Daily News of Commodity Market by EPIC RESEARCH 6 June 2014

COMMODITY WRAPUP

GOLD
Major movement in GOLD MCX on Thursday. Short term trend is up, GOLD MCX CLOSED @ 25975.YESTERDAY Gold Recover from bottom @ 25760 , may go upside till 25975.for keep a close eye on US data, Volatility may Rule the overall market due to USD/INR MOVEMENTS .
BUY GOLD ABOVE 26020 TGT 26100,26200 SL BELOW 25920
SELL GOLD BELOW 25870 TGT 25790,25690 SL ABOVE 25980

SILVER

Major movement in SILVER MCX on Monday. Short term trend is up, SILVER MCX CLOSED @ 40282.YESTERDAY Silver Re-cover from bottom @ 39615 , may go upside till 40470.for keep a close eye on US data, Volatility may Rule the overall market due to USD/INR MOVEMENTS .
BUY SILVER ABOVE 40300 TGT 40500,40800 SL BELOW 40000
SELL SILVER BELOW 39900 TGT 39700,39400 SL ABOVE 40200

 
SPECIAL NEWS

The advance figure for seasonally adjusted initial claims was 3,12,000 forthe week ending May 31, an increase of 8,000 from the previous week’s revised level. The four week moving average was 3,10,250, a decrease of 2,250 from the previous week’ s revised average. The advance number for seasonally adjusted insured unemployment during the week ending May 24 was 2,603,000, a decrease of20,000 from the previous week’s revised level. The 4 week moving average was2,635,000, a decrease of 18,250 from the previous week’s revised average.

The interest rate on the main refinancing operations of the Euro system will be decreased by 10 basis points to 0.15%, starting from the operation to be settled on 11 June 2014.

The Bank of England’s monetary policy committee at its meeting today voted to maintain bank rate at 0.5%. The committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.

COMMODITY BUZZ

MCX Gold futures are trading marginally lower amid dull moves in the global markets. COMEX Gold futures are trading flat in the electronic session today ahead of the European Central Bank’s board meeting on monetary policy. Markets were also eyeing Friday’s US nonfarm payrolls to gauge the strength of the economy. Gold for August delivery is trading at $1,246 per ounce, up $2 per ounce on the Comex division of the New York Mercantile exchange. MCX Gold trades at Rs 25850 per. 10 grams, down Rs 7 per 10 grams on the day with 5% increase in the open interest.

The American Petroleum Institute late Tuesday reported that crude supplies fell 1.4 million barrels for the week ended May 30, according to sources. Analysts surveyed by Platts had forecast a decline of 2 million barrels .
 

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