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BULLION
Gold seems to be on the run, practically. As
per a latest data revealed by London Bullion
Market Association showed that the amount
of gold transferred between accounts held by
bullion clearers has jumped to a 12-year high
for a second month.
At an average of 29 million ounces a day,
gold transfers between accounts held by
bullion clearers jumped to a 12-year high in
June for a second month Reuters quoted data
from the industry group London Bullion
Market Association.
In the same month previous year, the gold
transfer was 19.1 million ounces. This shows
nearly 50 per cent jump on year-on-year
basis. The data showed that in value terms
the gold transfers touched $ 38.9 billion for
the month of June lower than $ 39.8 billion
reported in May. For the month of June 2013
total number of transfers stood at 4624,
which was 5088 in May 2013. Last year in
June number of transfers was 3,162. The
clearing statistics measure how much gold
and silver are transferred on a net basis
between accounts held by bullion clearers.
MARKET NEWS
ENERGY
Crude oil prices in the global market edged up
on Thursday after data releases from China,
Europe and the United States shown a
positive trend.
Also, US Federal Reserve FOMC statement
indicated on Wednesday that the central bank
would continue with its existing monetary
stimulus till the economy returns to its
growth path. This may have supported the
crude oil prices to certain extent. WTI crude
oil futures for September delivery on NYMEX
was seen trading 2.02% at $107.24 per barrel
as of 06.44 PM IST on Thursday. Chinese
official Purchasing Managers' Index (PMI) rose
to 50.3 in July higher when compared to 50.1
recorded in June, according to the data
released by the National Bureau of Statistics
and China Federation of Logistics and
Purchasing on Thursday.
The seasonally adjusted Markit Eurozone
Manufacturing PMI rose to a two-year high of
50.3 in July, up from 48.8 in June and above
the neutral 50.0 mark for the first time since
July 2011. The PMI was also above the earlier
flash estimate of 50.1, according to the data
released by the Markit on Thursday.
BASE METAL
The trend in copper futures for August
delivery on India's Multi Commodity
Exchange (MCX) is positive and is expected
to continue with its trend for the day,
according to our analyst at Commodity
Online.
Copper in the global market reached to the
highest almost in a week after the release
of official Chinese manufacturing data.
Comex copper was seen trading bullish.
Copper futures for September delivery on
Globex platform of Comex was seen trading
up by 0.16% at $3.138 per pound as of
02.09 PM IST on Thursday. Chinese official
Purchasing Managers' Index (PMI) rose to
50.3 in July higher when compared to 50.1
recorded in June, according to the data
released by the National Bureau of
Statistics and China Federation of Logistics
and Purchasing on Thursday. A rise in PMI
is an indication of expansion in the
economy. The seasonally adjusted Markit
Eurozone Manufacturing PMI rose to a two-
year high of 50.3 in July, up from 48.8 in
June and above the neutral 50.0 mark for
the first time since July 2011.
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