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MARKET WRAP
Dollar's sharp gains on yen pressured gold
Gold ends off, hit by firm dollar
Copper, aluminum stockpiles continue decline
Copper suffering its first weekly decline in four weeks
U.S. crude rose 3 percent to hit a four-week high above $76
Gold turned red after five consecutive weekly gains owing to better US economic data
and rising global equity markets. Gold has made a double top and resisted at a new two
month high of $1262 and a weekly low of $ 1237 to end at $ 1246. The shine of gold as
a safe haven became less in the later part of the week as it shred $ 11 on better than
expected US jobless claims data at 451K vs. 470K and lower US trade balance at
(-)42.88B. Gold consolidated this week as market waits for fresh momentum to climb
higher as it is in a tight range of $ 1260 - $ 1240. The world’s largest gold back ETF,
New York’s SDPR gold trust reported a drop in its holdings by 0.911 tonnes for second
consecutive weeks. Its now at 1,293.531 tonnes.
Copper settled at $ 340 ending the three consecutive weeks’ gains. Copper shred $ 8
after resisting at $351.88 and touched weekly low of $ 338. Base metals melt down
after as Chinese government clamps down on property speculation, shutters energy-
intensive factories and limits lending led by liquidation in Shanghai zinc where open
interest fell 10 percent. On an average, metals on LME slumped by 3 percent with rising
dollar against euro supported weak trend. The latest data of Chinese industrial
production came better than expected at 13.9% vs. 13.1% while its consumer prices
rose 3.5%. This economic data may support the falling copper in the coming week.
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