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Transcript

  • 1. Commodity noon session
  • 2. Bullions
    how was the trading scenario in the bullions today?
    The gold futures was little changed after gaining 2 percent in the Friday’s session, the gold may gain on the alternative investment appeal against the dollar, as the dollar is poised to weaken further against the major trading currencies.
    The gold for immediate delivery was at $1,412.07 an ounce. The metal rose 3.7 percent last week, the second straight weekly gain. The February-delivery contract climbed as much as 0.8 percent to $1,416.70 an ounce on the Comex.
    The US currency trading near it’s lowest levels in the two weeks on the concern over the weaker employment data and market is expecting the Quantitative easing to be more than $600 billion, this boosting the appeal of precious metals as an alternative investment avenue.
  • 3. Bullions (Contd..)
    The holdings in world's largest gold-backed exchange-traded fund, SPDR Gold Trust has fell to ,298.030 tonnes by Dec 3 from 1,298.447 on Dec 2. The holdings hit a record at 1,320.436 tonnes on June 29.
    The US Fed Chairman Ben Bernanke in an interview has indicated the Fed may go for beyond the $6oo billion quantitative easing to create the employment, this is acting as the supportive factor for bullions.
    Silver for immediate delivery advanced 0.8 percent to $29.6437 an ounce, the highest price since March 1980. The metal has advanced 75 percent this year, outperforming gold’s 29 percent gain.
  • 4. Crude oil.
    What was the trend in the Crude?
    A report from the JP Morgan Chase & Co forecasted the futures will average $93 a barrel in the next year as the consumption from the emerging economies is rapidly growing.
    The sinking temperatures in Europe and colder weather in many parts of the US, is driving the demand for the heating oil and other heating fuels.
    The U.S. National Weather Service, in its eight to 14-day outlook issued on Thursday, called for below-normal temperatures for much of the eastern half of the country, which includes the world's largest regional market for heating oil.
  • 5. Crude oil(Contd..)
    A report from the JP Morgan Chase & Co forecasted the futures will average $93 a barrel in the next year as the consumption from the emerging economies is rapidly growing.
    The sinking temperatures in Europe and colder weather in many parts of the US, is driving the demand for the heating oil and other heating fuels.
    The U.S. National Weather Service, in its eight to 14-day outlook issued on Thursday, called for below-normal temperatures for much of the eastern half of the country, which includes the world's largest regional market for heating oil.
  • 6. Base metals.
    How was the trading sentiment in the base metals today?
    The copper futures up for the successively for the fifth day and heading towards the longest gain since July, on the dip in the supply and shrinking inventories and the anticipation of more measures by the US Fed to stimulate the economic growth.
    The Copper for three-month delivery on the London Metal Exchange rose as much as 0.6 percent to $8,780 a metric ton, the highest price since Nov. 12.
    The copper stockpiles in the LME have declined by 30 percent during the year, dropping to the lowest level since October 2009 and stockpiles in the Shaghai futures exchange warehouses, this is supporting the prices.
  • 7. Base metals (Contd..)
    According to a survey by the Bloomberg, has predicted the demand will outpace supply by 367000 metric tons in next year. The demand for the copper from the home appliances also expected to increase.
    The prospect of an exchange-traded fund is also boosting the prices and investor confidence.
    In LME Zinc rose 0.8 percent, Aluminum gained 1.2 percent, lead advanced 0.3 percent, nickel climbed 0.6 percent. Tin increased 0.2 percent.