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BULLION
Unprecedented economic happenings in the European
Union economies has already been discussed here.
Mario Draghi, the ECB President has clarified in a
guidance statement that record low interest rates to the
tune of 0.5% could be continued for extended period of
time. Eurozone is reeling under recession with countries
in the periphery in dire straits and core nations or
Northern European countries feeling the drag. This is in
the context of the US Federal Reserve expected to come
out with a tapering of Quantitative Easing money starting
this year.
The trend in silver futures for September delivery on
India's Multi Commodity Exchange (MCX) is sideways to
bullish for the day.
“For intra-day, support for the commodity is seen at
38500 while 41500 is the resistance. If prices break level
of 41500 then the prices are expected to move towards
41800 and 42000 levels.”
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 6250
while resistance is seen at 6300. If prices break the level
of 6250 then prices are expected to move towards 6230.”
Brent crude oil prices in the international market fell
below $108 per barrel on Monday pressurized by strong
US dollar.
A better than expected US employment data released in
the last week boosted the demand for US dollar there by
pressuring the crude oil prices movement in the global
market to certain extent.
The total US nonfarm payroll employment increased by
195,000 in June, and the unemployment rate was
unchanged at 7.6 percent, the US Bureau of Labor
Statistics reported on Friday. US commercial crude oil
inventories (excluding those in the Strategic Petroleum
Reserve) decreased by 10.3 million barrels from the
previous week. At 383.8 million barrels, US crude oil
inventories are above the upper limit of the average
range for this time of year, according to the data released
BASE METAL
The trend in copper futures for August delivery on
India's Multi Commodity Exchange (MCX) is range
bound and is expected to trade 412-421 range for the
day.
“For intra-day, support for the commodity is seen at
414 and 412 levels while resistance at 421 and 424
levels,” said John Godson, Technical Analyst at
Commodity Online.
MCX copper for August delivery was seen trading
down 0.13% at Rs.417.20 per kilogram as of 01.47 PM
IST on Monday.
In the international market, copper is witnessing a
negative trend on concerns that US Federal Reserve
may stop its monetary stimulus program on better
than expected US employment data.
The total US nonfarm payroll employment increased
by 195,000 in June, and the unemployment rate was
unchanged at 7.6 percent, the US Bureau of Labor
Statistics reported on Friday.
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