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1. Global Research Limited
COMEX
Report
06th,January

2. 06th January ,2014
Global Research Limited
Unemployment Claims
DATE
TIME: IST
06.01.14
8:30 P.M
ISM Non-Manufacturing PMI
06.01.14
8:30 P.M
Factory Orders m/m
03.01.14
11:30 P.M
DATA
PRV
EXP
IMPACT
53.9
54.6
STRONG
-0.9%
1.8%
Medium
FOMC Member Stein Speaks
Medium
ISM Non-Manufacturing PMI
Source
Institute for Supply Management (latest release)
Measures
Level of a diffusion index based on surveyed purchasing managers, excluding the manufacturing
industry;
Usual Effect
Actual > Forecast = Good for currency;
Frequency
Released monthly, on the third business day after the month ends;
Next Release
Feb 5, 2014
FF Notes
Above 50.0 indicates industry expansion, below indicates contraction. Source
changed series from unadjusted to seasonally adjusted as of January 2001. Source
changed series calculation formula as of Feb 2008;
Why Traders
Care
Derived Via
2
It's a leading indicator of economic health - businesses react quickly to market
conditions, and their purchasing managers hold perhaps the most current and
relevant insight into the company's view of the economy;
Survey of about 400 purchasing managers which asks respondents to rate the relative level of
business conditions including employment, production, new orders, prices, supplier deliveries,
and inventories;
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3. 06th January ,2014
Global Research Limited
Factory Orders m/m
Source
Measures
Usual Effect
Census Bureau (latest release)
Change in the total value of new purchase orders placed with manufacturers;
Actual > Forecast = Good for currency;
Frequency
Released monthly, about 35 days after the month ends;
Next Release
Feb 4, 2014
FF Notes
This report contains a revision of the Durable Goods Orders data released about a week earlier, and
fresh data regarding non-durable goods;
Why Traders
Care
It's a leading indicator of production - rising purchase orders signal that manufacturers
will increase activity as they work to fill the orders;
FOMC Member Stein Speaks
Description
Source
Federal Reserve (latest release)
Speaker
Federal Reserve Governor Jeremy Stein;
Usual Effect
More hawkish than expected = Good for currency;
FF Notes
FOMC voting member May 2012 - Jan 2018;
Why Traders
Care
Federal Reserve FOMC members vote on where to set the nation's key interest rates
and their public engagements are often used to drop subtle clues regarding future
monetary policy;
Acro Expand
2
Due to deliver a speech titled "Banks as Patient Debt Investors" at the American Economic
Association Conference, in Philadelphia;
Federal Open Market Committee (FOMC);
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4. 06th January ,2014
Gold
Global Research Limited
Gold edged higher overnight to open at 1229.00/1230.00. It dipped shortly after open to a low of 1226.50/1227.50 and then
quickly surged to a two-week high of 1240.00/1241.00 while global equities fell and the Dollar remained steady. As well, thin
volumes were expected following a snowstorm that hit the U.S. Northeast as the metal traded within range for the rest of the
afternoon before closing under at 1238.50/1239.50.
Gold is closing the week at 1238. The weekly price action is quite encouraging from a price perspective. Last week's candle
was a “Inside week” or “Harami” which means “pregnant” in Japanese. This week Gold touched a fresh cycle low to 1182 but
the close above last week's high of 1219 shows as an outside week reversal. This is bullish. Focus now is on December high of
1267. Big picture, the inability to break the 2013 low at 1180 is encouraging.
Gold prices gained rallying for a second consecutive day with a boost from renewed fund buying and equities' weakness.
Fed Chairman said U.S. central bank is committed to highly accommodative policy even after deciding last month to trim its
bond-buying stimulus.
Bullion prices dropped heavily last week as solid U.S. economic data underlined expectations the Federal Reserve will begin
curbing stimulus.
Silver

Silver dipped marginally lower overnight to open at 20.08/20.13. It dropped to a session low of 20.00/20.05 before lifting to a high

Silver is closing the week unchanged near 20.20. The fresh cycle low to 18.85 can bounce higher is encouraging. Silver remains
of 20.22/20.27 on the back of gold and then finally concluding the day at 20.20/20.25 on low volumes.
below the December low of 20.47. A close above this level would open a move to 21.23 the 38.2% of our 4 month down move off
25.09.

The gold-silver ratio is higher this week at 61.45 compared to last Friday's 60.23 close. The ratio has been as high as 62.87 this
week.

Silver rose as anticipation that two widely watched commodity indexes will drive more money to gold and silver buoyed prices of the
precious metals

Markets are looking towards a slew of data this week, including U.S. nonfarm payrolls and trade numbers, to gauge the strength of

Holdings at ishares silver trust dropped by 0.49% i.e. 49.15 tonnes to 9909.49 tonnes from 9958.64 tonnes.
economic recovery
3
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5. 06th January ,2014

Copper




Global Research Limited
Copper settled down -0.88% as expectations of higher supplies and concerns over Chinese growth weighed on the market. Copper has
gained some support from a lack of readily available refined metal because of falling exchange stocks. But ample copper concentrate seen
flowing into the market this year will result in swelling supplies.
A services gauge from China's statistics bureau and logistics federation dropped to 54.6 in December. Inventories tracked by the Shanghai
Futures Exchange reached 125,654 tons this week, the lowest in almost a year, according to data. Orders to remove copper from LME
warehouses dropped the most since August to 235,100 tons. Copper stocks in LME-monitored warehouses are at the lowest level since
January 2013. Cancelled warrants on the LME now account for about 65 percent of total stocks, so inventories on hand are actually less
than the headline figure implies.
Silver rose as anticipation that two widely watched commodity indexes will drive more money to gold and silver buoyed prices of the
precious metals
Markets are looking towards a slew of data this week, including U.S. nonfarm payrolls and trade numbers, to gauge the strength of
economic recovery
Holdings at ishares silver trust dropped by 0.49% i.e. 49.15 tonnes to 9909.49 tonnes from 9958.64 tonnes.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in February traded at USD94.12 a barrel, up 0.16%.
Crude
Earlier on Friday, New York-traded oil futures hit a session low of USD93.38 a barrel. During last week, crude futures dropped 6%.
On Thursday, crude futures tumbled 3% to settle at USD95.44 a barrel on the Nymex. It was the sharpest one-day decline since early
November 2012.
Libya's National Oil Corporation said Thursday that exports could soon return to near normal levels after political protesters agreed to stop
months of blockages. Libyan oil production has fallen sharply since July with protesters disrupting output at many of the country's oilfields.
Expectations for increased exports from South Sudan also weighed.
In the U.S., the Energy Information Administration said Thursday that crude oil inventories fell by 7.01 million barrels in the previous week,
far surpassing market expectations for a decline of 2.98 million barrels
Crude oil futures rose during the Asian session on Monday as they recovered from last week's fall, which was caused by rising production
inthe U.S. and an increase in international supplies.
Crude oil dropped as the market braced for rising Libyan output, while soft Chinese service-sector data softened demand.
The U.S. EIA reported in its weekly report that U.S. crude oil inventories fell by 7.01 million barrels in the week last week
Expectations for increased exports from South Sudan also nudged prices lower.
4
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6. Global Research Limited
Technical levels
Support1
Support2
Resistance1
Resistance2
GOLD
1226
1214
1245
1251
SILVER
19.96
19.62
20.30
20.64
COPPER
3.3378
3.3206
3.3798
3.4046
CRUDE
93.30
92.64
95.18
96.40
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