COMMODITY HEADLINES

 Nickel futures in reverse gear
 Zinc futures climb 1.15% on rise in Chinese imports
 White metal shines on safe-haven buying
 Copper futures in reverse gear
 Oil slips as White House proposes US oil reserve sales
 Yellow metal shines amid global worries
 Aluminium futures slide 0.40% on diminishing demand

TODAY'S Recommendations
BUY GOLD ABOVE 28880 TGT 28980 29180 SL BELOW 28780
SELL GOLD BELOW 28750 TGT 28650 28450 SL ABOVE 28850
BUY SILVER ABOVE 40250 TGT 40450 40850 SL BELOW 40050
SELL SILVER BELOW 39600 TGT 39400 39000 SL ABOVE 39800

SPECIAL NEWS

Former Federal Reserve Chairman Ben Bernanke said on Wednesday the Bank of Japan may need to coordinate with the government's new fiscal spending program by allowing inflation to overshoot its consumer price target.

Making a temporary commitment to allow inflation to overshoot would help keep the ratio of debt to gross domestic product stable, and is different from directly underwriting fiscal spending, Bernanke said.Bernanke also said the BOJ's current policy framework may be reaching its limits because short- and long-term interest rates are near zero, but the need for more easing cannot be ruled out.

Japan's upper house of parliament approved on Wednesday the two government nominees for the Bank of Japan's policy board, paving the way for the nominations to sail through the lower chamber where the ruling coalition has a comfortable majority.The nominations to the nine-member BOJ board of a reflation-minded economist and an executive from Bank of Tokyo-Mitsubishi UFJ - one of Japan's biggest commercial banks - were seen as maintaining the status quo on monetary policy.

.One of the nominees, Goushi Kataoka, a 44-yearold economist at Mitsubishi UFJ Research and Consulting, has been a vocal advocate of Prime Minister Shinzo Abe's reflationist policies including the central bank's massive asset-buying program.The other nominee to join the board is 63-year-old Hitoshi Suzuki, a director for Bank of Tokyo-Mitsubishi UFJ.

COMMODITY BUZZ

Gold dipped in Asia on Wednesday after Moody's Investors Service on Wednesday downgraded China's credit rating to A1 from Aa3, changing its outlook to stable from negative, citing expectations that China's financial strength will erode somewhat over the coming years.

Gold for June delivery on the Comex division of the New York Mercantile Exchange eased 0.30% to $1,251.69 a troy ounce. China regularly view with India as the world's top gold importer and a slowdown in demand would weigh on sentiment.Investors look ahead to the release of the Federal Reserve’s minutes for its April meeting on Wednesday, to gauge whether the Fed’s outlook concerning monetary policy has been impacted by recent economic data and geopolitical developments.

Oil prices rose on Wednesday, supported by increasing confidence that an OPEC-led production cut aimed at tightening the market would be extended through the rest of 2017 and the first quarter of next year.Brent crude futures at 0147 GMT were up 13 cents from their last close at $54.28 per barrel.U.S.

West Texas Intermediate (WTI) crude futures were at $51.58, up 11 cents.Both benchmarks have risen more than 12 percent from their May lows.Prices have rebounded on a growing consensus that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (bpd) would be extended to March 2018, instead of just covering the first half of this year.

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