Weekly commodity news letter by capital height 14 02-11 to 18-02-11
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MARKET WRAP
U.S. oil falls to 10-wk low as Mubarak steps down
Gold slips from earlier 3-week high near $1,370/oz
Largest silver ETF posts first inflow since Jan. 24
Copper ends up after Egypt's Mubarak steps down
Copper in LME warehouses fell 225 tonnes, aluminium fell 2,325 tonnes
Gold ended up marginally though its shine faded post economic stability in Egypt, lower
U.S jobless claims and better than expected Fed budget balance signaling economic
recovery. Gold gained nearly $10 and made weekly high of $1368 to end at $1356.2. The
holdings of the world’s largest gold backed ETF, New York’s SPDR too slipped to their
lowest level since January to 1,225.526 tonnes vs. 1,226.436 tonnes.
Copper ended negative at $ 455.15 but recovered nearly 5% from $430.9 owing to
number of positive economic data and reversal in global equity market. LME copper ended
$10 higher at $9,961; near its recent peak of $10,160. Copper is overall bullish and buyers
strike in at lower levels. LME copper warehouse fell 225 tonnes to 396,275 tonnes though
Shanghai stockpiles rose nearly 10,000 tonnes to 144,197 tonnes.
Crude oil ended down nearly $5 this week to end near its new ten week low of $85.10 at
$85.47. Egypt’s president stepping down pushed crude oil prices down, also, on the
concerns about potential oil supply disruptions. Though, news of turmoil in Cairo could
spread to major oil producers in the Middle East sent Brent crude higher to end above
$100. Crude oil inventories came down at 1.9M vs. 2.6M as against expected 2.2M.
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