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BULLION
Chinese demand lifted gold prices to hit one of the
highest in three weeks. Analysts see physical
demand gaining momentum from China and India.
The yellow metal showed signs of strengthening
after rebounding by over 2 % later last week and
hit $ 1310 an ounce. On Monday spot gold surged
by over $ 22 an ounce to hit $ 1335 an ounce.
“Physical demand, especially out of China,
continues to support prices,” Michael Smith, the
president of T&K Futures & Options in Port St.
Lucie, Florida was quoted by Bloomberg. “We are
seeing bullish sentiment across the precious-metal
market today.”
Gold futures for December delivery rose 2.1 % to
$1,339.70 an ounce on the Comex in New York at
10:18 a.m., heading for the biggest gain for a most-
active contract since July 22. Earlier, prices
touched $1,343.70, the highest since July 24.
ENERGY
The trend in crude oil futures for August delivery
on India's Multi Commodity Exchange (MCX) looks
sideways to bearish for the day. Traders are
advised stay use sell on rise strategy.
Meanwhile reports suggest that BP Plc has hit a
platform fault and thereby reduced production
levels in North Sea Ekofisk crude oil even as Libya
shut its biggest crude oil export terminal.
While Ekofisk faced a gas turbine problem, Libyan
port Es Sider shut after protests by the Petroleum
Facilities Guard demanding better working
conditions.
Besides, reports suggest that China is considering
opening up of its crude import markets to refinery
giants outside the arc of the dominant state-owned
behemoths in 2014, a report that appeared in
Reuters said.
BASE METAL
The trend in copper futures for August delivery
on India's Multi Commodity Exchange (MCX)
looks bullish for the day. Traders are advised to
stay on buying side.
Weekly outlook for copper futures looks bullish
for near term. Copper prices are expected to
trade in the range of 438-455 for this week. The
futures have strong support at 438 and
resistance at 448. If price break the strong
resistance level, then it is expected to move
towards 455 in near term.
Meanwhile, Barclays in a report on global
copper, has said that the recent rally in futures
could be an opportunity to short.
“The market will waver and struggle for
direction until early September when more
economic indicators provide a clearer picture,”
said Xu Liping, an analyst at HNA Topwin
Futures Co to Bloomberg.
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