Posted by : Niti Mathur
COMEX Gold Silver Updates
With the Chinese economy obviously turning away a sharp downturn as reflected in the manufacturing plant information perusing at 50.1 for August, copper and silver fates got on the Comex. The overview turned out emulating the official PMI figures- -51.0 contrasted with 50.6- - from China, which additionally demonstrated extension. Silver has an incredible arrangement of modern provisions expediting a trip. We are most likely stabilising, yet its set to be a pretty frail to even recuperation.
Silver on the Comex for conveyance on December 13was seen exchanging at $24.218/oz, an increase of $0.705 or 3.00% starting 11.10 AM IST. Copper on the Comex for conveyance on December 13 was seen exchanging at $3.307/oz, an addition of $0.068 or 2.11% starting 11.12 AM IST. Silver on India's MCX for conveyance on September 5 was seen exchanging at 53100 a kilogram a misfortune of 0.21%. Copper for conveyance on November 29 was seen exchanging at Rs.487.85 a kilogram, an increase of 0.18% starting 11.04 AM IST.
With the Chinese import arbitrage window closedfor the greater part of August and Shanghai copper premiums having fallen near $40/t from their crest, cathode shipments initially designated for China could be progressively occupied to LME warehouses.
Base Metal Trend:
MCX Copper November futures have quick support of 481 level and on breaking the same, has next support of 475 levels. While to the upper side, costs have resistance of 491 rupturing it and supporting above the same might take it to 496 levels. MCX Nickel September costs have an intraday uphold of 915 level while safety level is seen at 945 level.
In the interim Barlcays in a report noted that copper and aluminium could be "the most engaging shorts at current costs. We see potential for copper to drift above $7,000/t in the fleeting before arriving at new lows into the year end; and we see aluminium and copper as the most alluring shorts at current costs.