Commodity Research Report Ways2Capital 14 July 2015

INDORE, India - July 14, 2015 - PRLog -- MCX - WEEKLY NEWS LETTERS

INTERNATIONAL NEWS

✍ BULLION

Gold scaled higher on Friday, further off a four-month low, as the dollar tumbled against the euro on signs of progress in Greece's efforts to secure fresh funding. Spot gold was up 0.2 per cent at $1,161.88 an ounce by 1029 GMT. Prices touched $1,146.75 on Wednesday, their lowest since March 18, when the dollar was boosted by weakness in the euro on Greece and the tumble in Chinese stock markets.

US gold for August delivery gained 0.2 per cent at $1,161.70 an ounce. The euro climbed 1.2 per cent against the dollar, making dollar-denominated assets such as gold cheaper for buyers using other currencies. "Gold is getting some support from the stronger euro but if we get a deal with Greece on Sunday, it should be bearish for gold because it removes any risk," Societe Generale analyst Robin Bhar said. "The major driver is the U.S. because we have Yellen speaking today and markets will be watching that for any clues about the rate hike." Federal Reserve Chair Janet Yellen will speak on Friday on the U.S. economic outlook at 1630 GMT. "No doubt, gold has been a profound disappointment for the bulls over the past few months ...to see repeated rallies fizzle," INTL FCStone analyst Edward Meir wrote.

Physical demand remained tepid this week as prospective investors in China chased bargains in equities after a market rout, while those in India delayed purchases. The metal in India was still sold at a discount to the global benchmark. Chinese stocks rose sharply for a second day on Friday after Beijing moved to arrest a rout that pulled down key indexes by around 30 per cent from mid-June, banning shareholders with large stakes in listed firms from selling. Also aiding gold, the International Monetary Fund trimmed its forecast for global economic growth this year to 3.3 per cent from a previous estimate of 3.5 per cent, citing recent weakness in the United States.

Silver was up 0.5 per cent at $15.44 an ounce, palladium rose 1.7 per cent to $648.50 an ounce and platinum gained 1.4 per cent to $1,032.50 an ounce

✍ ENERGY

Crude oil prices bounced on Thursday on strong economic data from Japan and Germany, and as Chinese shares picked up after the government launched new steps to halt a rout in its stock markets. Front-month US crude futures were up 80 cents at $52.45 a barrel by 0745 GMT, but were still almost 8 percent lower than at the end of last week. Brent crude was 70 cents higher at $57.75 a barrel, though still 4 per cent below last Friday.Chinese stocks rallied on Thursday after the securities regulator banned shareholders with large stakes in listed firms from selling, in Beijing's most drastic step yet to stem a sell-off that has roiled global financial markets.


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