. crude stockpiles increased by 822,000 barrels in the week ended Feb. 21, the API said in Washington yesterday. Natural gas may witness some short covering at lower levels as it can move in range of 280-300 in MCX. Forecasts of a thaw for the Eastern U.S. next month sent natural gas futures to the steepest two-day decline in more than six years on speculation of reduced demand for the heating fuel. Futures climbed to five-year highs this month as below-normal temperatures boosted demand, pushing U.S. stockpiles to 10-year seasonal lows, SMC Comtrade said in a daily report,

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