COMMODITY
MARKET OUTLOOK
Gold dropped after forecast-beating U.S. jobs data stoked speculation
that the Federal Reserve would move ahead with plans to raise interest rates.
Base Metal Silver settled flat as upbeat U.S. employment data added to
speculation that the Federal Reserve is gearing up to hike interest rates as
soon as next month.
Crude oil prices ended with losses after data showed that oil supplies
in the U.S. rose for the second week in a row.
Copper settle flat but prices remained under pressure after rising
inventories in Asia signalled muted demand from top consumer China.
Zinc settled
flat with markets waiting for a swathe of data that could shed fresh light on
China's appetite for metals.
Nickel prices dropped as continued strength in the U.S. dollar is
working to keep pressure on prices.
Natural gas gained reversing course after two days of losses as a storm
brewing in the Gulf of Mexico continued to strengthen.
Commodity
Market update:-
GOLD
PP-30759
R1- 30848 S1-30634
R2- 30975 S2-30545
SILVER
PP-44957
R1- 45187 S1-44571
R2- 45575 S2-44341
CRUDE OIL
PP-3043
R1- 3090 S1-2957
R2- 3176 S2-2910
NATURAL GAS
PP-193.20
R1- 197.4 S1-190.3
R2- 200.3 S2-186.1
COPPER
PP-313.4
R1- 314.3 S1-312.0
R2- 315.7 S2-311.1
COMMODITY NEWS
Japanese Chief Cabinet Secretary Yoshihide Suga said the government is
watching market moves carefully and is ready to respond
"appropriately", when asked whether Tokyo could intervene in the currency
market to stem excessive yen rises. Suga, the government's top spokesman, also
defended the Bank of Japan's controversial negative interest rate policy,
saying that such steps would benefit financial institutions if they help
improve the economy. "The Ministry of Finance, the Financial Services
Agency and the BOJ now hold regular meetings on markets," Suga told in an
interview. "Through the meetings, the government will closely watch market
moves and respond appropriately," he said when asked whether Japanese authorities could intervene in the
currency market if the yen spikes abruptly. Japan's economy ground to a halt in
April-June and analysts expect any rebound in the current quarter to be modest,
as weak global growth and the yen's 20 percent rise against the dollar this
year have hurt exports and capital spending. The BO J's decision in January to
adopt negative interest rates has failed to arrest unwelcome yen gains and
instead drew market criticism for hurting financial institutions' profits. Suga
said the BO J's policies will give financial institutions "huge" Benefits if they successfully boost the economy, adding that it was up
to the central bank to decide on specific monetary policy steps.
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