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BULLION
After getting closer to the recent highs of $1300 an
ounce, bullion bulls seems to have run out of fuel.
Gold fell the most in more than a week after the
dollar gained. Spot gold dropped by over $ 15 an
ounce to trade around $1275 an ounce in the
afternoon trades in the US markets.
Gold futures for December delivery fell 0.8 %to $
1,281.10 at 11:46 a.m. on the Comex, heading for
the biggest drop since July 5. Prices earlier reached
$1,301.10, the highest since June 21.
Notably, The U.S. Comex gold futures had firmed
up over the past two days rising by one percent to
end at $1,290.40 on Tuesday, rising 6.4 % in the
past seven days.
Factors pushing up the yellow metal were US June
manufacturing production, which rose 0.3 %, the
fastest growth rate in four months. The June CPI
also jumped more than expected to 1.8 % from 1.4
% in May.
MARKET NEWS
ENERGY
US Energy Information Administration (EIA) is
scheduled to release its weekly data on crude oil
stock-piles at 08.00 PM IST today. The inventory
data may affect the commodity movement to
certain extent.
“For intra-day, support for MCX crude oil is seen at
6250 while resistance is seen at 6300. If prices
break the level of 6250 then prices are expected to
move towards 6220,” said Amrita Mashar,
Research Analyst at Commodity Online.
MCX crude oil futures for July delivery was seen
trading up by 0.74% at Rs. 6288 per barrel as of
05.13 PM IST on Wednesday.
Crude oil prices in the global market edged down
on Wednesday ahead of testimony from US
Federal Reserve Chairman Ben Bernanke before a
congressional committee which is expected to be
at 07.30 PM IST today. Firm trend in US Dollar was
also seen pressuring the commodity prices to
certain extent.
BASE METAL
The testimony from Ben Bernanke would be
closely analysed by the investor community as
there are expectations that the Fed Chairman
would reveal more about the tapering of QE
measures, whether or not it would be carried
out. Hence, it is a wait-and-watch mode for the
community. US data on Building Permits,
Housing Starts are scheduled to be released at
06.00 PM IST today.
Meanwhile, higher copper supply was seen
pressuring the commodity prices in the global
market to certain extent on Wednesday.
Analysts expect that higher supply followed by
market surplus may weigh on the base metal
prices in the long term.
BHP Billiton Ltd., the world's third largest
copper producer reported that its production
touched 333,200 tons in April-June (2013)
period by beating the projection of 322,000
tons.
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