COMEX

REPORT

REPORT
23RD MAY 2013

NEWS RADAR

Gold slips after Bernanke hints at slowing bond buys

Gold fell for a third straight session on Thursday after U.S. Federal Reserve Chairman Ben Bernanke hinted at reducing an $85 billion bond-buying programme that has increased the metal's appeal as a hedge against inflation. Spot gold dropped 0.3 percent to $1,363.96 an ounce, holding near a two-year low of $1,321.35 reached in April. The metal hit a one-week high of $1,414.25 on Wednesday after Bernanke told Congress that the U.S. economy needs further traction before it scales back monetary stimulus. But the price slipped after he said a decision to cut back may come at one of the central bank's "next few meetings" if the economy looked set to maintain momentum.

Copper higher as no end seen to Grasberg closure

Worries about tighter supplies pushed up copper prices to a six-week high as a production outage at Indonesias Grasberg, one worlds largest copper mines, looked set to continue. Operations at Grasberg, the mine owned by FreeportMcMoRan Copper and Gold in the province of Papua, were suspended last week after a tunnel collapsed in an underground training centre, leading to 28 fatalities. Richard Adkerson, chief executive of the Arizona-based miner, landed in Indonesia this week, with the company announcing that it was too early to say when production would resume.

GOLD HOURLY CHART

S1 1360

S2 1348

R1 1382

R2 1401

GOLD LOOKS BULLISH ABOVE 1374.00 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 1385.00 LEVEL AND MAINTAINING SL OF 1365.00

SILVER HOURLY CHART

S1 22.09

S2 21.90

R1 22.58

R2 22.80

SILVER LOOKS BULLISH BUY ABOVE 22.46 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 22.70 LEVEL AND MAINTAINING SL OF 22.24

COPPER HOURLY CHART

S1 3.2939

S2 3.2750

R1 3.3320

R2 3.3548

COPPER LOOKS BEARISH SELL BELOW 3.3050 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 3.2800 LEVEL AND MAINTAINING SL OF 3.3250 3

CRUDE OIL HOURLY CHART

S1 96.43

S2 95.89

R1 97.48

R2 98.50

CRUDE LOOKS BULLISH BUY AROUND 97.20 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 98.20 LEVEL AND MAINTAINING SL OF 96.20

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