MORNING MEETING DRAFT (5th Dec, 2014) OUTLOOK FROM THE FUNDAMENTAL DESK: PRECIOUS METALS Gold prices are expected to extend the bearish move after the event of ECB which did not provide any QE programme nor any comments about future. Prices are under pressure on Gold ETF holding moving down. Silver iShares came down at 10737 tonnes while holdings in the SPDR Gold Trust, the biggest gold-backed ETP, sank to 720.02 metric tons, the least since December 2008. US NFP Data important today. BASE METALS Base metals would trade positively during the day on the back strong US data expected and talks of Japan delaying their next sales tax hikes. There are major expectation of ECB not coming with more QE this week and launch a stimulus programme by early next year. ENERGY Crude oil prices witnessed selling pressure after the yesterday’s OPEC meeting which kept the oil output quota unchanged. IEA also trimmed its demand forecast for next year. Saudi Arabia and Iran, two largest OPEC members agrees to sell at minimum prices. OPEC reduces the oil output in Nov. Novembers output points to a surplus as OPEC forecasts demand for its crude will fall to 28.45 million bpd in the first six months of 2015. Crude oil to trade bearish for the day
Posted on: Fri, 05 Dec 2014 06:23:26 +0000
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