GOLD: Traders seem unsure of what to make ahead of the Federal Reserve meeting next week. "We are likely to see sideways trading until the FOMC," he said referring to the U.S. Federal Open Market Committee meeting. Traders are awaiting the Federal Reserve's next policy statement on Sept. 17 for clues on the timing of a U.S. interest rate rise, before taking any big positions in gold.
Gold could see further weakness leading up to the Federal Reserve policy meeting on Sept. 16-17, traders said. Prices could head back towards July lows as bullion broke through some key technical levels in Wednesday trade, said analysts at ScotiaMocatta.
COPPER: copper adding 4 points this morning trading well above its September trading range. Copper had fallen as low as 2.26 just a week ago and now is trading at 2.457. Copper had its longest rally since June on speculation that output cuts by miners including Glencore will tighten supplies just as demand rebounds.
Glencore this week announced the year's biggest reductions to production. Miners are trimming output while China, the world's largest metals consumer, approved railway projects totaling about $US11 billion that may spur new demand.
CRUDE OIL: Crude oil prices continued their decline this and were poised for a weekly fall after news that top oil exporter Saudi Arabia sees no need for a producer summit to defend prices, partly offsetting a strong rally in the previous session.
SBI, Axis Bank, ONGC, Vedanta, M&M and YES Bank topped the buying list, rising 1-2 percent. However, GAIL, ICICI Bank, Tata Motors, Bosch and BHEL were marginally in red.
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