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Commodity markets ended flat last week-end as good tidings in the global economy were equally weighed down by bad news.
Euro Zone debt crisis and economic growth concerns in US and China continued to grip commodity markets which were seen trading in a very tight range waiting for fresh cues.
Gold
Spot gold held steady in a week of lacklustre trading. Prices of the yellow metal were supported by firm trends in the Euro.
Successful French and Spanish bond auction allayed concerns over Euro Zone’s deteriorating financial health to some extent. Unexpected rise in German business climate assessed by IFO lifted the sentiments too.
Base metals
Base metals on the London Metal Exchange traded mostly flat as investors remained cautious after weak economic indicators from the US. Copper alone showed some strength having managed to hang above $8,000 a tonne.
In tandem with the international market, movements in MCX base metal complex and bullion were dreary, a report from Geojit Comtrade said.
Crude oil
Crude oil rose for the first time in three days supported by positive German data. The on-off talks with Iran is creating further uncertainty in global crude markets.
Indian rupee
The Indian rupee was seen bouncing off a 3-month low it hit during the previous session at 52.11, up 0.17 per cent. Further direction to global commodity’s trade is expected from the G 20 Finance Ministers’ and central bankers’ week-end meeting in Washington.
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