COMMODITY DAILY REPORT: 4th Dec, 2013 BULLIONS TRADED UNDER PRESSUR, CRUDE JUMPED OVER 2% ON EXPECTATIONS OF DECLINE IN STOCKS Bullions desk remained choppy on the absence of fresh economic data from US however somewhat short covering seen in COMEX Gold to $1225 after falling below $1220 and Silver prices could not break support of $19. Crude oil was the top gainer, up by more than 2% towards $96 as strong economic data boosted the demand outlook and outages in Libya maintained concerns about supply and expectations of supply drop from US supported prices. Base metals complex traded choppy where LME Copper traded near $6950 with modest losses. Crude oil prices turned positive after data showed U.S. factory activity expanded last month at its fastest pace in 2.5 years. China’s manufacturing index hit an 18-month high in November. COMEX spot gold is expected to remain under selling pressure until it close above $1260; it may fall near $1200/$1180 in coming days if upcoming US economic data shows improvement. Silver is also expected to witness selling below $19. LME copper has support at $6900 and resistance at $7100. Crude oil is expected to trade positive if it sustains above $95. Today, important economic data from US will be released including ADP employment change, existing homes sales and US crude oil inventory data which would decide the further trend.
Posted on: Wed, 04 Dec 2013 03:56:30 +0000
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