COMMODITY RESEARCH NEWS

August 9, 2012
News Highlights:
 The Energy Information Administration said that U.S. Crude Oil Inventories fell more than expected to a seasonally adjusted annual rate of -3.729M, from -6.522M in the preceding month indicating that demand for the fuel in US, world’s largest consumer of crude oil is strong.
 The German industrial production fell 0.9 per cent in June, more than forecasts for a 0.8 per cent decline, following an upwardly revised 1.7 per cent gain in May indicating a weakening euro zone crisis and further dampening demand prospects for copper and crude oil.
 China's annual consumer inflation fell to a 30-month low of 1.8 percent in July from June's 2.2 percent creating more room for policy easing to support economic growth which in turn curbed losses in copper by improving demand outlook for industrial metal.
 The U.S. dollar index, a measure of the value of the United States dollar relative to a basket of foreign currencies, ended 0.22 per cent higher at 82.39 on the Inter-Continental Exchange (ICE). A stronger U.S. dollar sent the copper and crude oil prices lower as it makes the commodities expensive for the holders in other currency.

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Market at a Glance

Market at a Glance Indian benchmark indices are likely to open lower today, tracking negative global markets. Meanwhile, the Asian markets are trading lower amid concern about the faltering global economic growth after manufacturing surveys from the Eurozone and China depicted a bleak outlook. Further, concern that the European leaders are struggling in finding ways towards solving the region's debt crisis and fading hopes of more stimulus from the US Federal Reserve are also weighing over the sentiments. In SGX Nifty, Aug'12 contract last traded at 5,406, down by 23.00 points from previous settlement.

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