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Mtechtips Commodity Market News 2

Mtechtips Commodity Market News 2

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Published by MtechTips
MTECHTIPS COMMODITY MARKET NEWS 2
MTECHTIPS:-Gold rebounds after U.S. tumble
Gold futures rebounded in the early part of Thursday’s Asian session after falling noticeably during Wednesday’s U.S. session thanks to plunging equity prices. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery jumped 0.69% to USD1,456.15 per troy ounce in Asian trading Thursday after settling down 1.76% at USD1,446.15 a troy ounce in U.S. trading on Wednesday. Gold futures were likely to test support USD1,403.55 a troy ounce, the low from April 22, and resistance at USD1,479.15, Tuesday's high. U.S. and Chinese data points pressured commodities. In U.S. economic news, the ADP private sector payroll survey showed that job growth slowed to just 119,000 private sector jobs in April. ADP also slashed the March reading to 131,000 from 158,000. Economists expect the April jobs report, due out Friday, to show the addition of 148,000 jobs. The Institute for Supply Management’s manufacturing index fell to 50.7% from 51.3% in March. Economists expected an April reading of 50.8%. The April reading was the lowest since December. Readings above 50 signal expansion. The U.S. data points came after data revealed that China’s manufacturing purchasing managers' index ticked down to 50.6 in April from 50.9 in March. Analysts expected a reading of 50.7.
MTECHTIPS:-Oil still under pressure after economic, inventories data
Oil futures traded modestly lower during Thursday’s Asian session as traders digested some disappointing economic and inventories data. On the New York Mercantile Exchange, light, sweet crude futures for June delivery fell 0.28% to USD90.78 per barrel in Asian trading Thursday after settling down 2.72% at USD90.92 a barrel on Wednesday in the U.S. Slack economic data points from the world’s two largest economies played a part in oil’s Wednesday woes. In U.S. economic news, the ADP private sector payroll survey showed that job growth slowed to just 119,000 private sector jobs in April. ADP also slashed the March reading to 131,000 from 158,000. Economists expect the April jobs report, due out Friday, to show the addition of 148,000 jobs. The Institute for Supply Management’s manufacturing index fell to 50.7% from 51.3% in March. Economists expected an April reading of 50.8%. The April reading was the lowest since December. Readings above 50 signal expansion. The U.S. data points were delivered after data revealed that China’s manufacturing purchasing managers' index ticked down to 50.6 in April from 50.9 in March. Analysts expected a reading of 50.7. Adding to oil’s struggles was a report by the U.S. Energy Information Administration, which said in its weekly report that U.S. crude oil inventories rose by 6.7 million barrels in the week ended April 26, blowing past expectations for a gain of 1 million barrels. Total U.S. crude oil inventories stood at 395.3 million barrels as of last week, the highest level since 1982.
MTECHTIPS:-Gold edges higher ahead of ECB decision, Fed comments support
Gold futures moved higher on Thursday, as investors awaited the outcome of a European Central Bank later in the day amid expectations for a rate cut.Prices remained supported after the Federal Reserve re-affirmed its commitment to leave interest rates unchanged near zero and continue buying USD85 billion in debt each month.Gold can benefit from such an environment of easy money because of expectations that ample liquidity would put a damper on the value of paper currencies. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,455.15 a troy ounce during European morning hours, up 0.6% on the day. Comex gold prices held in a range between USD1,448.25 a troy ounce, the session low and a daily high of USD1,459.85 a troy ounce. Gold prices were likely to find support at USD1,439.75 a troy ounce, the previous session’s low and near-term resistance at USD1,479.15, the high
MTECHTIPS COMMODITY MARKET NEWS 2
MTECHTIPS:-Gold rebounds after U.S. tumble
Gold futures rebounded in the early part of Thursday’s Asian session after falling noticeably during Wednesday’s U.S. session thanks to plunging equity prices. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery jumped 0.69% to USD1,456.15 per troy ounce in Asian trading Thursday after settling down 1.76% at USD1,446.15 a troy ounce in U.S. trading on Wednesday. Gold futures were likely to test support USD1,403.55 a troy ounce, the low from April 22, and resistance at USD1,479.15, Tuesday's high. U.S. and Chinese data points pressured commodities. In U.S. economic news, the ADP private sector payroll survey showed that job growth slowed to just 119,000 private sector jobs in April. ADP also slashed the March reading to 131,000 from 158,000. Economists expect the April jobs report, due out Friday, to show the addition of 148,000 jobs. The Institute for Supply Management’s manufacturing index fell to 50.7% from 51.3% in March. Economists expected an April reading of 50.8%. The April reading was the lowest since December. Readings above 50 signal expansion. The U.S. data points came after data revealed that China’s manufacturing purchasing managers' index ticked down to 50.6 in April from 50.9 in March. Analysts expected a reading of 50.7.
MTECHTIPS:-Oil still under pressure after economic, inventories data
Oil futures traded modestly lower during Thursday’s Asian session as traders digested some disappointing economic and inventories data. On the New York Mercantile Exchange, light, sweet crude futures for June delivery fell 0.28% to USD90.78 per barrel in Asian trading Thursday after settling down 2.72% at USD90.92 a barrel on Wednesday in the U.S. Slack economic data points from the world’s two largest economies played a part in oil’s Wednesday woes. In U.S. economic news, the ADP private sector payroll survey showed that job growth slowed to just 119,000 private sector jobs in April. ADP also slashed the March reading to 131,000 from 158,000. Economists expect the April jobs report, due out Friday, to show the addition of 148,000 jobs. The Institute for Supply Management’s manufacturing index fell to 50.7% from 51.3% in March. Economists expected an April reading of 50.8%. The April reading was the lowest since December. Readings above 50 signal expansion. The U.S. data points were delivered after data revealed that China’s manufacturing purchasing managers' index ticked down to 50.6 in April from 50.9 in March. Analysts expected a reading of 50.7. Adding to oil’s struggles was a report by the U.S. Energy Information Administration, which said in its weekly report that U.S. crude oil inventories rose by 6.7 million barrels in the week ended April 26, blowing past expectations for a gain of 1 million barrels. Total U.S. crude oil inventories stood at 395.3 million barrels as of last week, the highest level since 1982.
MTECHTIPS:-Gold edges higher ahead of ECB decision, Fed comments support
Gold futures moved higher on Thursday, as investors awaited the outcome of a European Central Bank later in the day amid expectations for a rate cut.Prices remained supported after the Federal Reserve re-affirmed its commitment to leave interest rates unchanged near zero and continue buying USD85 billion in debt each month.Gold can benefit from such an environment of easy money because of expectations that ample liquidity would put a damper on the value of paper currencies. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,455.15 a troy ounce during European morning hours, up 0.6% on the day. Comex gold prices held in a range between USD1,448.25 a troy ounce, the session low and a daily high of USD1,459.85 a troy ounce. Gold prices were likely to find support at USD1,439.75 a troy ounce, the previous session’s low and near-term resistance at USD1,479.15, the high

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MTECHTIPS COMMODITY MARKET NEWS 2
MTECHTIPS:-Gold rebounds after U.S. tumble
Gold futures rebounded in the early part of Thursday’s Asian session after falling noticeablyduring Wednesday’s U.S. session thanks to
plunging equity prices. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery jumped 0.69% toUSD1,456.15 per troy ounce in Asian trading Thursday after settling down 1.76% atUSD1,446.15 a troy ounce in U.S. trading on Wednesday. Gold futures were likely to testsupport USD1,403.55 a troy ounce, the low from April 22, and resistance at USD1,479.15,Tuesday's high. U.S. and Chinese data points pressured commodities. In U.S. economic news,the ADP private sector payroll survey showed that job growth slowed to just 119,000 privatesector jobs in April. ADP also slashed the March reading to 131,000 from 158,000. Economistsexpect the April jobs report, due out Friday, to show the addition of 148,000 jobs. TheInstitute for
Supply Management’s manufacturing index fell to 50.7% from 51.3% in March.
Economists expected an April reading of 50.8%. The April reading was the lowest sinceDecember. Readings above 50 signal expansion. The U.S. data points came after data
revealed that China’s manufacturing purchasing managers' index ticked down to 50.6 in April
from 50.9 in March. Analysts expected a reading of 50.7.MTECHTIPS:-Oil still under pressure after economic, inventories dataO
il futures traded modestly lower during Thursday’s Asian session as traders digested some
disappointing economic and inventories data. On the New York Mercantile Exchange, light,sweet crude futures for June delivery fell 0.28% to USD90.78 per barrel in Asian tradingThursday after settling down 2.72% at USD90.92 a barrel on Wednesday in the U.S. Slack
economic data points from the world’s two largest economies played a part in oil’s
Wednesday woes. In U.S. economic news, the ADP private sector payroll survey showed that job growth slowed to just 119,000 private sector jobs in April. ADP also slashed the Marchreading to 131,000 from 158,000. Economists expect the April jobs report, due out Friday, toshow the addition of 148,000 jobs. The Institute for Supp
ly Management’s manufacturing
index fell to 50.7% from 51.3% in March. Economists expected an April reading of 50.8%. TheApril reading was the lowest since December. Readings above 50 signal expansion. The U.S.data points were delivered after data reveal
ed that China’s manufacturing purchasing
managers' index ticked down to 50.6 in April from 50.9 in March. Analysts expected a readingof 50.7.
Adding to oil’s struggles was a report by the U.S. Energy Information Administration,
which said in its weekly report that U.S. crude oil inventories rose by 6.7 million barrels in theweek ended April 26, blowing past expectations for a gain of 1 million barrels. Total U.S.
 
crude oil inventories stood at 395.3 million barrels as of last week, the highest level since1982.MTECHTIPS:-Gold edges higher ahead of ECB decision, Fed comments supportGold futures moved higher on Thursday, as investors awaited the outcome of a EuropeanCentral Bank later in the day amid expectations for a rate cut.Prices remained supported afterthe Federal Reserve re-affirmed its commitment to leave interest rates unchanged near zeroand continue buying USD85 billion in debt each month.Gold can benefit from such anenvironment of easy money because of expectations that ample liquidity would put a damperon the value of paper currencies. On the Comex division of the New York MercantileExchange, gold futures for June delivery traded at USD1,455.15 a troy ounce during Europeanmorning hours, up 0.6% on the day. Comex gold prices held in a range between USD1,448.25a troy ounce, the session low and a daily high of USD1,459.85 a troy ounce. Gold prices were
likely to find support at USD1,439.75 a troy ounce, the previous session’s low and near
-termresistance at USD1,479.15, the high from April 30. The Federal Reserve said in a statementWednesday that it would continue with its USD85 billion monthly bond-buying purchases,but added it may raise or cut the program, subject to economic conditions.MTECHTIPS:-Crude oil holds near 2-week low on China, U.S. demand concerns
Crude oil futures were little changed near the previous session’s two
-week low on Thursday,after Chinese and U.S. data fuelled concerns over an economic slowdown in the world's toptwo oil consumers. On the New York Mercantile Exchange, light sweet crude futures fordelivery in June traded at USD91.10 a barrel during European morning trade, little changedon the day. New York-traded oil prices held in a range between USD90.66 a barrel, the dailylow and a session high of USD91.19 a barrel. Nymex prices lost more than 2% on Wednesdayto hit a two-week low of USD90.14 a barrel, after a U.S. government report showed oilsupplies rose to the highest level since 1982, underlining concerns over a slowdown indemand. U.S. crude oil inventories increased by 6.7 million barrels last week, surging pastexpectations for an increase of 1 million barrels. Weaker-than-expected data on U.S.employment and manufacturing activity released Wednesday further weighed on growth-linked assets.Meanwhile,
in China, data released earlier showed that China’s final HSBC Flash Purchasing
Managers Index was revised down to 50.4 in April from a flash reading of 50.5 and down from51.6 in March.The disappointing data came one day after a government report showed that
China’s manufacturing purchasing managers' index ticked down to 50.6 in April from 50.9 in
March.MTECHTIPS:-Silver higher ahead of ECB policy decision, Fed stimulus supports
 
Silver futures edged higher on Thursday, regaining some of the previous session’s losses as
investors awaited the outcome of a European Central Bank later in the day amid expectationsfor a rate cut. Prices remained supported after the Federal Reserve re-affirmed itscommitment to leave interest rates unchanged near zero and continue buying USD85 billionin debt each month. Silver, like gold, can benefit from such an environment of easy moneybecause of expectations that ample liquidity would put a damper on the value of papercurrencies. On the Comex division of the New York Mercantile Exchange, silver futures forJuly delivery traded at USD23.55 a troy ounce during European morning trade, up 0.9% on theday. Comex silver prices rose by as much as 1.4% earlier in the day to hit a session high of USD23.67 a troy ounce. Silver prices fell to a one-week low of USD23.22 a troy ounce. Silverprices were likely to fin
d support at USD23.22 a troy ounce, the previous session’s low and
near-term resistance at USD24.52, the high from April 30. Speculation over a rate cutintensified after recent weak economic data indicated that the economic outlook for the eurozone was deteriorating. Data on Tuesday showed that euro zone unemployment rose to arecord 12.1% in March while another report showed that inflation fell more-than-expected inApril.MTECHTIPS:-Copper rebounds from 18-month low ahead of ECBCopper futures regained strength on Thursday, as investors returned to the market to seekcheap valuations after prices fell to the lowest level since October 2011 in the previoussession. On the Comex division of the New York Mercantile Exchange, copper futures for Julydelivery traded at USD3.105 a pound during European morning trade, up 0.8% on theday. New York-traded copper prices rose by as much as 1.4% earlier in the session to hit adaily high of USD3.121 a pound. Nymex copper fell more than 3% on Wednesday to hitUSD3.059 a pound, the weakest level since October 20, 2011, after Chinese and U.S. datafuelled concerns over an economic slowdown in the world's top two copper consumers. ADPnonfarm payrolls data on Wednesday showed that the U.S. private sector added 119,000 jobsin April, well below expectations for an increase of 150,000. A separate report showed thatgrowth in the U.S. manufacturing sector slowed in April. Meanwhile, in China, data released
earlier showed that China’s final HSBC Flash Purchasing Managers Index was revised down to
50.4 in April from a flash reading of 50.5 and down from 51.6 in March.
WWW.MTECHTIPS.COM 07489294118-119

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