Opec oil output hits 3-year high in 15- Jul-2015

BULLION:

Bullion counter may move on volatile path as movement of dollar index and Greece debt concerns will give further direction to the prices. Gold can move in range of 25900-26300 and Silver can move in range of 35000-36000 in MCX, according to SMC Global. MCX Gold was moving up 0.09 per cent to 26082 level on Monday(11.19am). Gold edged lower on Monday, dragged down by the euro after a weekend emergency summit to tackle Greece’s debt crisis yielded no deal and with the U.S. Federal Reserve still on track to raise interest rates this year. Greece will now be required to push legislation through parliament this week to convince its euro zone creditors to release funds to avert a state bankruptcy and start negotiations on a third bailout program estimated at up to 86 billion euros ($95.5 billion).

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 : – CONSOLIDATE  

RESISTANCE : – 26065, 26145 .

SUPPORT : – 25910, 25850 .

STRATEGY : – BUY ON DIPS.

 

SILVER (04 SEP.)

 

TREND : – CONSOLIDATE

RESISTANCE : – 35790, 35650 .

SUPPORT : – 35150, 34660.

STRATEGY : – BUY ON DIPS.

 

 

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