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Commodity Research Report By Ways2Capital 20 Aug 2014

European markets were trading on a positive note yesterday on better than forecast profit reports from utility major EON SE and Swiss Life Holding AG. Asian markets ended higher and the US stock futures are trading in the green.

PRLog - Aug. 20, 2014 - INDORE, India -- MCX - WEEKLY NEWS LETTERS

International News

European markets were trading on a positive note yesterday on betterthanforecast profit reports from utility major EON SE and Swiss Life Holding AG. Asian markets ended higher and the US stock futures are trading in the green.

China’s Industrial Production fell to 9 percent in July from 9.2 percent in June. UK’s Claimant Count Change fell by 33.6K in July as against a decline of 39.5K in June. Unemployment Rate fell to 6.4 percent in June from 6.5 percent in May. Euro Zone’s Industrial Production fell by 0.3 percent in June as against a plunge of 1.1 percent in May.

Talks to end a month-long war between Israel and Gaza militants are "difficult", Palestinian delegates said, while Israeli officials said no progress had been made so far and fighting could soon resume.

The International Energy Agency (IEA) said that while the situation in several producer countries was "more at risk than ever," supplies were ample and the Atlantic Basin was facing a glut. OPEC output hit a five-month high of 30.44 million barrels per day (bpd) in July with a 300,000-bpd rise led by Saudi Arabia and Libya, the IEA said.

Production in Iraqi Kurdistan remains largely unaffected

U.S. and European Union sanctions on Russia over the crisis in Ukraine have not yet disrupted supply, but the IEA cautioned that the sanctions are expected to trim Russian demand. (SOURCES : Reuters)

Precious Metals

Gold prices edged higher on Tuesday on signs that the stand-off between Russia and Ukraine was hurting economic confidence in the euro zone economy. Analyst and investor morale in Germany, Europe's largest economy, plunged in August to its lowest level in more than a year and a half as the crisis in Ukraine took its toll, the ZEW monthly survey showed.

While geopolitical tension has inspired some sporadic investment buying, gold has not enjoyed much physical demand. In top consuming region Asia, demand has been sluggish after a record year in 2013. Also, investors have been cutting positions in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund. In the Indian Markets, gold prices rose by 0.34 percent on Friday. Gold prices touched an intraday High of 28891/10gms and closed at 28730/10gms.

Silver prices eased further on Tuesday in Asia following the U.S. lead as support from tensions in the Middle East and Russia-Ukraine eased on prospects for negotiations in both regions. In the Indian Markets, silver prices fell by 0.61 percent taking cues from International Silver prices. Further, Stronger Indian Rupee also added pressure to the prices. Silver Prices touched intraday low of 43555/Kg and closed at 43712/Kg

We expect gold prices to trade on the mixed note as weaker Indian Rupee on the back of Inflation data coupled with Rise in Geopolitical tensions in Iraq and conflicts between Russia and Ukraine may upsurge the demand for safe haven. However, upcoming economic data from the US will be watched for the further improvement in the economy. Additionally, Physical demand has not been strong enough to support prices. In the Indian Markets depreciation in the Indian Rupee may support prices.

Base Metals

London copper fell on Tuesday to near six-week lows as improving supply and renewed tension between Ukraine and Russia combined with a summer lull to curb investors' appetite for risky assets. Industrial production data from China due today could give a clearer view about the health of the world's second-largest economy and the biggest consumer of copper.

Among other metals, nickel has scope for further gains as third-quarter industrial activity ramps up and China's stocks have diminished since Indonesia banned exports of nickel ore in January.In the Indian Markets copper prices fell by 0.43 percent taking clues from LME prices. MCX Copper touched an intraday low of 427.4/kg and closed at 427.9/kg

We expect base metal prices to trade on the mixed note ahead of industrial production data from China and major economic data from the United States, which should paint a clearer picture of the prospect for metals as the end of the year rolls around. Further, weaker economic data from Europe and China may continue to keep prices under pressure for lesser industrial demand. However, In the Indian Markets depreciation in the Indian Rupee may support prices.


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