COMMODITY HEADLINES

 White metal shines on firm global cues
 Copper futures dip 1.47% on muted spot demand
 Yellow metal loses shine on global cues
 Crude oil little changed on oversupply concerns
 Lead futures slip 0.85% on diminishing physical demand
 Copper futures drop 0.37% on profit-booking

TODAY'S Recommendations
BUY GOLD ABOVE 28650 TGT 28750 28950 SL BELOW 28550
SELL GOLD BELOW 28400 TGT 28300 28100 SL ABOVE 28500
BUY SILVER ABOVE 39500 TGT 39700 40100 SL BELOW 39300
SELL SILVER BELOW 39180 TGT 38980 38580 SL ABOVE 39380

SPECIAL NEWS

The International Monetary Fund said its board has approved the disbursement of a second loan tranche to Moldova worth $21.5 million. The IMF and the ex-Soviet country agreed in November a three-year loan program worth $178.7 million, after negotiations had earlier been disrupted by a $1 billion corruption scandal that plunged the country into turmoil. The IMF praised measures taken by the Moldovan authorities since then to stabilize the economy, which is forecast to grow 4.5 percent in 2017.

"The program is broadly on track, enjoys strong country ownership, and is supported by the firm commitment of policymakers to sound economic management," the IMF said in a statement late on Monday. "The authorities continue to make significant progress in tackling long-standing vulnerabilities in the financial sector and advancing structural reforms.”

In 2015 Moldova's negotiations with the IMF and the European Union on funding were disrupted by the disappearance of the equivalent of one eighth of national output from Moldova's banking system, which triggered an economic and political crisis. The shock to the banking sector caused the economy to shrink 0.5 percent in 2015, although it returned to growth in 2016, expanding 4.1 percent.

The IMF said the Moldovan government's priorities for 2017 should include strengthening revenues and implementing structural fiscal reforms. If Moldova sticks to the IMF program, the loan will continue to be disbursed in tranches based on semi-annual reviews.

COMMODITY BUZZ

Gold prices moved slightly higher on Tuesday, as Monday’s disappointing U.S. data continued to weigh on the greenback and as invesrtors were eying this week’s policy statement by the Federal Reserve. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were up 0.17% at $1,257.70.

The dollar weakened after the Institute of Supply Management said on Monday that itsmanufacturing purchasing managers’ index fell to 54.8 in April from 57.2 the previous month, compared to expectations for a downtick to 56.5. A separate report showed that U.S. personal spending was flat in March, confounding expectations for a 0.2% rise and after a 0.1% gain. The U.S. dollar index, which measures the greenback’s strength against a tradeweighted basket of six major currencies, was little changed at 98.97.

U.S. oil prices moved higher on Tuesday, but gains were expected to remain limited amid ongoing concerns over rising U.S. Crude production and the risk of seeing major oil producers put an end to their output reduction plan. U.S. crude futures for June delivery were up 0.47% at $49.07 a barrel. On the ICE Futures Exchange in London, the July Brent contract advanced 0.78% to $51.94 a barrel.

Crude has been under pressure in recent weeks amid fears that an ongoing rebound in U.S. shale production is derailing efforts by other major producers to re-balance global oil supply and demand. U.S. drillers last week added rigs for the 15th week in a row, data from energy services company Baker Hughes showed on Friday, implying that further gains in domestic production are ahead.


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