17th apr-21st apr, 2017 weekly commodity report · failed to weigh on sentiment. gold for june...
TRANSCRIPT
INDIAN MARKET AS ON THURSDAY
SEGMENT
CURRENT VALUE
PRE.WEEK CLOSING
% CHANGE
GOLD
29409
28684
2.52%
SILVER
42571
41379
2.88%
CRUDEOIL
3420
3359
1.81%
ZINC
168.60
171.95
-1.94%
LEAD
144.70
145.15
-0.31%
ALLUMINIUM
123.10
125.75
-2.10%
COPPER
366.20
376.05
-2.61%
NICKEL
626.70
656.80
-4.58%
NATURAL GAS
207.10
210.00
-1.38%
MCX NEWS OF THIS WEEK
Gold prices traded higher on Thursday, as investors continued to back the
precious metal amid geopolitical concerns while mostly upbeat economic data
failed to weigh on sentiment. Gold for June delivery on the Comex division of
the New York Mercantile Exchange added $10.05, or 0.78%, to $1,288.15 a
troy ounce by 13:39 EDT. Gold is on track for its best week since June. Gold
prices shrugged off upbeat economic data as investors continued to pour into
safe haven assets such as gold amid concerns geopolitical tensions could
escalate, as a U.S. carrier group sailed towards the Korean Peninsula. U.S. –
Russia relations have strained over the past few days, as U.S. Secretary of
State Rex Tillerson received an icy reception on arrival at Moscow on
Wednesday, after the U.S. launched an airstrike on a Syrian airbase. U.S.
President Donald Trump said Wednesday, the U.S. is “not getting along” with
Russia and relations are at an “all-time low”.
The oil market is rebalancing in the short term, and demand will continue to grow in the long term, Saudi Aramco Chief Executive Amin Nasser said at the Columbia University Energy Summit on Friday. In the short term, the oil market has a surplus, but Nasser said that supplies are falling behind what will be required in coming years."The future market situation will be increasingly on firmer grounds, though volatility could continue until the rebalancing takes firmer hold and inventory withdrawals assume a more consistent trend," he said.In both 2018 and 2019, Aramco expects demand to continue to grow, and Nasser said he expects the growth will continue into the years ahead.
DATA OF THE WEEK
DATE DATA PREVIOUS FORECAST
Apr 12 Crude Oil Inventories
Apr 13 PPI m/m 0.3% 0.0%
Apr 13 Unemployment Claims 234K 242K
Apr 14 CPI m/m 0.1% 0.0%
Apr 14 Core CPI m/m 0.2% 0.2%
Apr 14 Core Retail Sales m/m 0.2% 0.2%
Apr 14 Retail Sales m/m 0.1% 0.1%
UPCOMING DATA
DATE DATA PREVIOUS FORECAST
Apr 18 Building Permits 1.22M 1.25M
Apr 19 Crude Oil Inventories
Apr 20 Philly Fed Manufacturing Index 32.8 25.6
Apr 20 Unemployment Claims 234K 241K
Apr 20 Treasury Sec Mnuchin Speaks
ADVICE ON GOLD
Trend: BULLISH
Recommendation: BUY ABOVE 29430
Targets: 29580/29730
ADVICE ON CRUDE OIL
Trend: BULLISH
Recommendation: BUY ABOVE 3460
Targets: 3520/3580
ADVICE ON ZINC
Trend: BEARISH
Recommendation: SELL BELOW 165.90
Targets: 163.30/161.80
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