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BULLION
Gold futures for October delivery on India's Multi
Commodity Exchange (MCX) is positive and is
expected to continue with the trend for the day.
Earlier, gold in the global market had fallen to a
three-week low on concerns that US Federal
Reserve may roll back its monetary stimulus next
month.
Gold prices in the global market rose despite
higher than expected China data released on
Thursday . Gold futures on Globex platform of
Comex (US gold) is positive and may continue with
trend for the day.
A silver vault that can hold 200 metric tons opens
in Singapore this week to cater for increasing
demand for physical precious metals among Asia’s
wealthy, even as the commodity leads market
declines this year.The new repository can hold
$128 million of silver at today’s prices.
ENERGY
India natural gas futures for August delivery on
Multi Commodity Exchange (MCX) is negative and
the commodity is expected to continue with the
trend for the day.
Intra-day traders are advised to be cautious while
taking fresh positions before the release of US
natural gas stock-piles data. Those who are holding
sell position may hold it with a strict stop loss of
203.
US natural gas futures for August delivery on
NYMEX was seen trading neutral ahead of US
stocks-piles data.
Meanwhile, China recorded a higher than expected
trade index on Thursday. Chinese exports
increased 5.1 percent in July, when compared to a
the 3.1 percent fall in June, as per the data
released by the National Bureau of Statics of China
on Thursday.
US Department of Labor is scheduled to release its
data on US initial jobless claims and continuing
jobless claims at 06.00 PM IST today.
Chinese Consumer Price Index (CPI), Producers
BASE METAL
The trend in copper futuresfor August delivery
on India's Multi Commodity Exchange (MCX) is
bullish and the base metal is continue with the
trend till the break of 425 which is the short
term support for the prices.
MCX nickel futures is positive and is expected to
trade with a positive bias for the day.
In the United States, economic activity in the
non-manufacturing sector grew in July for the
43rd consecutive month, as per the latest report
on non-manufacturing released by the Institute
of Supply Management (ISM) on Monday.
The non-manufacturing index (NMI) registered
56 percent in July, 3.8 percentage points higher
than the 52.2 percent registered in June. This
indicates continued growth at a faster rate in
the non-manufacturing sector.
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