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28TH APRIL TO 03RD MAY.’2014
With the US adding just 16200 jobs in the
nonfarm sector, the futures of crude oil
closed lower on the Nymex on Friday. The
data stoked gold futures higher and pulled
the commodity out of a distress position
and helped it cross the $1300 mark.
“Earlier this week we saw economic data
that pointed towards a recovery, and that
coupled with a strong dollar kept gold
under pressure,” Tom Power, a senior
commodity broker at R.J. O’Brien &
Associates in Chicago said to Bloomberg.
Gold had gone below the crucial support of
$1300 following optimism about the US
Meanwhile data suggested that US
unemployment rate touched 7.4% in July,
according to US labor department.
However, the data was not enough to
propel crude oil futures further up even as
some profit booking too took place.
Crude oil prices in the global market were seen
trading positive on strong manufacturing data
from Europe, the United States and China.
Also, Middle East tensions, disruption to crude
oil production in Africa and maintenance
activity in the North Sea were seen supporting
the crude oil prices to certain extent.
Concerns over supply disruptions in Iraq, Libya
and Nigeria were also supported the prices.
Brent crude oil futures traded above $110 per
barrel while US crude oil futures crossed $108
per barrel on Friday.
US crude oil futures for September delivery on
NYMEX were seen trading down by 0.19% at
$107.54 per barrel as of 05.41 PM IST on
Meanwhile, the UK Market/CIPS Purchasing
Managers’ Index (PMI) for the construction
sector offers new hope that the UK economy is
improving. UK recorded a strongest
construction output growth since June 2010,
led by surge in housing activity.
The trend in copper futures for August
delivery on India's Multi Commodity
Exchange (MCX) is bullish and expected to
trade with the trend for the day, according to
our analyst at Commodity Online.
“For intra-day, support for the commodity is
seen at 425.05 and 422.25 levels while
resistance is seen at 432.65 and 434.35
levels,” said John Godson, Technical Analyst
at Commodity Online.
MCX copper futures for August delivery were
seen trading up by 1.14% at Rs.430.50 per
kilogram as of 16.38 IST on Friday.
Copper futures on Comex edged up on Friday
and is seen trading bullish supported by firm
global cues. Copper futures for September
delivery on Globex platform of Comex was
seen trading up by 0.63% at $ 3.185 per
pound as of 04.51 PM IST on Friday.
On Friday, copper touched to its peak level in
more than a week as data releases from the
United States, Europe and China shown a
positive review on their respective
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