commodity updates n tips

[RaahiShah]

BASE METAL WRAP: London copper held steady on Monday, buttressed by hopes that Europe and the United States will this week announce fresh measures to shore up their faltering economies, helping to boost demand for industrial metals. Copper is set to close the month of July with small losses of 1.4 percent, having shed more than 13 percent from the year's high hit in February.

ENERGY WRAP: The market remained firm for crude through the week, but the upward momentum has been capped by the resurgence of sovereign debt fears. The market is looking for a trigger. Although geopolitical issues are not to the fore at present, one can expect a further upward drift in prices in the coming months given the constructive fundamentals.

PRECIOUS METAL WRAP: Gold is desperately looking for a fresh catalyst to drive prices higher. However, the downside support will necessarily have to come from physical demand in two of the world’s largest consumers – China and India – as well as resilience of ETP holdings. Silver, on the other hand, lacks traction while price is stuck between 26.10 and 28.50. The medium-term outlook is neutral.

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