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Copper regained their footing as nerves calmed a bit about the euro-zone debt crisis. Participants bought back previously sold positions after the metal lost heavily Monday. Inventories of copper stored in LME warehouses fell
1,025 metric tons, leaving them at 483,150. The most recent Comex inventory data, released late Monday afternoon, were unchanged at 101,242 short tons.

Oil prices ended lower in a late-session sell-off that erased earlier gains, as the dollar shrugged off initial weakness and resumed its upward move against the euro. Expectation for another build-up in US crude inventories also exerted downward pressure on the prices.

Gold slumped in the absence of fresh safe-haven buying as concern about the euro-zone debt crisis abated for the moment. Gold opened the day on its high at 18250. After dipping to a low of 17916, the metal exploited weakness in the dollar to rebound near the bell. Gold continued its ascent through the day beginning a steady retreat to eventually close at 18008. Now support for the gold MCX is seen at 17866 and below could see a test of 17724. Resistance is now likely to be seen at 18200, a move above could see prices testing 18392.

Trading Ideas:

Gold trading range is 17724-18392.

Gold yesterday ended down on profit booking by traders.

According to media reports, the drugstore chain CVS is joining Walgreens in delaying the sale of home genetic testing kits because of a U. S. investigation of the manufacturer.

The Chicago Tribune reported on Tuesday that CVS Caremark Corp. announced it had suspended plans to begin offering the Pathway Genomic kits in August. Walgreens had planned to begin selling the kits Friday but announced last week that plan was on hold.

He could not find any evidence the kits had been cleared by the agency, James Wood, director of patient and product safety for the U. S. Food and Drug Administration, said in a letter to the company last week.

It will trim its workforce by 6,000 people and close eight plants worldwide over five years, U. S. pharmaceutical giant Pfizer Global Manufacturing said on Tuesday.

The staff reduction is part of its plan to reshape its plant network following its 2009 takeover of Wyeth, The New York company said in an announcement on its Web site.

It was also reported that eight plants will be shuttered in Ireland, Puerto Rico and the United States by the end of 2015. Operations will be cut back at six other plants in Germany, Ireland, Puerto Rico, the United Kingdom and the United States.