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Commodity Research Report: Metals and Energy Weekly Report

The rupee dropped to a record low of 62.03 per dollar, sparking late intervention from the central bank as its measures to tighten capital outflows raised concerns they could spook foreign investors....
19 Aug 2013 | 03:00 PM

Highlights:

  • The rupee dropped to a record low of 62.03 per dollar, sparking late intervention from the central bank as its measures to tighten capital outflows raised concerns they could spook foreign investors.
  • WGC showed China's gold consumption may soar to a record 1,000 tonnes in 2013.
  • U.S. retail sales rose in July, pointing to acceleration in consumer spending. Retail sales rose 0.2 percent in July, the Commerce Department said.
  • Crude stockpiles fell by 2.8 million barrels last week, gasoline inventories fell by 1.2 million while distillates rose by 2 million, the EIA report showed.
  • The U.S. Energy Information Administration (EIA) reported the U.S. natural gas stocks increased by 65 billion cubic feet last week, compared with an expected build of 69 billion cubic feet anticipated by analysts
  • U.S. consumer prices rose a seasonally adjusted 0.2% on gains for gasoline, housing, clothing and food, among other goods, the U.S. Department of Labor reported.
  • The number of claims for jobless benefits dropped by 15,000 to 320,000 in the week ended Aug. 10, the least since October 2007, according to Labor Department data.
  • U.S industrial output last month was unchanged on a seasonally adjusted basis from the prior month, while the use of available production capacity fell 0.1 percentage point to 77.6%, the Federal Reserve said in a report.
  • Housing starts rose 5.9 percent to a seasonally adjusted annual rate of 896,000 units, the Commerce Department said in a separate report. While that was a recovery from June's decline, it was below economists' forecasts for a 900,000-unit rate.

.Week ahead: Crude oil (Buy)

  • Crude stockpiles fell by 2.8 million barrels last week, gasoline inventories fell by 1.2 million while distillates rose by 2 million, the EIA report showed.
  • Strikes at Libya's largest ports have pushed oil production and exports, the lifeblood of the North African country's economy, to their lowest levels since the civil war that ousted veteran leader Muammar Gaddafi in 2011.
  • Data showed that the economies of Germany and France grew faster-than-expected pulling the Eurozone out of an 18-month recession.

All the above mentioned reason along with plummeting dollar index may push oil prices higher in short run.