Bullion metals and energy situation gains, base metals declined- 14/02/2012

At the Multi Commodity Exchange of India (MCX), bullion metals and energies posted solid gains for the week Feb 06- Feb 10, 2012. Base metals weakened except for copper which rose over 1%. In India, Commodity Transaction Tax once again sparked debate as the FICCI and ASSOCHAM opposed the government's proposed move. Indian IIP numbers came out much weaker than expected, dampening investor confidence. In China, inflation data came at 4.5% in January, rebounding from lows and driven mainly by soaring food prices. In Europe, policymakers are still grappling to find a solution for Greek debts and all the week passed without any significant resolution coming out with regard to the matter. In the US, consumer sentiment is still low, indicating possible decline in spending and Fed Chairman Ben Bernanke stated that the housing market is continuing to hurt the US economy.

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