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Daily Commodity Report - Fundamental

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Epic Research
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Daily Commodity Report - Fundamental - August 1st, 2012

Asian markets traded with a negative bias today mainly on the back of
weak manufacturing data from China, which expanded at the slowest
pace in eight months.
China’s manufacturing Purchasing Managers' Index (PMI) slipped to
50.1-mark in July from the prior level of 50.2 in June, while the
country’s HSBC Final Manufacturing PMI dropped to 49.3 in July from
49.5 in the prior month. However, European markets are trading in the
green while US futures were little changed.
Investors are awaiting monetary policy decisions by the Federal
Reserve meeting later in the day and the European Central Bank
tomorrow. There are expectations that the Fed may skip announcing a
third round of asset purchases today, and is more likely to wait until
September to reveal plans to buy $600 billion in housing and
government debt.
Investor’s confidence weakened further as optimism over stimulus
action by the US Federal Reserve and the European Central Bank this
week faded.

Weakness in the US dollar ahead of the outcome of FOMC meeting
led spot gold prices to trade slightly higher by 0.1 percent and touched
an intra-day high of $1618.60/oz till 2.30 pm IST. However, sharp
gains were capped due to mixed sentiments in the global markets.
However, appreciation in the Indian Rupee exerted downside pressure
on prices on the MCX. Gold touched an intra-day low of Rs.30,080/10
gms and was hovering around Rs 30,129/10 gms till 2.30 pm IST.

Spot silver prices traded on a flat note today as on one hand a weaker
dollar and rise in gold prices provided support to silver, while on the
other hand, downside in base metals complex and mixed market
sentiments kept prices under check. The white metal touched an intraday low of $27.86/oz till 2.30 pm IST. A stronger Rupee led MCX silver
to trade lower by 0.4 percent and touched an intra-day low of Rs.
53,710/kg till 2.30 pm IST today.

Base metals complex traded in the red on the LME as well as on the
MCX in today's trading session. Prices came under pressure on mixed
sentiments in the global markets due to weak manufacturing data from
China along with reducing optimism that the central banks from US
and Europe will go for stimulus actions. ....................................
However, a stronger Rupee led further decline in metals prices on the
MCX. The Indian Rupee (INR) appreciated around 0.2 percent and
touched an intra-day low of 55.75 till 2.30 pm IST today.

Copper prices on the LME declined to its lowest in almost a week
today mainly on the back of weak manufacturing data from China,
which is the world's largest metals consumer. In addition to this,
fading expectations that Federal Reserve will go for stimulus
measures also pulled prices in the downward direction. Moreover,
choppy sentiments in the markets also acted as a negative factor for
prices. Appreciation in the Indian Rupee led further losses on the
domestic bourses today.

Base metals and bullions are expected to trade lower today on
account of fading hopes for further stimulus measures from the
Federal Reserve and ECB. Moreover, choppiness in the market
sentiments will also exert downside pressure on prices. Investors will
be focusing on the outcome of the FOMC meeting. If the Fed give any
hint for monetary easing then this will lead to reversal in the markets
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