Epic Research Daily Commodity Report 07th March 2017

COMMODITY HEADLINES

ï‚· Nickel futures in reverse gear on global cues
ï‚· Zinc futures slips 2.13% on rate hike worries
ï‚· White metal shines on safe-haven demand
ï‚· Copper futures in reverse gear
ï‚· Crude oil prices clouded by ChinaÂ’s lower growth target
ï‚· Lead futures drop 0.70% on diminishing physical demand
ï‚· Aluminium futures slip 0.44% on muted physical demand

TODAY'S Recommendations

BUY GOLD ABOVE 29100 TGT 29200 29400 SL BELOW 29000
SELL GOLD BELOW 28920 TGT 28820 28620 SL ABOVE 29000
BUY SILVER ABOVE 42800 TGT 43000 43500 SL BELOW 42600
SELL SILVER BELOW 42350 TGT 42150 41650 SL ABOVE 42550

SPECIAL NEWS

China's plan to boost domestic manufacturing by 2025 is "highly problematic" and could be used to discriminate against foreign firms in favor of Chinese competitors, a top European business lobby said on Tuesday.

Beijing's "Made in China 2025" plan calls for a dramatic increase in domestically-made products in 10 sectors - from robotics to biopharmaceuticals - that the government hopes will accelerate an industrial upgrade as economic
growth slows.

Chinese Finance Minister Xiao Jie said on Tuesday there was no problem with transparency in the state budget, when asked why no defence spending figure had been included in the annual budget report as had been the case in previous years.

The finance ministry released the 2017 budget report on Sunday, and the omission of the closely watched defence spending projection sparked questions over transparency.

COMMODITY BUZZ

West Texas Intermediate crude (CLc1) slipped 4 cents to $53.16 a barrel as of 0042 GMT (7.42 p.m. ET) after settling down 13 cents in the previous session.

Brent crude (LCOc1) had yet to start trading but closed the previous session up 11 cents at $56.01 a barrel.U.S. shale production would climb even if prices remain around $60 a barrel, the IEA said in its five-year "Oil 2017" market analysis released on Monday.

Gold prices edged higher in Asia on Tuesday with jobs data at the end of the week the lodestar for a widely expected Fed rate hike this month that will set the tone for the precious metalComex gold futures rose 0.09% to $1,226.55 a troy ounce, while silver futures for May delivery dipped 0.05% to $17.803 a troy ounce.

Coppers futures were last quoted at $2.656 a pound.Overnight, gold prices were higher during North American morning hours on Monday, kicking the week off with gains as a missile launch by North Korea was the latest event to add to concerns about rising geopolitical tensions.


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