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BULLION
Money managers have increased their long
bets on the yellow metal considering sharp
rally seen in the metal over the past one
week. The gold prices have shown uptrend in
recent weeks, which prompted hedge funds
to take long positions in recent data shared
by the US commodities regulator.
The US Commodity Futures Trading
Commission data showed that money
managers increased their net-long position by
26% to 70,067 futures and options as of July
23.
The fourth consecutive weekly gain is the
longest streak since October. Bullish wagers
across 18 U.S.-traded commodities gained 7.4
percent to 615,140. Investors more than
doubled bets on lower corn prices to a record
net-short holding.
Gold futures gained by over 8.5 % in July,
heading for the largest monthly gain since
January 2012, as Fed Chairman Ben S.
Bernanke damped speculation that a cut in
bond purchases is imminent, a Bloomberg
report noted.
MARKET NEWS
ENERGY
The recent incidents of oil disaster and
natural gas accidents has cast a shadow over
the planned auction of more Gulf of Mexico
acreage later in August.
On 28 August, more than 21 million acres (in
3,953 blocks) will be up for grabs in the
western Gulf of Mexico. The last auction, on
20 March, saw oil companies pay more than
$1 billion for 1.6 million acres in total. Federal
authorities have been expecting a greater
show of interest for the August round.
However small the incident be, it casts a gray
shadow over the planned auction in late
August of more Gulf of Mexico acreage by the
US government, an Oilprice.com report said.
Recently, natural gas from the well damaged
off the coast of Louisiana had raised concerns
with fire aboard a rig, which was almost out
after efforts by the fighters.
BASE METAL
The trend in copper futures for August
delivery on India's Multi Commodity
Exchange (MCX) is negative and the base
metal is expected to continue with the
trend for the day, according to our analyst
at Commodity Online.
“For intra-day, resistance for the base
metal is seen at 411 and 415 levels while
support at 405 and 403 levels,” said Tarang
Parmar, Research Analyst at Commodity
Online.
MCX copper for August delivery was seen
trading up by 0.13% at Rs.408.90 per
kilogram as of 01.52 PM IST on Monday.
In the global market, copper recorded a
negative trend amid concerns over the
health of the world economy. Last week's
weak Chinese manufacturing data may
have indirectly effected the commodity
prices to certain extent.
Copper futures on Globex platform of
Comex was seen trading down by 0.36% at
$3.094 per troy ounce as of 02.04 PM IST
on Monday.
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