5/31/2011 05:43:00 PM
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Commodity News
- Moody’s Investor Service puts Japan’s Debt rating on a review for a possible downgrade
- China’s foreign assets surge 19.3 percent in 2010 on yearly basis led by boost in Gold Demand
- Greek aid package to be decided by end of June, 2010
Gold Updates
Spot Gold prices rose yesterday by 0.10 percent to close at $1,537.90 per troy ounce from $1,536.3 per troy ounce on 27th May, 2011 undermined by the Euro zone Debt jitters owing to Greece default.
However signs of racing a draft of second bailout package by the Euro Zone officials could avert the risk of Euro Zone country defaulting might pressurize the Yellow Metal.China National Gold Group Corp., the state-owned company that controls the nation’s largest gold deposits, wants to invest in projects in Africa as it expects bullion to trade near record levels for the next three years. Today in the evening session of the trade we have U.S. CB Consumer Confidence Index which is expected to increase and hence can pressurize the Gold futures on COMEX.
Silver Updates
Spot Silver prices also rose by 0.60 percent yesterday to close at $38.09 per troy ounce from $37.863 per troy ounce on 27th May, 2011. The Shanghai Gold Exchange said on Monday that it will temporarily raise the level of deposit required for its gold and silver forward contracts Friday to curb excessive speculation and manage price volatility during the Dragon Boat Festival holiday from June 4 to 6, the China Business News reported on Tuesday.
Margins for its gold forward contracts will be lifted to 12% starting at the close of business on June 3 compared with the current 10%, while silver contracts to 17% from 15%, the exchange said on its website.
Copper Updates
Copper July futures opened weak today and trading volumes were thin after a week end holiday and were trading down by 0.76 percent to $4.7540 from $4.1860 on 27th May, 2011 close. Prices were mainly pressurized by Euro zone Debt jitter and on the news that Global demand growth for copper is expected to slow to 8.4 percent in 2011- 12, slowing substantially from the average growth of 16.4 percent between 2005-2010 as stated by the International Wrought Copper Council.
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