- Gold hit a record high and other commodities like silver, copper, and lead saw gains after the ECB raised interest rates and comments from Trichet.
- Copper reached its highest price in about two weeks and tin neared record highs supported by comments from a copper industry conference.
- Crude oil futures rose over 50 cents to $109.39, the highest in 30 months, supported by a slight fall in weekly US unemployment claims adding to signs of a firming US labor market.
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MARKET WRAP
Gold hits record high after Trichet comments
Silver consolidate near 31-year peaks
ECB raised rates by 25 basis points to 1.25 percent
Copper reached its highest price levels in about two weeks
Lead hits new multi week high
Gold held near $1,460 an ounce in Europe on Thursday, just below the previous
session's record high, ahead of a hotly anticipated European Central Bank news
conference on interest rates. Copper reached its highest in about two weeks on
Thursday, supported by bullish comments from a copper industry conference in
Santiago, while tin closed in on record highs. U.S. May crude futures rose 56 cents to
$109.39 a barrel, after having hit $109.56, highest in 30 months, helped by U.S.
government data showing weekly claims for unemployment benefits fell slightly, adding
to signs of a firming labor market conditions.
ECONOMIC CALENDAR
Date Time Currency Economic Data Forecast Previous
Fri 12:30am USD Consumer Credit m/m 4.8B 5.0B
Apr 8
11:30am EUR German Trade Balance 13.3B 11.8B
12:15pm EUR French Gov Budget Balance -13.4B
Day 2 EUR ECOFIN Meetings
7:30pm USD Wholesale Inventories m/m 1.1% 1.1%
7:45pm USD FOMC Member Fisher Speaks
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ALUMINIUM(APR)
Trend • Consolidate
Strategy • Buy on dips
•R2 - 121.5
Resistance
•R1 - 118.6
•S1 - 116.3
support
•S2 - 113.5
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