Epic Research Daily Commodity Report 9th Jan 2017
Gold for February delivery edged up 0.21% to $1,175.85 a troy ounce on the Comex division of the New York Mercantile Exchange.
Nickel futures keep head above water
Zinc futures fall on slackened demand
Copper futures in reverse gear
Slack demand weak global cues bite white metal
Yellow metal loses sheen
Crude oil buoys as Saudi Arabia Abu Dhabi cut supplies
Lead futures fall on ease in physical demand
Aluminium futures little changed on subdued demand
BUY GOLD ABOVE 27985 TGT 28085 28285 SL BELOW 27885
SELL GOLD BELOW 27850 TGT 27750 27550 SL ABOVE 27950
BUY SILVER ABOVE 40550 TGT 40750 41150 SL BELOW 40350
SELL SILVER BELOW 40000 TGT 39800 38300 SL ABOVE 40200
Venezuela's socialist President Nicolas Maduro announced on
Sunday a 50 percent hike in the minimum wage and pensions,
the fifth increase over the last year, to help shield workers from
the world's highest inflation rate.
The measure puts the mini-
mum monthly salary at 40,683 bolivars - about $60 at the weak-
est exchange level under the state's currency controls, or $12 at
the black market rate.
Egyptians have been assured by their president that the coun-
try's battered economy will pick up in six months and they are
coping "brilliantly" with austerity. But on the streets of Cairo it
is hard to find people who agree.
In making his forecast last
month, President Abdel Fattah al-Sisi urged businessmen and
investors to help the government rein in price rises.
Gold prices edged higher in Asia on Monday as investors awaited a lineup of Fed speakers this week and the incoming president to set the tone and markets in Japan shout for a holiday.
Copper futures was up 0.08% to $2.544 a pound.In the week ahead, investors will be looking ahead to U.S. economic reports, particularly Friday’s retail sales figures for December.
Oil futures finished slightly higher on Friday, logging their fourth weekly gain in a row with traders encouraged by signs that major crude producers will adhere to the pledge to curb output.On the New York Mercantile Exchange, crude oil for delivery in February inched up 23 cents, or about 0.4%, to end at $53.99 a barrel by close of trade Friday.
U.S. crude prices touched an 18-month high of $55.24 on Tuesday.
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