Bullion, Base metals and Energy surges ahead on weak rupee

MUMBAI-INDIA  (Aug 16)  Silver gained 6.27%. September contract rose to a high of 49458 Rs/kg. India’s Multi Commodities Exchange witnessed a day without losers. Weakness in rupee on rise in dollar demand impacted commodity prices.

Gold October rose to 3.58% to 30230 Rs/10gms. Strength in dollar index and gain in COMEX prices has impacted gold prices. December rose to 3.78% to 30113 Rs/10gm at 05.37 pm IST.

Zinc August rose to 2.75% to 121.30 Rs/kg as of 05.44 pm IST. In LME markets, zinc is trading at $ 1905 per ton.

Aluminium August gained 2.68% to 117.08 Rs/kg on decline in inventory stocks.

Indian rupee slumped to 62 levels as dollar index strengthens. Stimulus measures by RBI and govt. has failed to with hold rupee movements.

Mentha oil August rose to 2.54% to 875.40 Rs/kg.

Crude oil August rose to 1.90% to 6657 Rs/bbl. For crude oil July, support is now seen at 6600 levels and resistance at 6700, analyst said.
 


Silver gained 6.27%. September contract rose to a high of 49458 Rs/kg. India’s Multi Commodities Exchange witnessed a day without losers. Weakness in rupee on rise in dollar demand impacted commodity prices.