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Commodity Market -Analysis & Updates


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Commodity Market -Analysis & Updates

  1. 1. Commodity noon session
  2. 2. Bullions • Gold futures were little changed for the second day and heading towards fourth monthly gain on the speculation the Spain and Portugal also may seek the help for easing the debt crisis, boosted the demand for the metal as a haven. • Bullion for immediate delivery rose as much as 0.2 percent to $1,369.40 an ounce. The February-delivery contract was little changed at $1,368.40 an ounce on the Comex in New York. • The Dollar Index, which tracks the currency against six counterparts, dropped as much as 0.2 percent today. • The International Monetary Fund said yesterday it sold 19.5 metric tons of gold in October to shore up its finances. how was the trading scenario in the bullions today?
  3. 3. Bullions • China approved the country's first mutual fund that bets on gold prices, as inflation fears fuel demand for the precious metal. • according to U.S. Commodity Futures Trading Commission data, “Hedge-fund managers increased net-long positions in New York gold futures by 1 percent in the week to Nov. 23 from the previous week”. • Silver for immediate delivery climbed 0.4 percent to $27.26 an ounce, set for a fourth monthly advance. The metal has risen 61 percent this year.
  4. 4. Crude oil. • The crude oil fell on the speculation that the China, will increase the Interest rate for the second time to cool the Inflation and this move might reduce the fuel demand from the world’s largest energy user. • Oil fell as much as 0.7 percent from the two week high on the fall in the Chinese equities on the speculation of Interest rate hike. • January futures fell as much as 63 cents to $85.10 a barrel in electronic trading on the New York Mercantile Exchange.Prices are up 4.9 percent this month and 7.6 percent this year. What was the trend in the Crude?
  5. 5. Crude oil(Contd..) • Crude futures also dipping as the strengthening dollar limiting the appeal of commodities. • Crude prices may rise as declining temperatures in the U.S. boosting the demand for heating oil and stockpiles are declining. • According to Bloomberg News survey “Supplies of distillates, which include heating oil and diesel, probably fell for a 10th time last week as demand increased”.
  6. 6. Base metals. • Copper futures inched down on the speculation of second round Interest rate hike by the China, world’s largest metal’s consumer and to curb the shooting inflation. • Copper for three month delivery dropped as much as 0.5 percent to $8,177, a metric ton on the London metal exchange, heading for a 0.2 percent loss in the November month. Copper for March delivery on the Comex in New York fell 1 percent to $3.73 a pound. How was the trading sentiment in the base metals today?
  7. 7. Base metals (Contd..) • In the Chinese physical market, end-user demand has declined because spot inventories remain plentiful. • In LME Zinc little unchanged, Aluminum gained 0.4 percent, lead added 0.2 percent, nickel little unchanged. Tin increased 0.3 percent.