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Commodity-mcx Gold Silver Weekly

Commodity-mcx Gold Silver Weekly

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Published by trifid research
Gold suffered further setback and plunged below Rs 27,000 per 10 gm mark at the
local bullion market today on heavy speculative selling on the back of overnight global
commodity meltdown.
Gold suffered further setback and plunged below Rs 27,000 per 10 gm mark at the
local bullion market today on heavy speculative selling on the back of overnight global
commodity meltdown.

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Categories:Types, Resumes & CVs
Published by: trifid research on Jun 22, 2013
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04/07/2014

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24 JUNE –29 JUNE 2013
 
WEE K LY
 
REPOR T
Blow by Blow On Bullions,Base metals,Energy… 
WWW.TRIFIDRESEARCH.COM
 
MAJOR EVENTS
Gold suffered further setback and plunged below Rs 27,000 per 10 gm mark at thelocalbullion market todayon heavy speculative selling on the back of overnight globalcommodity meltdown.Gold drifted flat on Friday as Wall Street witnessed weakness for the third consecutiveday after Federal Reserve Chairman Ben Bernanke’s hints towards ending of monetarystimulus earlier than expected.Spot golddrifted around $ 1292 an ounce on Friday about half a percentage up fromits previous close. Gold touched lowest levels since 2010 on Thursday. The recovery inprices was mainly on account of the positive sentiment for a spurt in purchases at thebottom levels.Globally, the yellow metal crashed below the USD 1,300 an ounce mark on the back of panic liquidation from hedge funds and investors pressured by US central bank'sdecision to curtail its bullion-friendly bond buying programme earlier-than-expected.Natural gas pricecarried Thursday's losses into Friday after official data revealed thestockpiles in the U.S. rose more than expected last week.In the New York Mercantile Exchange, natural gas futures for delivery in July tradedat USD3.785 per million British thermal units, down 2.39%.The commodity hit asession low of USD3.767 and a high of USD3.904.The U.S. Energy Information Administration said in its weekly report on Thursday thatnatural gas storage in the U.S. in the week ended June 14 rose by 91 billion cubic feet,above market expectations for anincrease of 90 billion.Inventories rose by 63 billioncubic feet in the same week a year earlier, while the five-year average change for theweek is a rise of 80 billion cubic feet.Total U.S. natural gas storage stood at 2.438 trillion cubic feet as of last week. Stockswere 559 billion cubic feet less than last year at this time and 47 billion cubic feetbelow the five-year average of 2.485 trillion cubic feet for this time of year.
Natural gasextends losseson rising U.S.inventory levels.Copperwitnessing a shiftto permanentlyslower demandgrowth.
Supply losses, tight scrap situation, improving Chinese demand, depleting bondedstocks and rumours of SRB buying; all these positive factors have failed to take copperprices beyond the $7500/ton mark on LME.Copperdominated by construction and infrastructure spending may be seeing a shiftto permanently slower demand growth,” the report said. This should be contrastedwith Aluminum demand which isgrowing in excess of 10% per annum, way ahead of economic growth in various nations.Now, with supplies expected to climb in the second half of this year, and Chinesedemand prospects weakening, there is further downside in store for copper prices inQ4, 2013.LME open interest for all the metalshave been rising including copper and in thecontext of price declines, this means, many a commodity investors made it a point toshort copper. Also, the arbitrage window of copper pertaining to SHFE/LME has beenopen for a month; this is the longest time frame it has been in since the end of 2011.
Gold drifts flat inUS: Analysts eyebubble burstahead.
 
E C O N O M I C C A L E N D E R
DATE & TIMEDESCRIPTION
FORECAST PREVIOUS
June 25,6:00pmCore Durable Goods Orders m/m
-0.1% 1.5%
6:00pmDurable Goods Orders m/m
3.0% 3.5%
6:30pmS&P/CS Composite-20 HPI y/y
10.6% 10.9%
6:30pmHPI m/m
1.2% 1.3%
7:30pmCB Consumer Confidence
75.6 76.2
7:30pmNew Home Sales
462K 454K
7:30pmRichmond Manufacturing Index
0 -2
June 26,2:30amTreasury Sec Lew Speaks6:00pmFinal GDP q/q
2.4% 2.4%
6:00pmFinal GDP Price Index q/q
1.1% 1.1%
8:00pmCrude Oil Inventories
0.3M
June 27, 6:00pmUnemployment Claims
351K 354K
6:00pmCore PCE Price Index m/m
0.1% 0.0%
6:00pmPersonal Spending m/m
0.4% -0.2%
6:00pmPersonal Income m/m
0.2% 0.0%
7:30pmPending Home Sales m/m
1.1% 0.3%
7:30pmFOMC Member Dudley Speaks8:00pmFOMC Member Powell Speaks8:00pmNatural Gas Storage
91B
June 28, 5:30pmFOMC Member Stein Speaks7:15pmChicago PMI
55.2 58.7
7:25pmRevised UoM Consumer Sentiment
83.1 82.7
7:25pmRevised UoM Inflation Expectations
3.2%

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