Mangal Keshav`s view on Gold, Silver, Copper, Crude

Mangal Keshav has come out with its report on Gold, Silver, Copper, Crude Oil and Natural Gas

Gold and silver futures slumped to 5-week lows, as a rally in dollar eroded demand for precious metals as alternative investments. Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, increased to 1,293.68 tons, as on Feb 29.

Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 9,763.25 tons, as on March 6.

The dollar index, which measures the US unit against a basket of six major rose to 79.823 from 78.309 on late Monday.

The euro dropped to its lowest level against the US dollar in 2-1/2 weeks, as global economic worries and fears about Greece's bailout prompted investors to avoid risky trades.

Greek private creditors have time until Thursday night to say whether they will participate in a bond swap that is a key part of a bailout program to help Greece manage its wrecked finances and meet a debt repayment on March 20.

The Institute for International Finance, a banking group that helped negotiate the terms of the bond swap, has warned in a recent memo that a disorderly default by Greece could cause at least 1trillion Euros ($1.32 trillion) in damage to the euro-zone economy.

Copper prices posted their biggest drop in almost 12-weeks, as reports that showed European economies contracted fueling concerns that rawmaterial demand will decline. However, the decline was lead by sell-off in zinc & lead prices. Copper futures for Dec. delivery closed down by 3.2% at $3.7375 per pound on the COMEX division of the New York Mercantile Exchange.

Crude oil futures declined, after news that major powers accepted Iran's offer for talks about its disputed nuclear program, easing concerns about supply disruptions. Crude oil stocks rose 4.6mn barrels, Gasoline stocks declined by 2.3mn barrel and distillate stocks, which include heating oil and diesel fuel, rose 924,000 barrels, as per API report. Expected EIA inventories: Crude oil +2mn barrels, Gasoline -1.75mn barrels and Distillates -1.5mn barrels.

Natural gas futures closed slightly lower, with mild late-winter weather and record-high supplies continues to weigh on the complex despite some technical buying in the front month after steep slide in the previous session.

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