“Opec oil output hits 3-year high in 10- JUL.-2015

BULLION:-

In June the increase in sales amounted to even a surplus of nearly 60 per cent, which makes it the fifth highest monthly balance of the recent three and a half years. The German precious metals trading company Degussa Goldhandel GmbH has reported a very significant increase in physical gold investments in the first half of 2015. Compared to 2014, the increase in sales on individual months was a minimum of 30 per cent and in most cases in excess of 50 per cent higher than the previous year, as per an official release. In June the increase in sales amounted to even a surplus of nearly 60 per cent, which makes it the fifth highest monthly balance of the recent three and a half years.

BASE METAL:-

Base metals sector, most of metals are trading on a flattish to lower side as the market awaits the economic data from US later in the evening . As per the latest updates, the cancelled warrants for Copper rose to reach the high of last year due to rise in the demand from Antwerp. However, the strong Dollar index is maintaining a cap on the upside movement of the metal.

ENERGY:-

OPEC oil supply in June has climbed to a three-year high due to record or near-record output from Iraq and Saudi Arabia, a Reuters survey found, underlining the focus of the group’s top exporters on market share.The boost from the Organization of the Petroleum Exporting Countries puts output further above its target of 30 million barrels per day (bpd) and comes despite outages in Libya and Nigeria that curbed supplies.OPEC supply has risen in June to 31.60 million bpd from a revised 31.30 million bpd in May, according to the survey, based on shipping data and information from sources at oil companies, OPEC and consultants.The group has raised output by more than 1.3 million bpd since it decided in November 2014 to defend market share rather than prices. A final deal between world powers and Iran over Tehran’s nuclear work could add to supplies.

 

GOLD (5 AUG.)

 

 TREND : – BEARISH

RESISTANCE : – 26165, 26245

SUPPORT : – 26050, 25950

STRATEGY : – BUY ON DIPS.

 

SILVER (04 SEP.)

 

TREND : – BEARISH  

RESISTANCE : – 35690, 35850

SUPPORT : – 34950, 34660

STRATEGY : – BUY ON DIPS.