Emkay Commodity Research has come out with its report on energy, precious metals and base metals. According to the research firm, Gold in India is also expected go down and rupee is expected to be in a range ahead of IIP and inflation data.
Precious Metals:- U.S. gold futures for June delivery settled up USD 6.10 at USD 1,564.90 an ounce, with trading volume about 25 percent below its 30-day average.
- Gold prices gained slightly as bargain buying surfaced and a weaker dollar also supported prices.
- However uncertainty over continuation of Fed’s stimulus plan and possible sale of gold reserves by Cyprus limited the upside in prices.
- SPDR Gold Trust, the world's largest gold-backed exchangetraded fund’s holdings fell 0.18 percent to 1181.42 tonnes on Thursday from 1183.53 tonnes on Wednesday Gold prices are expected to go down as lower unemployment claims strengthened signs of improving labor conditions in US, and stronger equities likely to hurt gold’s safe haven appeal.
- Gold in India is also expected go down and rupee is expected to be in a range ahead of IIP and inflation data.
- Gold for June delivery on the Multi Commodity Exchange (MCX) was down by 0.16 percent at INR 29,184/10gms.
- U.S. crude futures for May delivery settled down USD 1.13 at USD 93.51 a barrel, down by 1.19 percent.
- Crude prices were down as the OPEC, EIA and IEA all have lowered their forecast for global growth in oil demand in 2013 which pushed prices down.
- Lower unemployment claims and a weaker dollar prevented further downfall in crude prices amid concerns for excess supply.
- We expect crude prices to go down as lower demand and huge inventories will continue to put pressure on prices. However tensions in Korea are likely to limit the downside in prices.
- U.S. natural gas ended higher as inventories fell last week by 14 billion cubic feet which supported prices.
- However the receding winter season is likely to reduce the heating demand for natural gas and push prices down.
- Front-month gas futures on the New York Mercantile Exchange ended up 5.4 cents, or 1.3 percent, at USD 4.139 per million British thermal units after climbing to a new 20-month high of USD 4.185.
- Lower demand outlook for crude and high inventories likely to purt pressure on prices- SELL CRUDE
- In New York, COMEX copper for May delivery closed at USD 343.35 a tonne, up by USD 1.55, or 0.45 percent.
- Copper prices were up on lower unemployment claims which showed signs of improving labor market condition and a weaker dollar supported prices.
- An improving seasonal demand from China also helped push prices higher.
- Base Metals are expected to go slightly up on improving outlook for China. However investors would remain cautious ahead of industrial production data from Euro zone and China GDP data to confirm the demand outlook.
- Three-month copper on the London Metal Exchange closed at USD 7,594 a tonne, up by USD 14.25 or 0.19 percent.
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