Base metals trading on neutral note today: Geofin

Geofin Comtrade report on Metals & EnergyGold edged lower on Wednesday with appetite for the metal soured by a firmer dollar despite weaker Asian equities, and failure to breach a key resistance and a looming U.S. rate hike suggest more downside risk.A U.S. private employment report later in the day could give a rough guide on the wider nonfarm payrolls data on Friday. International Spot Gold is currently trading at $1142. MCX Gold Oct is currently trading at 26790. It is trading down by `43 points for the day. MCX Silver Sep is currently trading at `35170. It is trading down by `159 points. The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, is holding 682.59 tonnes as per latest available data on their website. Copper bears appear to have taken cover, but they are unlikely to hide for long as falling output costs due to "currency wars" and weak Chinese demand growth provide ample ammunition for another attack over coming months. Benchmark copper on the London Metal Exchange fell to a six-year low of $4,855 a tonne on Aug. 24, since which time prices of the metal used in power and construction have recovered to above $5,000 a tonne.For copper traded in dollars, the problem is depreciating currencies of major producers such as Chile and Australia.The dollar bounced to cut steep losses versus the yen on Wednesday as Tokyo shares rebounded after sharp losses, dulling demand for the safe-haven Japanese currency for the time being.The U.S. currency fared better against commodity currencies like the Australian and Canadian dollars, put on the defensive as crude oil prices resumed falling.The greenback was still sharply lower from its overnight high of 121.265 against its Japanese peer, which tends to attract bids in times of financial market turmoilOil prices fell around 2 percent in Asian trade on Wednesday, as a stronger-thanexpected build in U.S. crude oil stocks and weaker U.S. manufacturing data fuelled a rout in prices that started in the previous session. Brent and U.S. crude finished around 8 percent lower on Tuesday to end a 25 percent three-session surge, the largest three-day gain since 1990. That came after oil prices dropped to their lowest in six-and-a-half years last week.MCX Crude Oil Sep is trading at `2960. It is trading down by `97.Base metals are trading on a neutral note today.Economic data for the day:- ADP Non-Farm Employment Change, Factory Orders m/m, Crude Oil Inventories.For all commodities report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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