Rupee’s gain is likely to leash Gold’s gain in the domestic market, while natural rubber prices could gain on surge in crude oil prices on Friday.
Oilseeds and edible oils could continue to hold on to gains seen on Thursday. Industrial maize (corn) could come under further pressure taking cues from the global market but wheat could benefit from the rebound on the Chicago Board of Trade.
Gold continued to rule nearly the highs seen since November last in Singapore. It could also test the support of $ 1,800 an ounce. Early in the morning, Gold was quoted at $1,791.75 an ounce. The European Central Bank’s statement that it is ready to buy bonds to help the influential bloc nations to tide over the current crisis will continue to support Gold.
The metal could get further direction from the US jobs data expected later tonight.
Crude oil futures in the domestic exchanges could gain after Brent crude and New York oil gained over four per cent each last night following tension in Syria and Turkey. Brent crude on the ICE futures exchange ended up $ 4.41 at $ 112.58 a barrel on Thursday.
This, in turn, could lift rubber prices on spot and futures market.
Soyabean gained in early trade on Friday morning, rising to $ 15.55-1/4 a bushel. This could perk up domestic soyabean futures, while palm oil could stabilize as a result.
Industrial maize is seen under pressure after Thursday’s fall. In early trade, corn for December delivery ruled marginally lower at $ 7.56-3/4 a bushel.
Wheat is seen gaining after CBOT December contracts increased to $ 8.715 a bushel in early trade after closing higher in Chicago.
Copper could gain as the market opened higher in Singapore on hopes of a positive US jobs data but others could be range-bound.
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