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COMMODITY UPDATES 8TH AUG

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August 8, 2012


News Highlights:
 The U.S. API Weekly Crude Stock fell to a seasonally adjusted annual rate of -5.35M, from -11.61M in the preceding month in turn indicating that demand for the fuel in US, world’s largest consumer of crude oil is strong.
 Crude oil output from Organization of Petroleum Exporting Countries (OPEC) fell 270,000 barrels per day (bpd) in July to 31.45 million bpd from 31.72 mbpd in June, raising supply concerns in the near future.
 The Federal Ministry of Economy and Technology said that German manufacturing orders declined more than expected by 1.7 percent month-on-month in June against expectations of a drop of 0.8 percent which in turn curbed gains in copper by dampening demand outlook for industrial metal.
 The European Central Bank is expected to start unlimited buying of stricken member states' bonds to drive down their crippling borrowing costs and shore up its faltering economy which in turn improved demand prospects for copper and crude oil.
Gold Intraday Chart
Crude oil intraday chart

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COMMODITY UPDATES

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COMMODITY UPDATED BY INTRADAY TRADING SYSTEMS OF TECHNOTRADES News Highlights:  Commodity markets strengthened on Friday as the U.S. non-farm payrolls and U.S. ISM manufacturing data beat the market expectation, even after the jobless rate unexpectedly rose to a five month high of 8.3 per cent.  Copper futures posted its biggest weekly drop in nine weeks as Investors sold the base metals last week when the Fed and ECB ended a policy meeting without announcing stimulus measures to boost the economic growth.  Cotton futures are expected to maintain its bullish trend for the next weeks as some short-covering has been seen ahead of the U.S. Agriculture Department’s monthly supply/demand report on August 10, 2012.  The concern over oil supply disruption in the Gulf of Mexico supported the oil prices on Friday. The U.S. National Hurricane Center forecasted that tropical storm “Ernesto” may grow into a hurricane this weakened.  The U.S. Labor Department reported last week that U....
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