Gold is having support at 21040 and resistance at 21220 level. Spdr gold trust holdings rose by 6.68 tonnes to 1217.30 tonnes. Silver gained more than 1 percent, having earlier touching a 31-year high on strong physical demand and short-term supply tightness. Silver's outperforming over bullion sent the gold-silver ratio to a 13-year low under 40. Silver gained 1.3 percent to $36.08 an ounce and on MCX 0.86% to 53878.
Holdings at ishares silver trust rose by 103.25 tonnes to 10898.14 tonnes.
Crude oil slid from a 2-1/2-year peak on Monday late night on growing concern that economic growth in oil-importing emerging markets may slow on sustained high prices triggered by unrest across the Middle East and North Africa. As much as 1 million barrels of Libyan output has been disrupted by clashes between Gaddafi and rebels, or about 2/3s of normal production.
That is just above 1 percent of global daily consumption. The concern is that violence and supply disruptions may spread to other countries in the region. But so far oil is flowing as usual from the world's biggest producers in the Mideast Gulf. Saudi Arabia has increased production to at about 9 mbls per day..
Copper yesterday traded with the negative node and settled -3.43% down at 433.85 with the biggest one-day decline in nearly four months, as rising oil prices and geopolitical instability fanned recovery doubts. Chinese measures to tackle inflationary pressures also dimmed demand prospects.
Zinc yesterday traded with the negative node and settled -2.81% down at 108.55 as crude oil prices hit a two-year high on Monday due to the exacerbating chaos in Lybia, triggering fears in major economies that if they can get rid of inflations without using tightening monetary policies.
Meanwhile, the Moody's has downgraded Greece rating, with declaring its financial rectification will be potentially at risk and there may be a possibility of a debt restructuring in Greece. In this context, inventors all sold base metals for risk aversion, pushing down LME zinc prices to fall by 3.7%, and with prices falling from USD 2,520/mt to close at USD 2,370, down USD 91/mt.
In yesterday's trading session zinc has touched the low of 107.35 after opening at 111.05, and finally settled at 108.55. For today's session market is looking to take support at 106.8, a break below could see a test of 105.1 and where as resistance is now likely to be seen at 110.8, a move above could see prices testing 113.1.
Nickel yesterday traded with the negative node and settled -4.8% down at 1242.5 tracking LME nickel contract for delivery in three months opened at USD 28,700/mt and closed at USD 27,450/mt, down by USD 1,300/mt from a day earlier, with the highest price at USD 29,020/mt and the lowest price at USD 27,300/mt.LME nickel inventories were down by 474 mt to 129,384 mt.
By Shyam Advisory: The price edged down by shyam advisory of -27.5 rupee to 2745 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 2827 after opening at 2873, and finally settled at 2839. For today's session market is looking to take support at 2819.7, a break below could see a test of 2800.3 and where as resistance is now likely to be seen at 2865.7, a move above could see prices testing 2892.3.
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