Better than expected GDP figures of India announced today helped the domestic equities recover in today’s session. India reported GDP growth of 8.9% in the second quarter, as against 8.8% in the first quarter. However, poor global economic scenario continued to raise concerns in the global equities. Euro zone’s unemployment rate increased to 10.1% in October as against the revised 10.0% in the earlier month. Gold prices gained today, with the MCX December contract gaining around 0.4% in the afternoon trade. Mixed sentiments in the equity markets coupled with ongoing economic issues in the Euro zone attracted investors towards the yellow metal on the back of safe‐haven demand. Strength in the US dollar and mixed sentiments in the global financial markets exerted pressure on LME copper prices today. The red metal prices declined round 0.7% on the LME, touching an intra‐day low of $8172/tonne till 3.45 pm IST. Chile’s Collahuasi mine, the world’s third largest copper mine continued its wage talks today signaling the possibilities of strike coming to an end if these negotiations succeed. On the MCX, copper prices gained by more than 0.5% and were hovering at `382.60/kg at 3.45 pm IST. Depreciation of the Indian Rupee helped copper prices to rise on the domestic bourses today. Crude oil prices were trading lower on the Nymex today, mainly on the back of strength in the dollar and weak sentiments in the global equity markets today. Prices declined by almost 1% on the Nymex and were trading at $84.99/bbl till 3.45 pm IST. On the MCX, oil prices were trading in the green on the back of weaker domestic currency. Spot Rupee depreciated around 0.6%, touching a 11‐week low of 46.11 against the US dollar today. Outlook The European equity markets are currently trading on a mixed note, but we expect the global equities to end in the red in today’s evening session on the back of economic concerns, especially in the Euro zone. Data on Manufacturing PMI of China is scheduled to be released early morning tomorrow. There are expectations of rise in manufacturing activity in the world’s fastest growing economy. But, considering the poor economic scenario in other developed economies, we expect commodity prices to remain under pressure. Moreover, the US dollar is expected to remain strong in the US session today and this factor will also exert pressure on commodity prices. However, gold prices would be the exception and are expected to trade in the green as safe‐haven demand is expected to drive prices higher.

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