SPDR gold ETF heads for biggest weekly outflow since July
Gold prices edged higher in Europe on Friday, supported by the euro's rebound from a three-week low versus the dollar, and as a further ratings downgrade stoked concerns over euro zone debt. Shanghai copper held steady on Friday, supported by upbeat U.S. data and ongoing supply concerns. Demand for a range of long-lasting U.S. manufactured goods surged in November and consumer spending rose for a fifth straight month. Oil hovered around its highest levels in more than two years on Friday, supported by cold weather across the globe, appetite for risk assets and signals from OPEC it would not arrest the rally.
dollar edged down against a basket of currencies on Monday
Gold regains lost ground as bargain hunting supports
Oil eases after 26-month high
Silver consolidate and waiting for big trigger
Oil fell on Monday, unraveling gains that took it to a 26-month high, after uncertainty about Chinese fuel demand following a surprise interest rate rise countered the impact of a blizzard in the U.S. Northeast. U.S. and China copper prices were little changed in anemic trade on Monday, touching a fresh record high after dipping briefly in response to China's Christmas Day increase in interest rate. Spot gold regained lost ground on Monday, as bargain hunting trickled in after prices dropped about one percent in early trade in response to China's interest rate increase on Saturday. China's central bank raised interest rates on Saturday for the second time in just over two months as it stepped up its battle to rein in stubbornly high inflation.
U.S. crude prices rose above $91 a barrel, hovering just below a 26-month top hit in the previous session, supported by a weaker dollar and hopes that a major snow storm on the U.S. East Coast would stoke demand for heating oil. U.S. copper futures rumbled to a new record top in thin dealings on Tuesday, propped up by sharp falls in the dollar, a strong Chinese currency and threats of supply disruptions. U.S. gold futures vault e dover 1 percent to a session top of $1,400.60 an ounce on Tuesday, spurred by a weaker dollar and buying interest out of Asia. The dollar came under broad selling pressure, hitting an all-time low against the Swiss franc as the euro recovered against the greenback.
Zinc, lead, aluminium track copper to six-week tops
Gold edges above $1,400/oz
Oil steadies around $91
Spot silver at three-week highs
Oil steadied near a two-year high around $91 a barrel on Wednesday ahead of U.S. inventory data expected to show a drawdown in crude and distillate stocks in the world's largest oil user. copper hit a record high on Wednesday, playing catch up with U.S. prices on prospects of recovering 2011 demand, while a rate rise in top consumer China at the weekend failed to quell the metal's record run. Gold notched up a second straight day of increases to near two-week highs on Wednesday, closing in on a tenth consecutive yearly gain as doubt reemerged over the U.S. economic outlook and weakened the dollar.
Copper rose to a record on Thursday and was on track to finish 2010 nearly one third higher as a weaker dollar and widening market deficit seen for next year burnished the metal's allure for investors. Gold eased on Thursday, under pressure from a rise in the dollar against the yen after U.S. data offered some reassurance on the economic outlook, though bullion was still just 1.5 percent below record highs. U.S. crude oil inventories fell less than expected last week as refinery utilization rose, according to a weekly report from the Energy Information Administration on Thursday. Oil prices slipped under $90 in thin trading volumes on Thursday ahead of the release of the latest weekly U.S. oil inventory data, expected to show a drawdown in crude stocks for the fourth consecutive week.
Gold rose to within $10 of a record high on Friday, closing out an unprecedented tenth annual gain as the combination of a weaker dollar and global economic uncertainty seemed to pave the way higher next year. Copper concluded 2010 with a run of record highs, rising 2 percent on Friday as undimmed demand from China and the prospect of fresh fund investment had analysts pointing to further gains next year. Oil prices hit a 26-month high over $92 a barrel on Friday, closing the year up 15 percent on expectations that the economic recovery will drive demand growth next year and send prices into triple digits.
Euro fell 0.5 percent against the dollar early in the day
Oil climbed above $92 on Monday to its highest since October 2008, spurred on by expectations economic recovery will boost energy demand and as market bulls set their sights on $100 a barrel. U.S. copper futures rallied 1 percent on the first day of trade of the New Year to a record 449.25 cent/lb ($9,904 a tonne), extending 2010's 33 percent gains on expectations of sustainable growth in top metal consumer China. Gold rose to its highest in nearly a month in Europe on Monday, within $10 of its record high, and silver hit multi-year peaks, driven by pent-up demand on the first trading day of 2011.
U.S. copper futures shed nearly 2 percent of their value Tuesday morning, extending a retreat from the previous session's record peak . Gold tumbled more than 2 percent on Tuesday and was on track for its biggest one-day loss since early November as the dollar rose and investors opted for assets seen as higher risk. U.S. crude oil futures prices fell $2 on Tuesday in volatile trading after briefly paring losses on news that U.S. factory orders rose in November.
Lead stocks in LME warehouses hit their highest levels in more than 15 years
Gold extended losses on Wednesday, continuing its biggest three-day slide since mid- November, after surprisingly strong U.S. jobs data buoyed the dollar and encouraged investors to buy into riskier assets. Oil prices fell further from 27-month highs on Wednesday as a strong dollar sapped investor appetite for commodities, despite signs of tighter oil supply . Copper fell on Wednesday from a record high in the prior session, weighed down by a firm dollar, but a stronger-than-expected jobs report .
Gold prices fell for a fourth successive session on Thursday, under pressure from investors taking heart from the strength of the dollar . Oil fell more than a dollar to below $89 a barrel after U.S. data showed more jobless claims than expected, raising doubts about the strength of economic recovery in the world's biggest oil burner. Copper slipped on Thursday as the dollar rose against the euro, but strong economic data from the United States indicating a bullish outlook
US unemployment rate dips, but jobs rise below forecast
Dollar strength as euro slides
U.S. oil slips as dollar stronger
Copper ended down for a fourth consecutive session
U.S. oil prices fell on Friday in volatile trade as the stronger dollar and a stock market slide erased earlier gains, and crude started the year with a weekly loss. Gold dipped on Friday, as disappointing U.S. job growth failed to revive safe-haven demand following a raft of strong economic data, and bullion notched its biggest weekly decline since May. Copper ended down for a fourth consecutive session on Friday after disappointing jobs data in the United States tempered some of the economic recovery optimism behind the metal's early-year rally to record highs. U.S. non-farm payrolls increased by 103,000 in December, below economist forecasts of 175,000 new jobs, but the jobless rate fell to 9.4 percent from 9.8 percent in November, its lowest in more than 1-1/2 years.
Oil rose over 1 percent on Monday after a leak shut an Alaskan pipeline that carries 12 percent of U.S. crude output, but gains were capped by a stronger dollar due to worries about Portugal's debt. Gold rose above $1,370 an ounce on Monday as the dollar moved into negative territory versus the euro, and as concerns over the outlook for Portugal's sovereign debt lifted the metal's appeal as a haven from risk. Copper fell 1 percent on Monday, as investors worried about sovereign debt in Europe and a rising dollar made metals costlier for non-U.S. buyers, denting demand from top consumer China.
Gold steadied on Tuesday, as a late fall in the euro
The euro slipped against the dollar
Copper prices climbed on Tuesday
U.S. oil prices climbed above $90 per barrel
Zinc, lead consolidate near recent lows
Gold steadied on Tuesday, as a late fall in the euro tempered some of the gains in the dollar price derived from safe-haven flows stemming from deepening worries over the severity of the European debt crisis. U.S. oil prices climbed above $90 per barrel on Tuesday as a key Alaskan pipeline remained shut, removing more than half a million barrels per day from U.S. markets and on strong winter demand for North Sea crude. Copper prices climbed on Tuesday on earnings season optimism and expectations of improving 2011 demand, but lingering concerns over European debt.
Copper rose on Wednesday, boosted by positive economic data
Nickel hits multi week high
Brent crude oil rose to $98 a barrel
Gold eased on Wednesday after a successful Portuguese bond auction soothed some concern over the euro zone's finances and removed some investor desire for safe haven assets, though a softer dollar stemmed the slide. Copper rose on Wednesday, boosted by positive economic data and expectations of stronger demand from top metals consumer China, with a weaker U.S. dollar also supporting prices. Brent crude oil rose to $98 a barrel on Wednesday for the first time in 27 months.
Gold fell on Thursday, succumbing to a flurry of profit-taking after surprisingly weak U.S. jobs data briefly sent the price to one-week highs, although persistent concern over the euro zone helped contain the slide. Copper fell on Thursday, after two days of gains, on concerns that demand may wane in China because the top metals consumer is approaching its New Year holiday and also may further tighten monetary policy.
Gold dropped 1 percent on Friday to notch its biggest two-week loss in nearly a year, after China tightened bank reserves to rein in inflation and as safe-haven demand faded on a better economic outlook. Earlier this week, Federal Reserve Chairman Ben Bernanke said the U.S. economy should grow around 3 to 4 percent this year, a healthier clip than in 2010. Copper made modest gains in London on Friday, but U.S. copper surged to near record levels as an improved U.S. economic outlook. Stocks of copper in London Metal Exchange fell 1,125 tonnes to 376,225 tonnes. Zinc closed at $2,457 from $2,462 a tonne while battery material lead was at $2,678 from $2,635 a tonne.
Oil slipped on Monday while the dollar strengthened and equities faltered as OPEC said the market was well supplied and inventories should climb in the first half of the year. Gold held at around $1,360 an ounce on Monday, stabilizing after posting a second successive weekly fall last week, as a stronger dollar tempered some of the gains made from consumer demand for bullion. Copper barely firmed on Monday, supported by equity markets in Europe but constrained by a stronger dollar and concerns that top metals consumer China will step up its fight against inflation and crimp demand.
Turmeric prices will depend on demand from the domestic and overseas buyers and arrivals in the domestic market. Jeera prices will depend on the demand from the overseas and domestic buyers and growth of the sown Jeera crop particularly in Rajasthan and Gujarat. Pepper prices will depend on demand from the overseas and domestic market and fresh arrivals pattern in the physical market. Soybean prices are expected to trade higher due to bullish USDA’s monthly and supply report as sharp decline in US ending stocks and concern of Argentina’s dry weather. Mustard seed prices are expected to trade slightly higher due to sharp rise in RM Seed meal exports in the month of December and higher prices of other oilseeds and edible oils. Guar prices are expected to move higher from the current levels as the arrivals will continue to decline with harvests nearing its end, while demand from the overseas market may see an improvement in the coming weeks. Weather would be an important factor to be watched for as the final estimates on the Chana crop would mainly depend on the weather conditions during the crop development period.
Copper rose on Tuesday as the dollar fell and European equities surged to a 28-month high on signs of improving economic growth and better prospects for industrial metals demand. Gold rose on Tuesday for a second day, drawing strength from the dollar's decline against the euro as well as from Asian consumption and a degree of uncertainty over Europe's debt crisis. Oil slipped on Tuesday after the International Energy Agency (IEA) said OPEC members had been quietly raising output while the oil producing group insisted the market was already amply supplied.
Copper rose to a record high on Wednesday as the dollar weakened, positive earnings expectations whetted risk appetite and the outlook for demand for industrial metals in top consumer China improved. Oil prices reversed earlier gains on Wednesday after a drop in U.S. stocks at the market open and weak economic data in the world's top oil consumer outweighed a softer dollar. Gold rallied for a third consecutive session on Wednesday, boosted by broad weakness in the dollar and robust Asian consumer demand.
