2. Bullions how was the trading scenario in the bullions today? The Gold futures climbed higher and inching towards second weekly gain on the increase in the import from the China and declining dollar boosting the demand for precious metal as alternative Investment avenue. The gold imports from the China has increased by five fold in the last 10 months on the worries over the rising inflation, enhanced appeal of yellow metal. Gold for immediate delivery increased 0.4 percent to $1,390.70 an ounce, boosting this week’s gain to 2 percent. The February-delivery contract was advanced by 0.2 percent to $1,391.70 an ounce on the Comex in New York.
3. Bullions (Contd..) The adviser for the China Central Bank, Xia Bin has advised to the nation increase holdings in the gold in it’s store to pursue the long term strategy to create the path for the internationalization of Yuan. Silver for immediate delivery jumped as much as 1.3 percent to $28.9075 an ounce after yesterday climbing to $29.0350, the highest level since Nov. 9.
4. Crude oil. What was the trend in the Crude? The Oil fell as the traders preferred to the lock in the gains and sold the contracts at higher levels as the prices reached two year high on the signs of revival in the fuel demand as the outlook of the global economy is turning positive. Futures lost part of yesterday’s 1.4 percent gain as Chinese equities fell on the speculation that the government may further tighten the monetary policy, which may add some pressure on the prices, as the china is the world’s biggest energy user. The January contract declined as much as 0.5 percent, to $87.58 a barrel, in electronic trading on the New York Mercantile Exchange. Oil has climbed 4.8 percent so far this week.
5. Crude oil(Contd..) The Oil is retracing bit owing to the profit taking and the market is going to be focused on the major announcements from the European Central Bank. The US Non-Farm payrolls have probably added 145000 in November, according to a survey, this is bolstering the optimism on the recovery in the world’s largest oil consumer.
6. Base metals. How was the trading sentiment in the base metals today? The copper futures declined first time in the last four days, as the traders cleared their positions to cap the gains as the prices have climbed to three week high. Copper for three-month delivery on the London Metal Exchange lost as much as 0.8 percent to $8,651 a metric ton. The contract reached $8,751.50 a ton yesterday, the highest price since Nov. 12. The copper Inventories monitored by the LME warehouses have contracted by 30 percent this year and the first yearly decline since 2004. The stockpiles in the Shanghai Futures Exchange dropped last week for the first time in four weeks.
7. Base metals (Contd..) Copper in London is still holding the gain of 5.4 percent this week after reports showed manufacturing in China, the U.S. and Europe expanded, adding to signs of a revival in demand. In LME Zinc fell 1.5 percent, Aluminum rose 0.2 percent, lead dropped 0.8 percent, nickel lost 0.6 percent. Tin declined 0.2 percent.
