Daily Commodity Market Wrap

[SureshBajaj]

MARKET WRAP : 18/01/2011


Gold steadies as dollar restricts gains
Copper barely firmed on Monday
Oil down as dollar rises
Dollar stronger, euro weakens

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.

 

[SureshBajaj]

MARKET WRAP : 19/01/2011:thumb:


Copper rose on Tuesday as the dollar fell
Gold draws strength from dollar decline
The dollar extended losses against the euro
Oil slips on reports of higher OPEC output
Nickel hits multi week high

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.

 

[SureshBajaj]

MARKET WRAP : 20/01/2011:thumb:


Copper hits record on dollar
Oil prices fall on U.S. economy doubts
Dollar pares losses from a low versus euro
Gold gains for third day
Lead falls most in all base metals

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.

 

[SureshBajaj]

MARKET WRAP : 21/01/2011:thumb:


Gold, silver hit lowest since late November
LME lead stocks continued to rise
Copper fell about 1 percent on Thursday
Oil prices fell by more than $2
Gold prices extended early losses to fall below $1,350
Euro slips v/s dollar

Oil prices fell by more than $2 to below $89 per barrel for the first time in 10 days as concerns about high U.S. inventories and Chinese inflation outweighed positive U.S. jobless data. Gold prices extended early losses to fall below $1,350 an ounce on Thursday, hitting their lowest in two months, as the euro surrendered gains to turn negative versus the dollar. Copper fell about 1 percent on Thursday, down from the previous session's record high, as Chinese data raised concerns the country would take further steps to tighten monetary policy and soften demand for metals.

 

[SureshBajaj]

24/01/2011 :thumb:

Gold prices fell for a second day on Friday
Silver prices had earlier hit a seven-week low at $27.10 an ounce
Copper bounced nearly one percent on Friday
The weak dollar on Friday
Nickel closes higher on Friday


Gold prices fell for a second day on Friday as a stronger appetite for riskier assets such as equities and an improving economic outlook diminished safe-haven buying, more than offsetting a weaker dollar. Copper bounced nearly one percent on Friday, snapping a two-day slide that dragged prices to their lowest level in a month, as the dollar weakened and on worries about more monetary tightening in top-consumer China abated. Bullion notched a third consecutive weekly loss, its longest since July.

 

[SureshBajaj]

MARKET WRAP : 25/01/2011:thumb:


Gold edges up as price drop attracts buyers
Euro off from two-month high
Copper prices rose on Monday
Nickel slips from recent high
Aluminium ,lead closes weak on Monday
Natural Gas falls sharply on Monday, down almost 3%

Gold rose on Monday as lower prices after the metal's third consecutive weekly loss attracted some buyers back to the market, but a more optimistic view of global growth still limited fresh investment. Copper prices rose on Monday, as concerns about Chinese demand abated. A weaker U.S. dollar also helped metals, by making dollar priced commodities cheaper for other currency holders.

 

[SureshBajaj]

MARKET WRAP : 27/01/2011


Gold eased on Wednesday ahead of a U.S. Federal Reserve policy
Copper rallies, China doubts curb gains
Dollar weakened against the euro
Oil prices rebound ahead of Fed statement

Gold eased on Wednesday ahead of a U.S. Federal Reserve policy decision later in the day, while a record outflow from the largest exchange-traded bullion fund kept prices near Tuesday's three-month low. Copper rallied on Wednesday as the dollar weakened against the euro but the approach of a holiday in top consumer China and expectations of tighter monetary policy in the country checked investor enthusiasm. Oil prices bounced higher on Wednesday after two days of losses as the dollar fell to 10-week lows ahead of a U.S. Federal Reserve statement.

 

[SureshBajaj]

MARKET WRAP : 28/01/2011:clap:

Gold slides to 3-month low as investment stalls
Euro at 2-month high on ECB official's inflation comments
Copper rose on Thursda
Copper stocks rise again
Crude oil trading around 87$

Gold fell more than 2 percent on Thursday as investor appetite for the metal waned and on growing expectations for rising interest rates that would ultimately make bullion a less attractive investment. Copper rose on Thursday and tin hit a record high on tightening supplies, but copper's gains looked fragile near-term as a holiday approached in top metals consumer China.

 

[SureshBajaj]

MARKET WRAP : 31/01/2011:clap:


Gold posted its biggest gains in eight weeks on Friday
Spot silver rose 3.5 percent to $27.98 an ounce.
Dollar index rose 0.5 percent
Copper ends up near record
Crude oil trading around 89$
Nickel slips sharply after hitting record high

Gold posted its biggest gains in eight weeks on Friday, gaining nearly 2 percent as the prospect of unrest in Egypt spreading across the Middle East fueled a rush of safe-haven buying in the financial markets. The nearly $40-an-ounce jump in active trading revived investor interest in bullion, which is still set for its first monthly decline in half a year . Copper prices closed 1.5 percent away from its record high on Friday, after data showing the U.S. economic expansion picked up in the fourth quarter reaffirmed robust global demand prospects for the industrial metal. Lead prices are expected to outshine zinc <CMZN0> this year as the galvanizing metal continues to struggle with vast stocks and another year of surplus.

 

[SureshBajaj]

MARKET WRAP : 01/02/2011:thumb:


Gold extended losses on Monday
Copper eyes record high
euro rose against the dollar
Crude oil trading above 91$

Gold extended losses on Monday to hit session lows after U.S. data showed consumption beat expectations in December, while the Federal Reserve's preferred gauge of inflation rose at its most moderate pace on record. Copper came within touching distance of record highs on Monday as expectations of healthy demand from top consumers China and the United States boosted sentiment.