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BULLION
The US consumer price index (CPI) for jewelry rose
1 % year on year to 178.73 points in June, which
was the first notable increase since September
2012, a Rapaport report noted.
The jewelry CPI has fallen 1.6 % for the first half of
2013, primarily as a result of lower prices for gold
and platinum.
Nonetheless, the CPI in June maintained a
historically strong trend, registering the 30th
consecutive month of more than 170 points.
The CPI for jewelry reached a record 183 points in
January 2012, but then prices for polished
diamonds, gold and platinum began to decline.
Only diamond prices have since stabilized,
according to Rapaport Research.
Meanwhile, the CPI for all product categories
combined jumped 1.7 % year on year in June to
232.94 points, which was a record high. The
previous index record was 232.77 points posted in
February.
MARKET NEWS
ENERGY
The trend in crude oil futures for July delivery on
India's Multi Commodity Exchange (MCX) looks
bullish for the day and traders are advised to stay
on buying side.
“For intra-day, support for the commodity is seen
at 6270 while resistance is seen at 6350. If prices
break the level of 6350 then the commodity is
expected to move towards 6400,” said Amrita
Mashar, Research Analyst at Commodity Online.
MCX crude oil futures for July delivery was seen
trading up by 0.56% at Rs. 6320 per barrel as of
06.33 PM IST on Tuesday.
Crude oil prices in the global market edged up on
Tuesday and touched three month high due to a
fall in inventories, political tensions in the middle
east and higher demand.
Production and supply disruptions in African
countries (in Libya, Nigeria and others) were seen
supporting crude oil prices to certain extent.
BASE METAL
Fears of China slow down have been haunting
the futures for a long time now.
The overly pessimistic market in the past few
weeks and months is making copper vulnerable
to a short-term recovery," Eugen Weinberg,
head of commodity research at Commerzbank
said to Reuters.
"Much of the growth fears are already priced in.
So I don't see much potential to the downside.
But any price increase is going to be gradual.
The Chinese demand situation remains very
challenging," he added.
US consumer price index, registered a jump of
0.5% in June subsequent to a gain of 0.1% in
May.
Even as copper prices on the LME went up on
data suggestive of a climb in inflation in US, the
gains in futures have been limited here on MCX;
thanks to the strengthening of Rupee and
weakening of Dollar.
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