News and Analysis
- Spanish Unemployment Change fell to 127,200 in the last month
- UK's Construction PMI increased by 0.2 points to 51-mark in June
- API crude oil inventories expected to fall by 2.7 mn bbl - Reuters.
Spanish Unemployment Change fell to 127,200 in June as against a previous fall of 98,300 in May. European Producer Price Index (PPI) fell by 0.3 percent in May from earlier fall of 0.6 percent a month ago.
UK's Construction Purchasing Managers' Index (PMI) increased by 0.2 points to 51-mark in June as against a rise of 50.8-level in May.
Spot gold prices are trading higher today on the back of recovery in prices after a sharp fall was observed in the last week. However, strength in the US Dollar Index (DX) capped sharp gains in the prices. The yellow metal touched an intra-day high of $1267.20/oz and hovered around $1259.56/oz today till 4:30pm IST. In the Indian markets, depreciation in the Rupee supported an upside in the prices on the MCX.
Taking cues from rise in gold prices along with mixed performance in the base metals complex, Spot silver prices rose by 0.4 percent today. However, strength in the DX prevented sharp upside in the prices. The white metal touched an intra-day high of $19.81/oz and was trading at $19.63/oz till 4:30pm IST today. Depreciation in the Rupee supported an upside in prices on the MCX.
The base metals group traded on a positive note apart from Copper on the back of favorable economic data from Euro Zone and UK. Further, decline in LME inventories except Nickel acted as a positive factor. However, strength in the DX restricted positive movement in prices. On the domestic front, depreciation in the Rupee supported an upside in the prices.
Nymex crude oil prices gained around 0.2 percent today taking cues from expectations of decline in API crude oil inventories. Further, favorable economic data from Euro Zone and UK also supported an upside in the prices. However, strength in the DX capped sharp gains in prices. On the domestic front, depreciation in the Rupee supported an upside in the prices.
The American Petroleum Institute (API) is scheduled to release its weekly inventories today and US crude oil inventories are expected to decline by 2.7 million barrels for the week ending on 28th June 2013. Gasoline stocks are expected to gain by 0.4 million barrels and distillate inventories are expected to shoot up by 1.1 million barrels for the same week.
Outlook: In the evening session, we expect precious metals, base metals and crude oil prices to trade higher on the back of favorable economic data from Euro Zone and UK. Further, expectations of positive factory orders data from US will act as a favorable factor for prices. However, strength in the DX and will cap sharp gains in prices for the dollar denominated commodities. Crude oil prices will further take cues from forecast for decline in API crude oil inventories which will act as a positive factor for oil prices.
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