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Script commodity noon session(3)


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Script commodity noon session(3)

  1. 1. Commodity noon session
  2. 2. Bullions • Gold declined on the speculation that the election in the Ireland may hinder the bailout package talks with EU and IMF, weakened euro against the dollar, curbed the alternative investment appeal of bullions. • The movement in the bullion is being driven by the euro and the U.S. dollar and the sensitivity of the issues around Europe. • gold for immediate delivery dropped 0.3 percent to $1,361.75 an ounce. The Euro fell versus the dollar on concern that Ireland’s debt problems will spur other countries such as Portugal to ask for financial assistance.
  3. 3. Bullions (Contd..) • The greenback declined 0.2 percent against the basket of currencies. • Silver for immediate delivery fell 1 percent to $27.6025 an ounce after gaining as much as 2.1 percent yesterday.
  4. 4. Crude oil. • Crude Oil fell in New York as concern an election in Ireland may hinder the country’s financial bailout boost the dollar against the euro. • Futures extended yesterday’s 0.3 percent decline as the dollar rose for a second day against the euro, limiting the appeal of riskier assets such as commodities. • Any financial trouble would slow down the economic recovery and could impact fuel demand.
  5. 5. Crude oil(Contd..) • The energy markets are concerned about the Irish bailout package, which may prompt the other countries such as Portugal and Spain to ask for financial assistance. • The January delivery contract fell as much as 0.6 percent, to $81.23 a barrel in electronic trading on the New York Mercantile Exchange. Yesterday, the contract lost 24 cents to $81.74. Prices are up 2.6 percent this year.
  6. 6. Base metals. • Copper declined as debt problems in Europe and expectations that demand from China will weaken curbed the appeal of the metal used in homes and appliances. Zinc and aluminum also fell. • Copper for three-month delivery on the London Metal Exchange dropped 1.2 percent to $8,192 a metric ton • Europe’s debt crisis helped the dollar and in turn weighed on copper and the metal is facing resistance as physical demand isn’t so good in China.
  7. 7. Base metals (Contd..) • Chinese imports will likely remain low through to the end of the year as the domestic market continues to trade at a large physical discount. • The Dollar Index measuring the currency’s performance against those of six major trading partners has climbed as much as 5.1 percent from its low this year on Nov. 4. • In LME Aluminum fell 0.8 percent, zinc declined 1.4 percent, Lead lost 1.6 percent, Nickel fell 1.1 percent and tin dropped 0.4 percent.