Daily Commodity Market News By Epic Research - 07th OCTOBER 2014

Crude Oil futures stayed on a downward trajectory as worries over a rake hike by the US Fed and massivegains in US dollar hit the sentiments.
By: www.epicresearch.co
 
INDORE, India - Oct. 7, 2014 - PRLog -- COMMODITY WRAPUP

GOLD

Major movement in GOLD MCX short term trend is down , GOLD MCX CLOSED @ 26721 . Gold Recover from bottom @26472 ,

go upside till 26748.for keep a close eye on US data, Volatility may Rule the overall market due to USD/INR MOVEMENTS

BUY GOLD DEC ABOVE 26800 TGTS 26880,26980 SL 26720

SELL GOLD DEC BELOW 26650 TGTS 26570,26470 SL 26740

SILVER

Major movement in SILVER MCX Short term trend is down, SILVER MCX CLOSED @ 38488 . Silver Recover from bottom @

37941, go upside till 38600 for keep a close eye on US data, Volatility may Rule the overall market due to USD/INR MOVE-

MENTS .

BUY SILVER DEC ABOVE 38670 TGTS 38870,39170 SL 38370

SELL SILVER DEC BELOW 38300 TGTS 38100,37800 SL 38600

SPECIAL NEWS

Eurozone investor confidence index fell to -13.7 in October from -9.8 in September. The score was forecast to drop moderately to -10.8 in October. Investor confidence de- clined for the third straight month to the lowest since May 2013, survey figures from the think-tank Sentix showed Monday. Economic growth in South Asia is forecast to accelerate to 2016 led by an increase in activity in India, the biggest economy in a region that has the world's largest concentration of poor people, a World Bank report said.

The World Bank said the region's economy will expand by a real 6 percent in 2015 and by 6.4 percent in 2016 compared to 5.4 percent this year, potentially making it the second fastest growing region in the world after East Asia and the Pacific. The Indian economy, 80 percent of the region's output, is set to grow by 6.4 percent in fiscal year (FY) 2015/16 after 5.6 percent in FY2014/15. Other countries in the region are Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka..

COMMODITY BUZZ

Copper remained clinging to the fate of Chinese economy to a great extent, while a lot of focus also went in for the rapid strides made by Dollar against its counterparts. China is a major consumer and producer of most of the metals and therefore the news coming from that part of the world, becomes a debated topic.

Crude Oil futures stayed on a downward trajectory as worries over a rake hike by the US Fed and massivegains in US dollar hit the sentiments. Rising production from shale has pushed US crude output to a 28-year high, help- ing increase global supplies as demand is slowing and OPEC production is at a one-year high. Apart from a strong supply side, down beat estimates for global demand have been instrumental in keeping a lid on crude prices this year. A mini break towards $95 per barrel in last week of September failed to hold for WTI crude. This was the highest mark in around one month but it saw heavy selling emerge at this point and prices eventually dropped under the key $90 per barrel mark to close around its lowest level in nearly two years. However, MCX Crude oil fu- tures were locked in a sideways trade as the weak Indian rupee capped the losses for the counter.

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