Bullions, Base Metal & Energy - Geofin Comtrade Ltd.

Commodities across the globe are echoing an optimistic rhythm as woes on Greek debt crisis ceased. European Union leaders said earlier in the day that Greece has agreed to establish a new reform plan to secure the additional bailout funds required to prevent the country's bankruptcy.

Gold and Silver prices extended previous day's northward action and is trading steady near two week high amid expectations that the US Federal reserve will not hike interest rate in the near term. In the international spot market, gold is hovering at $1170 a troy ounce, while silver is trading half percent up at $16.16 per troy ounce. In the energy segment NYMEX crude oil futures trimmed initial gains and are trading down by half percent at $45.23 per barrel on lingering concerns over a global supply.

Meanwhile, in a statement released earlier in the day the Kuwait's oil minister said that OPEC has agreed to keep output levels steady. On the other hand, bulls regained the upper edge in the base metal complex as weakness in the US dollar index increased the metals demand. In the MCX Nickel is the top gainer followed by Lead, Copper, Zinc and Aluminium.

Source : Equity Bulls

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