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COMEX

REPORT

REPORT
30TH MAY 2013

8

NEWS RADAR

Gold edges down on U.S. Fed stimulus uncertainty
Gold ticked lower on fears the U.S. Federal Reserve could soon scale back its bullion-friendly bond buying programme, but tight supply in the physical market could offer some support to prices. Gold slipped $1.89 an ounce to $1,390.56 by 0036 GMT, having risen around 1 percent in the previous session as a dollar drop and softer equities triggered physical buying. U.S. gold was at $1,390.10 an ounce, down $1.20. The U.S. job market and the economy as a whole may be strong enough in a few months' time to allow the Federal Reserve to pare its bond buying by a small amount, one of the Fed's most dovish policymakers.

Copper Drops for Second Day on Mine Restart, IMF China Forecast
Copper declined for a second day in London as the Grasberg mine in Indonesia restarted some operations and after the International Monetary Fund cut its forecast for China’s economic growth. Metal for delivery in three months dropped as much as 0.5 percent to $7,227.50 a metric ton on the London Metal Exchange, before trading at $7,252.50 at 9:30 a.m. Shanghai time. The benchmark copper price has gained 2.9 percent so far this month, set for the first monthly advance in four. Freeport-McMoRan Copper & Gold Inc. (FCX) has restarted some operations at its Grasberg complex in Indonesia, the world’s second-largest copper mine, after a May 14 accident that killed 28 and halted output, the Phoenix-based company’s local unit said yesterday. The IMF said China’s economy will expand 7.75 percent this year.

GOLD HOURLY CHART

S1 1382

S2 1370

R1 1408

R2 1422

GOLD LOOKS BULLISH BUY ABOVE 1408 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 1420 LEVEL AND MAINTAINING SL OF 1395.00

SILVER HOURLY CHART

S1 22.28

S2 22.02

R1 22.71

R2 22.98

SILVER LOOKS ABOVE BUY ABOVE 22.75 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 23.00 LEVEL AND MAINTAINING SL OF 22.55

COPPER HOURLY CHART

S1 3.2300

S2 3.2010

R1 3.2812

R2 3.3012

COPPER LOOKS BEARISH SELL BELOW 3.2500 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 3.2300 LEVEL AND MAINTAINING SL OF 3.2700 3

CRUDE OIL HOURLY CHART

S1 92.61

S2 92.01

R1 93.58

R2 94.01

CRUDE LOOKS BEARISH SELL AROUND 93.00 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 92.00 LEVEL AND MAINTAINING SL OF 94.00

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