Here is a summary of a commodity market report by SMC Research:
Base metals: Base metals may trade with weak bias. Polish copper producer KGHM has signed a contract on copper deliveries for China`s Minerals Nonferrous Metals. Industrial metals fell to multi-week lows on Wednesday and remained depressed in late trade as the dollar extended gains against the euro after the US Federal Reserve kept interest rates at record lows near zero to help the economy recover and boost employment. Copper may remain sideways in range of 325-335 .While lead and zinc may trade in tight range .Some short covering can be seen at current levels.
Bullions: Bullions are expected to trade on weaker side tracking firm dollar index. India has imported 35-40 ton of gold during January 1-27, up from 9.8 ton in the whole of the same month last year. India imported 339.8 ton of gold in 2009, down from 420 ton in 2008, data from the Bombay Bullion Association showed.
Energy: Crude oil prices may also trade sideways to lower side. Commercial stockpiles of crude oil in the world`s biggest consumer sank 3.9 million barrels to 326.7 million barrels in the week to Jan. 22, EIA said, countering forecasts for a 1.4 million barrel rise.
