4. INTERNATIONAL COMMODITY NEWS
03rd MARCH-2014
•
Gold futures slipped lower on Friday, after Federal Reserve Chairwoman Janet Yellen said the bank will continue tapering
its monthly bond purchases, while investors eyed the release of U.S. economic growth data later in the day. On the Comex
division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,328.70 a troy ounce during
European afternoon trade, down 0.23%.The April contract settled 0.29% higher on Thursday to end at USD1,331.8 a troy
ounce.
•
Crude oil futures edged lower during early European trading hours on Friday, as markets eyed the release of U.S.
economic growth data later in the day, while Federal Reserve Chairwoman Janet Yellen said the bank will continue tapering
its bond purchases. On the New York Mercantile Exchange, light sweet crude futures for delivery in April traded at
USD102.06 a barrel during European morning trade, down 0.34%. The April contract settled down 0.19% on Thursday to
end at USD102.40 a barrel.
•
Natural gas futures plunged on a bearish supply report earlier Thursday, though bottom fishers swept in and brought prices
back into positive territory on the view the asset was oversold. On the New York Mercantile Exchange, natural gas futures
for delivery in April traded at $4.656 per million British thermal units during U.S. trading, up 2.71%. The commodity hit
session high of $4.613 and a low of $4.574.
•
The weekend has the Chinese manufacturing PMI pencilled in, which is likely to lead to end-of-session caution and booksquaring on the LME later - concerns over the path of demand in China have increased since the end of the New Year
holiday. In the base metals, the copper price hit a low of $6,995 but recently traded at $7,015.25 per tonne, still down $9.75
on Thursday's close. In warehouse stock data, the 30-day run of daily falls in copper inventories ended. There was a net
1,875-tonne increase to 276,225 tonnes, with 4,500 tonnes also warranted in New Orleans, most likely against the current
tightness.
•
The aluminium price was also $4 lower at $1,764. Aluminium stocks fell 6,100 tonnes to 5,311,300 tonnes.
•
Lead slipped $6.25 to $2,131.25 - stocks fell 200 tonnes to 202,275 tonnes, a fresh low since September last year.
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5. EPIC DAILY TOP PICKS
03rd MARCH-2014
SILVER-COMEX DAILY CANDLESTICK CHART
TRADING STRATEGY :
SILVER-COMEX has closed @ 21.19. If it breaks the level
of 21.04, it can touch the level of 20.89 & 20.74
respectively. If it sustain above the level of 21.79, it can
touch the level of 21.95 & 22.10 respectively.
SELL BELOW 21.19 TGTS 20.89, 20.74 SL 20.44.
BUY ABOVE 21.79 TGTS 21.95, 22.10 SL 21.54.
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6. TODAY'S ECONOMIC EVENTS
03rd MARCH-2014
TIME
COUNTRY
EVENT
PREVIOUS
FORECAST
10:30
USD
Total Vehicle Sales
15.40M
15.24M
14:23
EUR
German Manufacturing PMI
54.7
54.7
14:28
EUR
Manufacturing PMI
53.0
53.0
19:00
USD
Core PCE Price Index (MoM)
0.1%
0.1%
19:00
USD
Personal Income (MoM)
0.2%
-
19:00
USD
Personal Spending (MoM)
0.1%
0.4%
19:00
USD
Real Personal Consumption (MoM)
-
0.2%
19:28
USD
Manufacturing PMI
56.6
56.7
20:30
USD
Construction Spending (MoM)
-0.5%
0.1%
20:30
USD
ISM Manufacturing Employment
52.0
52.3
20:30
USD
ISM Manufacturing PMI
52.0
51.3
20:30
USD
ISM Manufacturing Prices
58.3
60.5
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