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Transcript of Free Commodity Market Weekly News

  • 28 JULY 01 AUGUST 2014 W E E K L Y R E P O R T Blow by Blow On Bullions, Base metals, Energy WWW.TRIFIDRESEARCH.COM
  • MAJOR EVENTS MCX Gold futures are trading with modest gains after witnessing yet another correctionyesterday. COMEX Gold futures extended their losses in overnight trades as strong USeconomic data pulled the metal well under $1300 per ounce levels to test their five week low. The counter fell sharplyafter the US initial jobless claims hit an eight year low and stocks stayed supported.However, an uncertain global geopolitical environment triggered some buying in Asia todayand the commodity currently trades at $1292.60 per ounce, up $1.80 per ounce on the day.MCX Gold futures are trading at Rs 27687 per 10 grams, up Rs 61 per 10 grams or 0.22% onthe day. US labor markets continue to display signs of strength. The number of people whoapplied for regular state unemployment-insurance benefits in the week that ended July 19 plummeted by 19000 to 284000, marking their the lowest level since February 2006. The average of new claims over the past month declined by 7250 to 302000, recording its lowest level since May 2007, the US Labor Dep. reported. The Govt. also said that continuing claims in the week that ended July 12 fell by 8000 to a seasonally adjusted 2.5million also marking the lowest level since June 2007. The US Energy Information Administration said in its weekly report that natural gasstorage in the U.S. in the week ended July 18 rose by 90 billion cubic feet, belowexpectations for an increase of 96 billion cubic feet. The five-year average change forthe week is an increase of 46 billion cubic feet. Working gas in storage was 2,219 Bcf asof Friday, July 18, 2014, according to EIA estimates. Stocks were 561 Bcf less than lastyear at this time and 683 Bcf below the 5-year average of 2,902 Bcf. The rise in inventories was less than expected and it helped the commodity bottom out after apersistent wave of selling in last few weeks. Natural gas prices have been on a downward trajectory amid demand worries and heavy stocks. The benchmark September Natural Gasfutures rose from a seven month low after the latest data and currently quotes at $3.852per mmbtu, up 0.05% on the day. Natural Gas Futures Off Seven Month Low On Stocks Data Zinc Extends Rally to 35- Month High on Supply Concerns. Zinc prices extended a rally to a 35-month high as speculation mounted that global demand will exceed supplies. Lead rose to the costliest this year. Zinc inventories monitored by the London Metal Exchange have tumbled 30 percent this year to 653,900 metric tons, the lowest since December 2010. Goldman Sachs Group Inc. forecasts a global production deficit will widen to 154,000 metric tons next year. Theres some genuine supply concerns, . The decline in LME inventories has been extremely sharp. We can easily reach sub-500,000 tons by the end of the year, which should be a significant supply squeeze. Zinc for delivery in three months rose 0.1 percent to settle at $2,390 a ton at 5:50 p.m. on the LME. Earlier, the price reached $2,413, the highest since Aug. 4, 2011. The price has advanced 16 percent this year. Lead climbed 1.3 percent to $2,267 a ton. The metal reached $2,279, the highest since Dec. 30. Copper fell 0.6 percent to $7,125 a ton ($3.23 a pound), snapping a four-day rally. Freeport-McMoRan Inc. got approval from Indonesia to resume exports after a dispute with the government reduced output for six months. Nickel and tin climbed, while aluminum fell in London. On the Comex in New York, copper futures for September delivery fell 0.8 percent to $3.2405 a pound. Gold Off Five Week Low In Asia.
  • E C O N O M I C C A L E N D E R DATE & TIME DESCRIPTION FORECAST PREVIOUS July 28 7:15pm Flash Services PMI 62.3 61.0 7:30pm Pending Home Sales m/m -0.2% 6.1% July 29 6:30pm S&P/CS Composite-20 HPI y/y 9.8% 10.8% 7:30pm CB Consumer Confidence 85.5 85.2 July 30 5:45pm ADP Non-Farm Employment Change 234K 281K 6:00pm Advance GDP q/q 3.1% -2.9% 6:00pm Advance GDP Price Index q/q 1.8% 1.3% 8:00pm Crude Oil Inventories -4.0M Day 1 ALL G20 Meetings 11:30pm FOMC Statement 11:30pm Federal Funds Rate