2. Bullions how was the trading scenario in the bullions today? Gold advanced for the fourth day successively on the persistent war tension between North and Korea and the concern that European debt crisis may spill in to other member countries in the zone. Immediate-delivery gold gained 0.3 percent to $1,391.38 an ounce, the highest price since Nov. 12. Bullion has gained 27 percent this year. Investors staying away from the highest rated bonds on the debt crisis may speared to other countries and as the bailouts for Greece and Ireland failed to curb the spreading of debt crisis.
3. Bullions (Contd..) The Investors sentiment towards bullions still remains strong on the Korean tensions and concern over Europe’s debt crisis. According to data compiled by Bloomberg, the Gold assets in exchange-traded products rose to 2,094.48 metric tons yesterday from 2,086.83 tons on Nov. 30. Silver holdings climbed to 14,851.49 tons from 14,780.04 tons. According to the Shanghai Gold Exchange “China’s gold imports in the first 10 months of this year jumped to 209 tons compared with 45 tons in all of 2009”. Silver for immediate delivery climbed 0.2 percent to $28.5131 an ounce, the highest level since Nov. 9, when the price reached a 30-year high.
4. Crude oil. What was the trend in the Crude? Crude oil futures trading close to highest in last three weeks after the release positive private employment numbers from the US and positive manufacturing numbers from the major oil consuming economies like China and Euro zone. The futures gained 3.1 yesterday on the strong positive private payrolls and better than expected manufacturing growth in Europe and China, the largest energy user, and cold weather the northern hemisphere, boosted the demand. The January contract was at $86.53 a barrel, down 22 cents, in electronic trading on the New York Mercantile Exchange. Oil gained 3.3 percent last month and is 9 percent higher this year.
5. Crude oil(Contd..) Yesterday’s Energy Department report showed, “U.S. crude oil stockpiles increased by 1.07 million barrels to 359.7 million, Gasoline inventories climbed 561,000 barrels to 210.1 million and Distillate fuel supplies, including diesel and heating oil, slipped 194,000 barrels to 158.1 million barrels in the week ended Nov. 26. According to a Bloomberg News survey, “Inventories were forecast to decrease by 1.15 million barrels.
6. Base metals. How was the trading sentiment in the base metals today? The Copper futures advanced in London and Shanghai after manufacturing in China, the U.S. and Europe expanded, signaling the signs of a revival in the demand. Copper for three-month delivery on the London Metal Exchange rose for a third day, gaining as much as 1 percent to $8,670 a metric ton. The contract has climbed 5.3 percent since Nov. 29 on better-than-expected economic reports from China, US and Euro zone. The positive economic data around the world in the past few days has greatly boosted investor confidence.
7. Base metals (Contd..) Manufacturing in the US for the expanded successively for 16th month in November and the output in the euro area expanded at the fastest pace in four months. The demand from the China is expanding as the China’s output also grew by beating the economists forecast for a fourth month. In LME Zinc added 1.5 percent, Aluminum rose 0.6 percent, lead gained 1.6 percent, nickel unchanged. Tin increased 1.4 percent.
