BULLION:
Gold fell further in Asia on Wednesday as China consumer prices gained at a faster pace than seen in February and ahead of an upcoming European Central Bank review of interest rates. Consumer prices in China rose at a faster pace than expected in February, setting the stage for a tighter corridor to ease monetary policy in the face of slowing growth. In China CPI for Feb., rose 1.6%, above the gain of 1.1% expected m on m for a yoy pace of 2.3%, well above the 1.9% seen.
Gold fell further in Asia on Wednesday as China consumer prices gained at a faster pace than seen in February and ahead of an upcoming European Central Bank review of interest rates. Consumer prices in China rose at a faster pace than expected in February, setting the stage for a tighter corridor to ease monetary policy in the face of slowing growth. In China CPI for Feb., rose 1.6%, above the gain of 1.1% expected m on m for a yoy pace of 2.3%, well above the 1.9% seen.
BASE METAL:
LME copper is predicted to
narrowly range USD 4,960~4,990/mt during Asian trading hours Thursday with both
longs and shorts staying wary. Markets expect the ECB to release looser
monetary policies. SHFE 1605 copper should fluctuate between RMB
37,300-37,750/mt on Mar. 10 and spot discounts of RMB 60-120/mt are expected
again SHFE 1603 copper. Eyes will be also on March interest rate decision by
the ECB and speeches of President of ECB Draghi.
ENERGY:
Crude oil prices held weaker in Asia on Wednesday as investors noted higher than expected consumer inflation in China and awaited further signals on production trends with Saudi Arabia under the scanner as it struggles with the economic impact of falling prices on its national budget. In China CPI for February rose 1.6%, above the gain of 1.1% expected month-on-month for a year-on-year pace of 2.3%, well above the 1.9% seen. Producer price data fell 4.9% year-on-year as expected.
Crude oil prices held weaker in Asia on Wednesday as investors noted higher than expected consumer inflation in China and awaited further signals on production trends with Saudi Arabia under the scanner as it struggles with the economic impact of falling prices on its national budget. In China CPI for February rose 1.6%, above the gain of 1.1% expected month-on-month for a year-on-year pace of 2.3%, well above the 1.9% seen. Producer price data fell 4.9% year-on-year as expected.
BULLION & ENERGY
| CS GOLD (APRIL) OVERVIEW: | ||
 |
TREND : SIDEWAYS
RESIST 2: 30000
RESIST 1: 29830
SUP 1: 29280
SUP 2: 29050
STRATEGY: BUY ON DIPS | |
| CS SILVER (MAY) OVERVIEW: | ||
 |
TREND : BEARISH
RESIST 2: 37970
RESIST 1: 37630
SUP1: 36830
SUP2: 36380
STRATEGY : SELL ON RISE | |
| CS CRUDE OIL (MARCH) OVERVIEW: | ||
 |
TREND :BULLISH
RESIST 2:2640
RESIST 1:2600
SUP1:2470
SUP2:2420
STRATEGY: BUY ON DIPS | |
| CS NATURAL GAS (MARCH) OVERVIEW: | ||
 |
| |
BASE METAL
| CS COPPER (APRIL) OVERVIEW: | |
 |
TREND
:BEARISH
RESIST
2:339
RESIST
1:336
SUP1:332
SUP2:330
STRATEGY: SELL ON RISE |
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