11/25/2010 06:23:00 PM
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Commodity Updates
Positive employment data from the US yesterday raised hopes of recovery in the world’s largest economy, thereby reducing demand for the yellow metal as a safe‐haven investment today. Spot Gold prices declined by around 0.3% and were hovering at $1371.05 till 3.45 pm IST. As the US markets are closed on account of Thanksgiving holiday, the global equities showed lackluster performance today. The US Dollar Index (DX) strengthened in the Asian trade and touched a high of 80.05 against a basket of six major currencies.
Strength in the US dollar exerted downside pressure on copper prices on the LME today, as better‐than‐expected employment data from the US yesterday
helped the currency to gain. Prices declined around 0.4% in the international markets, touching an intra‐day low of $8236/tonne till 3.45 pm IST today. Falling inventories on the LME warehouse did not provide any respite to copper today. On the MCX, red metal prices declined almost 1 % and were hovering
at `375.55/kg till 3.45 pm today. Appreciation in the Indian Rupee further pressurized copper prices in the domestic markets. •
Unexpected rise in US crude oil inventories coupled with strength in the DX led oil prices lower on the Nymex today. The US Energy Department (EIA) reported yesterday that crude oil inventories in the US increased by 1.0 million barrels to reach 358.6 million barrels in the week ending 19th November. Gasoline inventories rose by 1.9 million barrels while distillate inventories declined by 0.5 million barrels in the same week. Crude oil prices declined around 0.3% on Nymex, touching an intra‐day low of$83.45/bbl till 3.45 pm IST today.
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