Daily Commodity Report 10th May 2017 by Epic Reseach


Posted May 10, 2017 by EPICRESEARCH

Gold prices declined in North American trade on Tuesday, sliding to the lowest level in around eight weeks amid fading demand for safe-haven assets.

 
COMMODITY HEADLINES

 Sluggish physical demand bites cardamom
 Zinc futures surge 1.95% on uptick in demand
 Uptick in demand lifts nickel futures by 1.39%
 White metal little changed on global cues
 Copper futures gain 0.67% on upsurge in demand
 Yellow metal keeps head above water

TODAY'S Recommendations
BUY GOLD ABOVE 28200 TGT 28300 28500 SL BELOW 28100
SELL GOLD BELOW 28000 TGT 27900 28700 SL ABOVE 28100
BUY SILVER ABOVE 38300 TGT 38500 38900 SL BELOW 38100
SELL SILVER BELOW 37800 TGT 37600 37200 SL ABOVE 38000

SPECIAL NEWS

Economic growth in sub-Saharan Africa should recover slightly to 2.6 percent this year after a more than two-decade low in 2016 as commodity exporters faced lower prices, the International Monetary Fund said on Tuesday.

However, resourcerich Nigeria, Angola and Central Africa's six-nation CEMAC bloc are still struggling to deal with the losses caused by low oil prices, the IMF said. "The overall weak outlook partly reflects insufficient policy adjustment," said Abebe Aemro Selassie,

Director of the IMF's African Department, adding that this was holding back investment. In non-oil producers such as Ivory Coast, Kenya, and Senegal, growth is expected to remain strong at over 5 percent but vulnerabilities such as rising public debt are starting to emerge, it said. For a decade, subSaharan African economic growth of around 5 percent drew in foreign investment but that is drying up with economic growth now barely keeping up with population growth.


COMMODITY BUZZ

Gold prices declined in North American trade on Tuesday, sliding to the lowest level in around eight weeks amid fading demand for safe-haven assets. Comex gold futures fell $3.20, or about 0.3%, to $1,224.00 a troy ounce by 8:15AM ET (12:15GMT). Meanwhile, spot gold was at $1,223.50. The yellow metal hit its lowest since March 16 at $1,221.00 on Monday as safe-haven demand ebbed after market-friendly centrist Emmanuel Macron beat farrightist Marine Le Pen to clinch the French presidency

The widelywatched CBOE Volatility Index, which measures implied volatility of U.S. stock options and is often seen as an investor fear gauge, closed down almost 8% at 9.77 on Monday, its lowest since December 1993. Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was stronger for a third consecutive session, gaining 0.4% to a more than two-week high of 99.40 in New York morning trade.

Oil rose on Tuesday but faced headwinds from concern over slowing demand and the rise in U.S. crude output that has shaken investors' faith in the ability of OPEC to rebalance the market. Brent crude futures (LCOc1) were up 9 cents at $49.43 per barrel at 1110 GMT (7.10 a.m. ET), above a session low of $49.18, while U.S. West Texas Intermediate futures (CLc1) were up 11 cents at $46.54 per barrel.

Weekly U.S. data on crude production and inventories, plus monthly reports on supply and demand from the Organization of the Petroleum Exporting Countries and the U.S. Energy Information Administration this week, should provide a detailed picture of how quickly global crude inventories are falling.

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Issued By Epic research limited
Country India
Categories Business
Tags commodity tips , commodity trading tips , epic research , free commodity tips
Last Updated May 10, 2017