Daily Commodity Report by www.epicresearch.co 21st November 2013

The Federal Reserve Chairman Ben Bernanke said that the Fed would likely hold short-term rates near zero well after the economy reaches the 6.5% unemployment rate that is the thresh- old for considering a rate increase.

ListFree.org (Press Release) - Thursday, November 21st, 2013

COMMODITY WRAPUP

GOLD
Gold prices recovered by 0.21% to Rs 30,376 per 10
grams in futures trade as speculators created fresh
positions even as metal weakened overseas. At
MCX, gold for delivery in Dec rose Rs 63, or 0.21%,
to Rs 30,376 per 10 gram. The metal for delivery in
the Feb moved up by Rs 51, or 0.17%, to Rs 29,731
per 10 gm. fresh positions created by participants

amid covering-up of short positions, helped gold
futures to trade higher but a weak trend overseas,
limited gains.

SILVER
Silver prices rose by 0.48% to Rs 47,105 per kg in
futures trading yesterday as speculators enlarged
positions despite a weakening trend in global mar-
kets. At MCX silver for delivery in March next year
rose by Rs 324, or 0.48%, to Rs 47,105 per kg. The
white metal for delivery in December traded
higher by Rs 196, or 0.43%, to Rs 45,636 per kg in
229 lots. Fresh positions built up by speculators
helped silver futures to trade higher but a weak

trend overseas limited gains.

CRUDEOIL
A considerable draw down in the Crude Oil con-
tract open interest and volumes was noted last
night. The prices recovered by 0.41% to Rs 5797
per barrel on Tuesday, after five consecutive days of slide. The recovery cannot be said as for-
midable till the prices are below Rs 5893 and
5900 per barrel. Supports for the contract are at
Rs 5756 per barrel. NYMEX light sweet Crude
Oil was trading at $ 94.24 per barrel, up 0.35
cents. for the whole year in 2012.

COPPER
Copper markets were in surplus of 163000 ton-
nes in January-September 2013. The reported

stocks declined by 80000 tonnes in Sept 2013,
this was after a surplus of 240000 tonnes in full

year ending 2012. LME three month Copper
prices were trading at $ 6979 per tonne, com-
pared to $ 6956 per tonne. MCX Copper was
trading at Rs 436.45 per kg, up Rs 1.3 per kg. At
MCX, copper for delivery in Nov traded higher
by Rs 1.95, or 0.45%, to Rs 437.05 per kg.
12.

SPECIAL NEWS
The Federal Reserve Chairman Ben Bernanke
said that the Fed would likely hold short-term
rates near zero well after the economy reaches
the 6.5% unemployment rate that is the thresh-
old for considering a rate increase. The Federal
Reserve would like to move away from using its
balance sheet to help the economy and focus
more on “forward guidance” about keeping short-
term rates low, but the timing of this shift re-
mains an open question, he said. The taper timing
still depended on continued improvement in the
labor market and a pickup in inflation toward the
central bank’s 2% target. Bernanke also said rates
could even stay near zero until “the preponder-
ance of the data supports the beginning” of tight-
ening.

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