- Gold prices were trading on a flat note on Wednesday in the midst of Fed Chair Janet Yellen’s signal of taking a cautious approach to raising US borrowing costs further dented the safe have appeal for the yellow metal. Yellen called for a slower pace of US interest rate tightening as she stressed that the rate of inflation in the US hasn’t yet proven to be sustainable in the wake of rising global risks that could slow growth in the American economy bolstering risk taking appetite.
- Copper futures fell during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid soft physical demand for copper in the domestic spot market. Further fears of weak demand from China the world’s biggest metals consumer after the country’s biggest cities including Shanghai and Shenzhen introduced property curbs weighed on the industrial metal.
- Crude oil prices rose by 0.39 per cent on Wednesday buoyed by a forecast for a less than expected build in crude oil stockpiles last week. The EIA is due to release official crude inventory data later on Wednesday. US crude stocks rose last week by 2.6 million barrels to 534.4 million barrels data from industry group the American Petroleum Institute showed on Tuesday.
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