Silver futures crosses 23,000-level, crude oil futures drops 6%

Mumbai: Base metals futures prices fell marginally on the week ended on Friday on rising inventories amid slow demand. Gold futures continued to climb last week mainly on buying support from retail investors as the global economic scenario continues to remain grim.
Silver prices also surged in line with gold. Silver March on Friday crossed the Rs 23,000 per kg mark mainly on strong buying support.
On the other hand, crude oil prices continued to remain lower on lack of renewed buying interest.
MCX copper February 2009 contracts continued to rule weak and settled at 5.24% lower at Rs 157.35 per kg on Friday from Rs 166.05 over the previous week. "Support is seen at Rs 155 per kg," a local analyst said.
Copper stocks in LME registered warehouses have gained 2,950 tonne to remain at 5,28,250 tonne. Global copper market saw a surplus of 3.29 lakh tonne in 2008, the World Bureau of Metal Statistics (WBMS) report said. LME Copper cash was quoted at $3,254.75 per tonne last week.
MCX crude oil March 2009 contracts once again slipped below the Rs 2,000-level and ended lower at Rs 1,957 per barrel on Friday over the previous week's close of Rs 2,080 per barrel, down by 5.91%. WTI crude oil price in NYMEX hovered at around $39.88 per barrel.
Even though inventory data showed a drop in oil stocks, the bearish picture for crude oil consumption is still in place, an analyst with Angel Broking said.
Crude oil prices may trade sideways as demand is unlikely to increase in the medium term, a trader said.
MCX gold April 2009 contracts finished higher at Rs 15,661 per 10 gram on Friday over the previous week's Rs 14,638 per 10 gram, up by 7% as investors have flocked to gold, the safe haven asset. In the London market, spot prices touched $998.57 an ounce.
MCX silver March 2009 contracts were traded higher at Rs 22,970 per kg on Friday from Rs 21,818 over the previous week, up by 5.28%.
The white metals crossed the Rs 23,000 per kg level on Friday mainly on sustained buying support. (source: Financial Express)