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GLOBAL MARKET ROUND UP

Commodity prices traded mixed on Thursday with most of the commodities in non-agro segment kept firm trading except base metals. Bullion prices traded steady on mixed US data while crude oil prices rallied on strong demand and OPEC struggle. Base metals traded under pressure on disappointed US manufacturing data and weak China cues. The dollar index hovered in from range near 92.60 mark for the day.

The Democratic-controlled U.S. House of Representatives approved a $715 billion surface transportation and water infrastructure bill on Thursday in what Democrats see as an early step toward sweeping infrastructure legislation that Congress hopes to complete in September

Asia-Pacific stocks were largely higher (except China, Hongkong) in Friday morning trade as investors look ahead to a closely-watched U.S. jobs report set to be released later.

BULLION

Bullion prices traded firm on Friday with spot gold prices at COMEX were trading near $1778 per ounce while spot silver prices at COMEX were trading marginal up at $26.04 per ounce in the morning trade. The precious metals traded firm after weaker than expected US manufacturing PMI and another stimulus approval. The US house approved a $715 billion surface transportation and water infrastructure bill on Thursday. The market players are awaiting key US employment data in the evening session today.

We expect bullion prices to trade sideways to up for the day. MCX Gold Aug resistance for the day lies at Rs. 47600 per 10 grams with support at Rs. 46800 per 10 grams. MCX Silver September support lies at Rs. 67800 per KG, resistance at Rs. 71200 per KG.

ENERGY

Crude oil prices traded steady on Thursday with benchmark NYMEX WTI crude oil prices were trading above $75 per barrel in the morning trade. Crude oil prices gained on delayed OPEC plus decision on output quota.

The disagreement amongst the member on increasing oil output has boosted buying in crude oil following stronger demand. The OPEC plus group will resume talks on Friday to reach any agreement.

We expect crude oil prices to trade sideways to up for the day. MCX Crude Oil July support lies at Rs. 5540 per barrel with resistance at Rs. 5680 per barrel.

BASE METALS

Base metals prices traded mixed on Friday with most of the metals kept firm trading range ahead of US employment data. Base metals witnessed some selling post US manufacturing data which came lesser than expected. Aluminium prices continued upside on lower supply fears frim China and taxation form Russia. Base metals may limit gains for the day on weak Chinese markets on speculation over policy tightening.

Base metals may trade sideways to down on mixed global cues for the day. MCX Copper July support lies at Rs. 712 and resistance at Rs. 725. MCX Zinc July support lies at Rs. 234, resistance at Rs. 242. MCX Nickel July support lies at Rs. 1320 with resistance at Rs. 1390.

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