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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 Chairman noted that the softness in
commodity prices corroborate his stand.
“This time around, we’ve purchased, and are in the
process of purchasing, a lot more than we did in so
-called QE2. We haven’t really seen much increase
in commodity prices. Commodity prices are way off
their peaks of early last year.
Oil is a little bit different from others in that it’s
kind of hung up. But many other commodity prices
have fallen further, and the reason I would give for
that is that the emerging markets —China, the rest
of Asia , and some other parts of the world —plus
Europe , of course , are softer , and so global
commodity demand is weaker. And that explains, I
think, the bulk of why commodity prices have not
risen so much,” Bernanke said.
He also lauded the efforts of Bank of Japan which is
trying hard to tackle the deflationary ambience in
Japan.
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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