Daily Commodity Market Wrap

[SureshBajaj]

MARKET WRAP : 02/02/2011


Gold surrenders early gains
Copper hit a record high on Tuesday
U.S. dollar pared some losses versus the euro
Silver ETFs see historic outflows in January
Nickel and aluminum hits multi week high


Copper hit a record high on Tuesday nearing $10,000 a tonne buoyed by positive U.S. economic data as well as supply concerns, while a weaker dollar underpinned its advance. The U.S. dollar pared some losses versus the euro and yen on Tuesday after the ISM and construction readings but still remained down on the day. Gold prices steadied on Tuesday after well-received U.S. manufacturing data lifted the dollar and boosted appetite for higher-risk assets at gold's expense, balancing support lent by political upheaval in Egypt.

 

[SureshBajaj]

MARKET WRAP : 03/02/2011


Gold prices eased on Wednesday after well-received U.S. economic data
Copper rushed towards a record high on Wednesday
euro retreated from a 2-1/2-month high against the dollar
US ADP jobs data higher than expectations

Gold prices eased on Wednesday after well-received U.S. economic data and a spate of upbeat corporate earnings deflected interest away from bullion on to higher-risk, higher-yielding assets. Copper rushed towards a record high on Wednesday, nearing $10,000 a tonne before losing momentum, but solid manufacturing data that pointed to higher demand for the industrial metal suggested gains further ahead. The euro retreated from a 2-1/2-month high against the dollar on Wednesday as signs of dissent over a euro zone rescue plan and unrest in Egypt caused some investors to take profits on its recent rise.

 

[SureshBajaj]

MARKET WRAP : 04/02/2011

Copper at record $10,000 on supply concerns
U.S. weekly jobless claims drop more than expected
Gold falls for second day as dollar strengthens
U.S. dollar extended gains against the euro
Crude oil trading above 90$
Zinc hits multi week high
Natural gas galls sharply after inventory data

Copper struck a record high at $10,000 on Thursday while tin also hit all-time peaks, on supply deficit concerns and as recent economic data from top consumers China and the United States increased demand prospects. Gold recovered sharply on second day after U.S. data showed a healthy pace of growth in the U.S. services sector, having earlier risen on the back of more muted expectations for euro zone rate rises.

 

[SureshBajaj]

MARKET WRAP : 07/02/2011


Gold retreats on Egypt report
U.S. jobs rose less than expected
U.S. unemployment rate down
Crude oil trading near 88$
Copper soars to new record on U.S. data boost
Nickel trading near recent high


Gold dropped on Friday as the dollar rose and safe-haven buying ebbed after an apparently unfounded television report sparked intense speculation that Egypt's President Hosni Mubarak could be stepping down soon, which would end unrest. For the week, gold notched its first weekly gain in 2011 after U.S. employment rose far less than expected in January, and after Federal Reserve Chairman Ben Bernanke indicated monetary policy would stay accommodative in the near term. Copper pushed well above $10,000 a tonne to a record high on Friday, driven by encouraging employment data in the United States that backed views of a healthier 2011 demand outlook.

 

[SureshBajaj]

MARKET WRAP : 08/02/2011


Gold edged above $1,345 an ounce on Monday
Copper hits record high on Chile concerns
Crude oil trading near 88$
Lead down almost 1%
Nickel falls after hitting new high

Gold edged above $1,350 an ounce on Monday after the metal's first weekly rise this year lifted investor confidence in the metal, though a more optimistic view of the global economic outlook is continuing to weigh on prices. Copper hit a record on Monday as concerns about supply, especially from top producer Chile, added to a recent stream of positive economic data that boosted the outlook for industrial metals demand.

 

[SureshBajaj]

MARKET WRAP : 09/02/2011

Gold hits highest in nearly three weeks on short covering
Oil and copper prices recovered losses made after China's interest rate increase
dollar index slipped 0.4 percent
Lead, Aluminium up almost 0.5% after sharp fall
Nickel coveres all losses on Tuesday
Natural Gas continues its down trend down almost 2%
Silver hits multi week high

Gold rose more than 1 percent on Tuesday to $1,367.60 an ounce as traders covering short positions in the New York futures market pushed spot prices through key resistance at the metal's 100-day moving average. Oil and copper prices recovered losses made after China's interest rate increase. The dollar index slipped 0.4 percent, meanwhile, adding further upward pressure to gold.

 

[SureshBajaj]

MARKET WRAP : 10/02/2011

Oil trims gains on U.S. inventory increase
crude stocks rose 1.9 million barrels
Gold holds near 3-week highs
Copper slips, upside capped by China rate
Euro rose to a session high against the dollar

U.S. crude dented earlier gains on Wednesday as official oil data showed increases in oil inventories in the United States. Gold nudged three-week highs on Wednesday, supported by an increased focus on inflation after China's second interest rate hike in six weeks and residual interest in the metal as a haven. Copper slipped on Wednesday, as worries of rising interst rates in China could dampen industrial demand washed through the market, although a softer dollar lent support.

 

[SureshBajaj]

MARKET WRAP : 11/02/2011:thumb:


Gold recovers from days lows
Weekly U.S. jobless claims drop more than expected
Dollar rises against the euro
Copper edged up on Thursday, bouncing from earlier losses
LME copper inventories rise
Oil trading near 87.5 $

Copper edged up on Thursday, bouncing from earlier losses as the dollar pared gains versus the euro, but with prices losing a grip of this week's record high. Gold extended losses on Thursday after weekly U.S. employment data painted a much brighter picture of the jobs market, pushing down other safe-havens such as treasuries and boosting the dollar and equities.

 

[SureshBajaj]

MARKET WRAP : 14/02/2011:thumb:

Gold retreats after Mubarak resigns
Largest silver ETF posts first inflow since Jan. 24
Copper ends up after Egypt's Mubarak steps down
Stocks of aluminium fell 2,325 tonnes
Copper in LME warehouses fell 225 tonnes
U.S. oil falls to 10-wk low

Gold retreated below $1,360 an ounce on Friday after the resignation of Egyptian President Hosni Mubarak following weeks of protest took some heat out of risk aversion. Gold was weakened further after data showed stronger-than-expected U.S. consumer sentiment, which rose to an eight-month high in early February. Copper bounced from a near two-week low to end a shade higher on Friday, as broader market sentiment gradually improved after news of the resignation of Egyptian President Hosni Mubarak. U.S. oil prices fell to a 10-week low on Friday after Egyptian President Hosni Mubarak stepped down and handed over power to the army.

 

[SureshBajaj]

MARKET WRAP : 15/02/2011:clapping:

Copper near records after China data
Aluminium in LME warehouses dipped 4,725 tonnes
Nickel hit its highest in nearly three years
Gold rises above $1,360/oz
Silver prices reach six-week high

Copper rose above $10,000 a tonne to near all-time peaks and tin hit a record on Monday, as supply tightness bolstered both metals, while a surprise jump in copper imports from top metals consumer China brightened sentiment. Gold rose above $1,360 an ounce on Monday as the dollar's retreat from highs versus the euro took some pressure off prices, with a second consecutive weekly price rise underpinning investors' confidence in the metal.