Daily Report 070515 2015-05-07
Main contract of domestic gold AU 1506 fluctuated and dropped. Currently, the moving averages are stuck together at RMB 240. The triangle convergence region remains and the gold continues its downward trend, fluctuating within the region from RMB 235 to RMB 244. Sound investors are recommended to wait for operational opportunities after the region is broken through. The US employment data of private sector in April increased merely 159,000, which is considerably lower than expected. Concerns are raised toward the non-farm payrolls being released on Friday. The US dollar index plunged significantly. However, ever since the Fed meeting in April, the US 10-years bond yield kept increasing, which give strong pressure to the gold. The overnight gold ETF positions have been flat for the past 5 days, indicating the funds are waiting for the opportunities afterwards. On the whole, the rally of gold is expected to be limited and is likely to drop afterwards.
Yesterday PP futures opened up with a fluctuation then goes down. It opened at RMB 9000 and closed at RMB 8890; the trading volume increased 253,000 lots to 795,000 lots; the holding increased 42678 lots to 513,000 lots. About upper stream, propylene price remains flat.
For instance of the wire drawing price, today's mainstream of North China bid in RMB 9700-9800 per ton, East China mainstream quotation in RMB 9700-9850 per ton, South China mainstream quotation in RMB9950-10050 per ton.
Dong LV (Investment Certificate NO. TZ008452)