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The weakness in the dollar has see improvement in gold and silver. Gold has gone above $ 1280 in global markets. There is a slight boost in the domestic market also. On the other hand, crude oil is trading in small area. Contrary to estimates in the US, the increase in reserves has seen force on its cost. Crude oil reserves improved by 8.6 million barrels, while analysts feared a fall of 2.6 million barrels. The cost of crude oil on MCX has come down to Rs. 3400.
After weak begin, good global signals are getting more and more visible in base metals. Aluminum is up 0.75 percent and Lead has a 0.5 percent gain. Aluminum is at the maximum level of 5 years on the London Metal Exchange. Due to the drop in supplies in China, cost has risen. Aluminum is also getting support from declining stock in LME warehouse.
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