Daily Commodity Market Wrap

[SureshBajaj]

MARKET WRAP : 17/02/2011:clapping:

gold up as Israel, Iran add to Mideast tension
Base metals and grains down broadly
Crude oil prices ended higher on Wednesday

Crude oil prices ended higher on Wednesday after spiking to $104 a barrel in London, and gold edged up as well, as tension between Israel and Iran accentuated the widening unrest in the oil-rich Middle East. Copper extended losses from Tuesday as investors continued to worry that prices may have gotten ahead of demand.

 

[SureshBajaj]

MARKET WRAP : 18/02/2011:thumb:


African Barrick Profit Triples on Higher Gold Price
Oil Climbs as Israel Says Iranian Warships Heading for Suez Canal
Greek, Irish Banks Force ECB to Print More Money: Euro Credit
Copper Drops as Prices, China-Tightening Concern Deter Buyer
Gates Warns of Serious Disruptions in Budget Delays
Emerging-Market Stocks Rise on US Economic Data, Crude Oil

Emerging-market stocks rose toward the highest level in a week as U.S. housing starts increased more than economists forecast and oil producers gained amid spreading anti government protests in the Middle East. Copper fell for a second day as expanding inventories fueled concern that demand is weakening as some governments move to fight inflation.

 

[SureshBajaj]

MARKET WRAP : 21/02/2011


Silver hits 31-yr high as investment recovers
Gold hit its highest in five weeks on Friday
Copper ended firm on Friday
U.S. market holiday on Monday
Oil prices slipped on Friday

Spot silver rose to a 31-year high on Friday after investors took advantage of January's 9 percent price fall to buy into the market, with precious metals demand fuelled by ongoing unrest in the Middle East region. Copper ended firm on Friday after another round of monetary tightening in China failed to surprise bullish traders who held their bets on healthier demand prospects for industrial metals this year.

 

[SureshBajaj]

MARKET WRAP : 22/02/2011


Gold above $1,400 as Mideast violence spreads
Silver hit a high of $33.96
Copper down on broad risk aversion
Aluminium hits 29-month high
Nickel touches 34-month high

Gold prices rose above $1,405 an ounce on Monday for the first time in nearly seven weeks as violence flared in north Africa and the Middle East, boosting interest in the precious metal as a haven from risk. Other precious metals also rallied, with silver touching its highest in 31 years. Copper slipped on Monday, as tensions in Arab states deterred investors from riskier assets and on concern China's recent monetary tightening may dent demand from the world's top consumer of metals.

 

[SureshBajaj]

MARKET WRAP : 23/02/2011:thumb:

Copper down as Libya tensions
Euro cuts losses against dollar
U.S. consumer confidence at 3-yr high
Gold steadied above $1,400 an ounce on Tuesday
US crude at 2-1/2 year high

Base metals fell on Tuesday, with copper at a three-week low as worries about unrest in North Africa and the Middle East knocked risk appetite and a higher dollar deterred non-U.S. investors. The euro extended gains against the dollar as hawkish comments from European Central Bank officials increased euro zone rate hike expectations. Gold steadied above $1,400 an ounce on Tuesday as violence in North Africa fuelled interest in the metal as a haven from risk, though its rise was limited as some investors cashed in some of the previous session's gains. U.S. crude oil reached a 2-1/2 year high on Tuesday on concerns the revolt in Libya could spread to other major oil producers

 

[SureshBajaj]

MARKET WRAP : 24/02/2011

Gold rises above $1,410/oz
Copper dips as unrest spurs inflation worries
Base metals down second consecutive day
Crude oil climbs above $99 on Libya unrest
25 percent of Libyan oil output shut

Gold topped $1,400 an ounce in Europe on Wednesday as tensions in Libya increased interest in the metal as a haven from risk and the dollar fell, but gains were limited by concerns its run higher may have been overdone. Copper prices fell to their lowest levels in nearly a month on Wednesday as worries over unrest in North Africa boosted oil prices.

 

[SureshBajaj]

MARKET WRAP : 28/02/2011:thumb:

Gold posts 4th straight weekly gain
Saudi Arabia this week raised oil output
Copper posted its biggest daily advance in three months
LME copper stocks continue to climb

Top exporter Saudi Arabia has raised oil output above 9 million barrels per day (bpd) to make up for a near halt in Libyan exports. Gold rose towards $1,410 an ounce on Friday, posting its fourth consecutive weekly gain as the crisis in Libya and soaring oil prices stoked inflation worries. Copper posted its biggest daily advance in three months on Friday, as buyers for the industrial metal emerged after energy prices retreated from this week's sharp rally.

 

[SureshBajaj]

MARKET WRAP : 01/03/2011:clap:

Silver prices set for 19 pct rise in February
Gold edges above $1,410/oz
Dollar hits lowest in 3-1/2 months
Copper rises on weaker dollar
Crude oil trading near 98$

Gold rose above $1,410 an ounce on Monday as turmoil across the Middle East boosted safe-haven buying, though the metal struggled to sustain gains as investors were spooked by its proximity to record highs. Copper rose on Monday to its highest in nearly a week as upbeat U.S. data and a weaker dollar supported sentiment and as oil eased from last week's price spike. dollar hit a 3-1/2-month low against a currency basket on speculation the Federal Reserve would lag other central banks in raising interest rates to counter inflation risks stoked by rallying oil prices. LME stocks of copper rose to a seven-month high, up 4,175 tonnes.

 

[SureshBajaj]

MARKET WRAP : 03/03/2011:clap:

Gold hits record above $1,440/oz
Silver hits fresh 31-year high
Copper edges up on dollar
Copper stocks at highest since mid-July
Crude oil trading near 102$

Gold hit a record high above $1,436 an ounce on Wednesday as violence in the Middle East and North Africa supported interest in the precious metal as a haven from risk, and as U.S. oil prices jumped above $100 a barrel. Copper edged up on Wednesday, clawing back earlier losses as the dollar weakened and after upbeat jobs data.

 

[SureshBajaj]

MARKET WRAP : 04/03/2011:clapping:

Gold falls as euro soars on central bank remarks
ECB comments stoke speculation for euro zone rate rise
London copper was steady on Thursday
Crude oil prices slips from near 2-1/2 year peaks
Spot gold has risen by 10 percent in the six weeks
Natural Gas trading near lows

Gold fell 1 percent on Thursday as European Central Bank chief Jean-Claude Trichet said the bank will exercise "strong vigilance" over inflation, raising the prospect that it may lift interest rates as soon as next month. London copper was steady on Thursday, as oil prices near 2-1/2 year peaks fanned fears of slower global economic growth and technical analysis suggested a period of consolidation.