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Wednesday, August 23, 2017 10:52 PM

Market Outlook

UBS Wealth Recommends Buying Gold Near $1,200 for Insurance

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Shandong Gold Says It May Have Found China's Biggest Gold MineMoney Market Guru — Gold will probably trade in a range of $1,200 to $1,300 an ounce in the short-term as the metal tracks U.S. real interest rates, according to UBS Group AG’s wealth management unit.

USDA Estimates 6 percent Rise In Indian Vegetable Oil Consumption

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Money Market Guru — As per latest update from United States Department of Agriculture (USDA), Indias Total edible oil production in the forecast year will rise by 6.4-percent to 7.6 MMT due to an increase in the crush, excepting for sunflower oil, which is expected to sink to a decadal low.

USDA Estimates Lower Chinese Corn Supplies In MY 2016/17

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Money Market Guru — As per latest update from United States Department of Agriculture (USDA), Chinas MY2017/18 corn production is forecast to decline one percent from MY2016/17, although some recent industry planting surveys suggest that corn production could decline even more, especially in North East China.

Selling Intensifies In Sugar, Global Prices At One Year Low

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Money Market Guru — NCDEX Sugar futures have taken a heavy tumble after the recent gains as poor global cues and profit selling have hurt the sentiments. The NCDEX Sugar futures for May are down 1.21% to Rs 3770 per quintal. The counter had hit a near one month high above Rs 3800 levels earlier this week. Meanwhile, the demand remains steady in local cash markets and thinning supplies can buttress prices in near term.

WTI Crude Above $51 Levels In Asia

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Money Market Guru — Oil has edged above $50 per barrel amid speculation that the Organisation of Petroleum Exporting Countries (OPEC) would extend its deal to cut output beyond June. However, there are broad concerns that the deal between OPEC and some non-members to reduce output by 1.8 million barrels per day (bpd) in the first half of 2017 has not substantially lowered global oil stockpiles.

Jewellery Sales Witnessing Strong Trend Says Titan

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Money Market Guru — Jewellery sales in organized sector remain on track, according to a quarterly business update from Titan Company. The company’s Jewellery division had a very good quarter, aided by a very successful studded jewellery activation . The division has achieved a new milestone in terms of sales as well as profits.

US Steel Imports Decline in the Month of Feb on M-o-M Basis

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Money Market Guru — According to United States preliminary data showed in February 2017, the United States steel imports fell by about 4.6%, to 2.3581 million tons compared with last month, accounting for 25% of the total exports, increased by 18% compared with the sample period of last year.

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