HIGH LIGHT
Gold prices down in Asia on solid China GDP, copper posts gains.
NYMEX, Brent down in ASia, but China GDP aids demand sentiment.
Copper is trading toward the top of its level at 2.244,But Chinaeconomy still on shaky.
PRECIOUS METAL
Gold prices remained weaker in Asia on Friday with better-than-expected GDP data from China a bit of a dampener on expectation for easier monetary policy in the country.
On the Comex division of the New York Mercantile Exchange, gold for August delivery fell 0.28% to $1,328.50 a troy ounce.Silver futures for September delivery were down 0.34% to $20.252 a troy ounce.
GDP figures out of China showed a 6.7% gain in the second quarter ended June year-on-year period, beating the 6.6% rise seen, and also rose 1.8% quarter-on-quarter, better than the 1.6% increase expected.
while copepr futures
LME copper will hold firm and range USD 4900-4,960/mt during Asian trading hours Friday.
A series of key US, European and Chinese economic data will come under the spotlight today.
China will release Q2 GDP, consumption and investment, as well as other economic data for H1 during the Asian trading hours. Annual growth rate of China’s Q2 GDP is expected to be flat with Q1. Chinese Premier Li Keqiang hinted at the sidelines of the EU-China summit on July 13 that Chinese economy in Q2 will grow at almost the same pace as in Q1 at 6.7%.
Crude prices held weaker in Asia, but retraced earlier losses as China GDP came in better-than-expected, aiding sentiment on demand as retail sales also showed strength.
GDP figures out of China showed a 6.7% gain in the second quarter ended June year-on-year period, beating the 6.6% rise seen, and also rose 1.8% quarter-on-quarter, better than the 1.6% increase expected.
Investors continued to digest a bullish monthly report from OPEC earlier in the week after the world's largest oil cartel said it expects world demand to increase by 1.2 million barrels per day in 2017.
DAILY RECOMMENDATION: SELL MCX CRUDE OIL JULY AROUND
3080 LEVELS FOR TARGET OF T1 2980/T2 2930 WITH SL OF 3180 LEVELS.
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