GOLD
Gold futures were lower in Asian trade on Wednesday. On the
Comex division of the New York Mercantile Exchange, Gold futures for December
delivery traded at USD1085.20 a troy ounce at time of writing down 0.50%. Gold was likely to find support at USD1079.20
and resistance at USD 1103.00. Gold steadied not far from a 5-1/2-year low
early on Wednesday after comments from a Federal Reserve official backed
investor expectations that the U.S. central bank would hike interest rates as
early as next month.
BASE METAL
US non-farm payrolls should be closely watched. Markets
expect July’s ADP employment change to be downbeat. Base metal prices were
supported by Chinese stocks rallying Tuesday. The Shanghai and Shenzhen
exchanges said in separate statements on Monday night that new rules, effective
immediately, banned traders from borrowing and repaying stocks on the same day
- a step that raises risks for short-sellers.
LME copper prices fell back after initial rises Tuesday and closed at
USD 5,222/mt, gaining USD 31/mt. SHFE 1510 copper contract may trade at RMB
38,000-38,500/mt on August 5. Spot copper will be quoted at discounts of RMB
20-80/mt to SHFE 1508 copper contract.
Crude oil futures were
higher during the Asian session on Wednesday. On the New York Mercantile
Exchange, Crude oil futures for September delivery traded at USD 45.97 a barrel
at time of writing up 0.49%. Earlier, it traded at a session high USD 46.06 a
barrel. Crude oil was likely to find support at USD45.08 and resistance at
USD48.62. Investors are awaiting for today's inventory report.
CS CRUDE OIL (JULY) OVERVIEW:
TREND :BEARISH
RESIST 2:3075
RESIST 1:3040
SUP1:2900
SUP2:2850
STRATEGY: SELL ON RISE
Buy Silver Sep above 33500 TGT 33630 & 33800 SL 33351-
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