2. MARKET WRAP
BULLION:
With the US adding just 16200 jobs in the nonfarm sector, the futures of crude
oil closed lower on the Nymex on Friday. The data stoked gold futures higher
and pulled the commodity out of a distress position and helped it cross the
$1300 mark.
“Earlier this week we saw economic data that pointed towards a recovery, and
that coupled with a strong dollar kept gold under pressure,” Tom Power, a
senior commodity broker at R.J. O’Brien & Associates in Chicago said to
Bloomberg.
Gold had gone below the crucial support of $1300 following optimism about
the US economy.
Meanwhile data suggested that US unemployment rate touched 7.4% in July,
according to US labour department.
However, the data was not enough to propel crude oil futures further up even
as some profit booking too took place.
WTI crude oil for delivery on September 13 closed at $106.85/bl, registering a
loss of $1.04 or 0.96%. Brent crude oil for delivery on the same date closed at
$108.93/bl, notifying a loss of $0.61 or 0.56%.
"We've got a pullback from the jobs data, but I suspect we are also seeing
some profit-taking before the weekend," said Bob Yawger, director of energy
futures at Mizuho Securities in New York to Reuters.
"That said, we are still trading at historically high levels. I wouldn't be
surprised if we tested $110, although that won't happen today," he noted.
On India’s MCX, crude oil for delivery on August 19 was seen trading at Rs.6524
a barrel, a loss of 0.05% as of 10.41 AM IST, Saturday.
Gold futures for delivery on October 5 were seen trading at Rs.28460 per 10
grams, a loss of 0.12%.
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3. ENERGY:
Crude oil prices in the global market were seen trading positive on strong
manufacturing data from Europe, the United States and China. Also, Middle East
tensions, disruption to crude oil production in Africa and and maintenance
activity in the North Sea were seen supporting the crude oil prices to certain
extent.
Concerns over supply disruptions in Iraq, Libya and Nigeria were also supported
the prices.
Brent crude oil futures traded above $110 per barrel while US crude oil futures
crossed $108 per barrel on Friday.
US crude oil futures for September delivery on NYMEX was seen trading down
by 0.19% at $107.54 per barrel as of 05.41 PM IST on Friday.
Meanwhile, The UK Markit/CIPS Purchasing Managers’ Index (PMI) for the
construction sector offers new hope that the UK economy is improving. UK
recorded a strongest construction output growth since June 2010, led by surge
in housing activity.
The UK Markit/CIPS rose to 57.0 in July up sharply from last month's 51.0,
according to the data released by Charted Institute of Purchasing and Supply
(CIPS) on Friday (Image Courtesy: Suwatpo Miles www.freedigitalphotos.net).
BASE METAL:
The trend in copper futures for August delivery on India's Multi Commodity Exchange
(MCX) is bullish and expected to trade with the trend for the day, according to our analyst
at Commodity Online.
“For intra-day, support for the commodity is seen at 425.05 and 422.25 levels while
resistance is seen at 432.65 and 434.35 levels,” said John Godson, Technical Analyst at
Commodity Online.
MCX copper futures for August delivery was seen trading up by 1.14% at Rs.430.50 per
kilogram as of 16.38 IST on Friday.
Copper futures on Comex edged up on Friday and is seen trading bullish supported by firm
global cues. Copper futures for September delivery on Globex platform of Comex was seen
trading up by 0.63% at $ 3.185 per pound as of 04.51 PM IST on Friday.
On Friday, copper touched to its peak level in more than a week as data releases from the
United States, Europe and China shown a positive review on their respective economies.
US Bureau of Labor Statistics is scheduled to release its data on Non Farm payrolls, Private
Nonfarm Payrolls and Unemployment Rate at 06.00 PM IST today. Base metal traders may
get clues for their further trading from the data released.
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