Commenting on the outlook of precious metals, base metals and energy segment, Anand James chief analyst, Geojit Comtrade, said the following: > Unexpected rise in US jobless claims lifts Gold to a 4 four week high. > Seen steady at open, and nearing crucial resistance points. > Global equities and basemetals/oil seen positive at open, cutting some of yesterday`s losses. Outlook: A slew of US economic data due for release today assure no let up in volatility. Inflation data would be key, and metals` performance after retail sales data would give further direction to Gold. Base metals > US Jobless claims disappoints, base metals and equities plummet yesterday, but seen steadying at open today. > US Retail sales due for release today. > Global copper output fell sharply in the first half of this year, with one tenth of the world`s mine production off more than 6% from year ago levels. According to ICSG, world refined copper production is projected to be 18.5 million tons in 2010. Outlook: Weak dollar could help prices. US retail sales are forecast to have increased, but in the backdrop of rise in jobless claims, volatility is assured. Consumer sentiment is also forecast to have risen last month. Copper is approaching turnaround points. Energy > Short covering in Natural Gas continued as expected, on hot midweek weather and concerns about storm system in the Gulf of Mexico. Prices have been plummeting recently on forecasts for mild weather this week. > Nymex Oil fell scything through supports as weak jobless claims discouraged investors rekindling worries about oil demand. Oil prices had fallen in the previous day as well after inventory data showed a rise a rise in both distillate and gasoline inventories.. > OPEC`s monthly report today. Outlook: Oil may rise briefly but is likely to find lesser buying interest, the higher it goes, in the backdrop of weak jobless claims figures. OPEC`s monthly report today would be a source of fresh directive moves, or at least volatility. Economic Events: What to expect for the day? Highlights: Now the focus is all on US retail sales, CPI and University of Michigan consumer confidence. Retail sales as well as consumer sentiments are expected to rise this time. Retail sales after a decline in Jun by -0.50% may probably rise in Jul on spur in automobile sales. Also watch out for German and Euro-Zone GDP. Euro zone GDP is expected to grow by 0.7% this 2nd quarter following an expansion of 0.2% in the first quarter. US initial jobless claims rose to a highest level in nearly six months to 484,000 last week providing more evidence that economic recovery is faltering. With this rise there will be further erosion of consumer spending, which constitutes that major part in US GDP. Euro zone industrial production declined contrary to forecast led by fall in durable consumer goods.

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