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Weekly-commodity-report by EPIC RESEACH 9 September 2013
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7/29/2019 Weekly-commodity-report by EPIC RESEACH 9 September 2013
LME base metals traded lower this week as instability in the MiddleEast managed to overshadow flow of positive macroeconomic
numbers from China and Europe.
On fundamental front, International Lead and Zinc Study reportedthat global zinc market was in surplus by 44,000 tons in the first six
months of the year, while global lead market was in deficit by 40,000tons respectively.
On production front, International Aluminum
Institute reported that total global production for July reached
2.099mn tons against 2.044mn tons in June. In China, totalProduction in July was 1.839mn tons, down from 1.843 million
Tons in June.
Non-ferrous metals may remain under pressure as concernsLoom large over Syria. High energy prices can adversely impactMetals consumption across the globe.
Spiraling energy costs deflates consumer spending and derailseconomic growth. Markets will remain nervous until there is an end
to the hostility regarding Syria.
Precious metals
Precious metals witnessed spectacular upside this week, with theYellow metal hit a three-month high of US$1,434/oz and silver Prices approaching US$25/oz. Turbulence in the Middle East andEscalating probability of US initiating a military strike on SyriaHas persuaded investors to flock for the safe haven assets.
On macroeconomic front, US housing sales and durable ordersDisappointed, however US preliminary Q2 GDP growth figures
Came in better than expected. On investment front,
The SPDR Gold Trust ETF has reported modest inflows for the pastfew days. It seems to be an encouraging sign, whereby heftyredemptions in the ETF have abated and now money seems to beflowing back.
On sovereign front, central bank gold buying activity is also picking up, with Turkey, Russia and Azerbaijan all stepping uptheir gold purchases in July. In domestic markets, Indian rupeewas worst hit, tumbling towards 69 levels and in the process
giving a massive lift to gold prices
Market participants will continue to focus on how US FederalReserve will act on September 17th policy meeting. TheConsensus is that the apex body might taper the stimulusDuring September or October; however the probability of anAttack on Syria can change the complexion of the game. GoldPrices are expected to trade steady during the course of nextFew weeks, until we get more clarity from US Federal Reserve
Meeting in September.
7/29/2019 Weekly-commodity-report by EPIC RESEACH 9 September 2013
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