7:15 PM
Nifty Tips
Gold prices in the international markets strengthened and were hovering near a one week high as dollar weakened following details from the minutes of US FOMC meeting on Sep 21 indicated that Fed might adopt more quantitative measures to support the economy.
Base metals rose, with copper climbing to a 27-month high on broad weakness
in dollar, shrugging off the 2.9 per cent fall in imports of copper by China. China’s trade balance preliminary data released showed that trade surplus for the month of September narrowed down to $16.88 billion. LME copper for three month delivery hit a high of $8415 a tonne, their highest levels since early July 2008. Most of the base metals complex in MCX also rose taking cues from the international market. US Department of Energy will release its short term energy outlook today. Oil rose above $82 mark a barrel on rise in imports by China and a weak dollar. However tomorrow’s EIA crude oil inventory forecast showed a rise in stocks while gasoline and distillate stocks are expected to be down.
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