MTECHTIPS COMMODITY MARKET NEWS 3

MTECHTIPS:-Oil trades modestly lower following API report Oil futures traded slightly lower during Wednesday’s Asian session following the release of the American Petroleum Institute’s weekly inventories data. On the New York Mercantile Exchange, light, sweet crude futures for June deliver fell 0.19% to USD95.44 per barrel in Asian trading Wednesday after settling down 0.36% at USD95.81 a barrel on Tuesday. Positive economic data out of Germany, the euro zone’s largest economy, helped ignite a rally in European and U.S. stocks, but that was not enough to lift crude. Official data released earlier showed that German factory orders climbed 2.2% in March, defying expectations for a 0.5% decline. Year-over-year, German factory orders fell 0.4% in March, much better than forecasts for a 2.9% decline. The data came on the heels of speculation the European Central Bank, which pared interest rates by 25 basis points to 0.50% last week, is open to more rate cuts aimed at bolstering the floundering euro zone economy. After the close of U.S. markets Tuesday, the American Petroleum Institute said U.S. oil inventories jumped 680,000 barrels last week. Traders are expecting the more widely followed inventories report by the U.S. Energy Information Administration due out later Wednesday to show a gain of 2 million barrels. MTECHTIPS:-Gold rebounds from previous day’s losses, Chinese demand supports Gold futures edged higher on Wednesday, as investors returned to the market following the previous day’s sell-off and amid indications of surging demand for the precious metal in China, the world's second largest gold consumer. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,454.75 a troy ounce during European morning hours, up 0.4% on the day. Comex gold prices rose by as much as 0.6% earlier in the session to hit a daily high of USD1,457.95 a troy ounce. Gold prices were likely to find support at USD1,439.75 a troy ounce, the low from May 1 and near-term resistance at USD1,487.15, the high from May 3. Gold futures lost more than 1%

on Tuesday, as investors sold the precious metal amid a weak technical outlook. Gold prices rose to a two-week high of USD1,487.15 a troy ounce last Friday, nearly erasing all of its losses following the massive sell-off in April. Comex gold fell to a 27-month low of USD1,322.25 an ounce on April 16. However, the precious metal failed to revisit the key psychological USD1,500-level on numerous attempts, indicating chart signals remain bearish. Meanwhile, official data released earlier showed that China's gold imports from Hong Kong surged to a record high of 223.52 tonnes in March, up from 97.11 tonnes in February. MTECHTIPS:-Crude oil futures little changed ahead of U.S. supply data Crude oil futures swung between modest gains and losses on Wednesday, as investors looked ahead to closely-watched weekly supply data on stockpiles of crude and refined products from the U.S. Energy Information Administration later in the day. On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded at USD95.70 a barrel during European morning trade, up 0.1% on the day. New York-traded oil prices held in a range between USD95.38 a barrel, the daily low and a session high of USD95.97 a barrel. Oil prices were supported following the release of positive trade data out of China. Chinese imports and exports rose more than expected in April, official data on Wednesday showed, indicating that the outlook for economic growth remains good. China's exports rose 14.7% year-on-year last month, while imports grew 16.8%, bringing the country’s trade surplus to USD18.6 billion for the month, above expectations for a surplus of USD 15.05 billion. Oil traders now looked ahead to data from the U.S. government on oil and fuel supplies later in the day to gauge the strength of demand from the world’s largest oil consumer. The report was expected to show that U.S. crude oil stockpiles increased by 1.9 million barrels last week, while gasoline inventories were forecast to fall by 0.4 million barrels. MTECHTIPS:-Silver little changed; prices remain vulnerable to further selling Silver futures were little changed on Wednesday, as investors remained hesitant to return to the market amid a bearish technical outlook. On the Comex division

of the New York Mercantile Exchange, silver futures for July delivery traded at USD23.82 a troy ounce during European morning trade, little changed on the day. Comex silver prices held in a range between USD23.75 a troy ounce, the daily low and a session high of USD24.00 a troy ounce. Silver prices were likely to find support at USD23.40 a troy ounce, the low from May 2 and near-term resistance at USD24.41, Monday’s high. Silver prices were supported following the release of positive trade data out of China. Chinese imports and exports rose more than expected in April, official data on Wednesday showed, indicating that the outlook for economic growth remains good. China's exports rose 14.7% year-on-year last month, while imports grew 16.8%, bringing the country’s trade surplus to USD18.6 billion for the month, above expectations for a surplus of USD 15.05 billion. Elsewhere on the Comex, gold for June delivery tacked on 0.3% to trade at USD1,453.35 a troy ounce, while copper for July delivery climbed 0.85% to trade at USD3.330 a pound. MTECHTIPS:-Copper futures hold near 3-week high after positive China trade data Copper futures traded just below the previous session’s three-week high on Wednesday, as sentiment on the industrial metal was boosted following the release of positive trade data out of China.The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. On the Comex division of the New York Mercantile Exchange, copper futures for July delivery traded at USD3.327 a pound during European morning trade, up 0.7% on the day. New York-traded copper prices rose by as much as 1% earlier in the session to hit a daily high of USD3.339 a pound. On Tuesday, Comex copper prices hit USD3.344 a pound, the strongest level since April 15. Copper prices were supported following the release of positive trade data out of China. Chinese imports and exports rose more than expected in April, official data on Wednesday showed, indicating that the outlook for economic growth remains good. China's exports rose 14.7% year-on-year last month, while imports grew 16.8%, bringing the country’s trade surplus to USD18.6 billion for the month, above expectations for a surplus of USD 15.05 billion.

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