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BULLION
It’s a demand from Dragon that seems to support
gold in recent times of weakness. As per the
reports Chinese demand for gold has jumped
sharply during May-June period against previous
months.
In a report, ETF Securities noted that China's gold
imports from Hong Kong increased 40% in May
from a month earlier, as bargain hunters increased
purchases. Also, the Central banks from emerging
markets have bought 24 tonnes of gold in April
and May.
World Gold Council quarterly data, which will be
produced in coming weeks, also include estimates
of other official sector buying and should provide a
fuller picture. However, the underlying trend of
strong net central bank purchases of gold appears
to be firmly intact.
MARKET NEWS
ENERGY
The trend in crude oil futures for July delivery on
India's Multi Commodity Exchange (MCX) looks
sideways to bearish for the day and traders are
advised to stay on sell side.
For intra-day, support for the commodity is seen at
6170 while resistance is seen at 6250. If prices
break the level of 6170 then prices are expected to
move towards 6130.
However, political chaos in the Middle East were
seen supporting the oil prices to certain extent.
Meanwhile, an official statement stated that,
Egypt’s Suez Canal is safe and ship traffic is normal,
even as political chaos intensified in Cairo. The
statement limited gains in crude oil prices.
US working gas in storage was 2,605 Bcf as of
Friday, June 28, 2013, according to EIA estimates.
This represents a net increase of 72 Bcf from the
previous week. Stocks were 491 Bcf less than last
year at this time and 30 Bcf below the 5-year
average of 2,635 Bcf
BASE METAL
Copper in the global market remained volatile
after yearly Chinese producer price index (PPI)
continued its negative trend and recorded a fall
of 2.7% in June.
Meanwhile, Chinese consumer price index rose
to 2.7% in June from 2.1% in May, year-on-year
basis, according to the data released by the
National Bureau of Statistics of China.
Traders are awaiting yearly data on Chinese
imports, exports and trade balance which are
scheduled to be released on Today.
Concerns that US Federal Reserve may roll back
its monetary stimulus on recovering economic
growth in the United States is putting pressure
on the base metal to certain extent.
“At the same time, we expect China’s copper
imports to recover modestly, a function of re-
emerging financing imports and restocking.”
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