6/07/2011 06:13:00 PM
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Commodity Live
- COMEX Copper July futures rose yesterday on supply disruption at Chile’s fourth biggest mine
- Greece bailout concerns resurfaced yesterday thereby pressurizing on Euro
Gold Trend
COMEX Gold Aug futures extended their gains and rose by 0.31 percent to close at $1,547.2 per troy ounce yesterday from $1,542.4 on 3rd June, 2011. Investment demand continued to remain weak as holdings at SPDR Gold ETF remained unchanged yesterday.
Today no major economic data is scheduled to release hence Precious Metals complex will take cues from the events in the Euro Zone regarding the Greece bailout uncertainty which will provide them support.
Silver Trend
COMEX Silver July futures also rose yesterday paring their prior day gains and ended at $36.782 per troy ounce, a 1.63 percent gain from $36.191 per troy ounce made on 3rd June, 2011.
Investment demand for the white metal also remained unchanged at iShares Silver Trust yesterday while Gold/Silver ratio edged slightly above to 42.52 yesterday from 42.5 made on 3rd June, 2011.
Copper Trend
COMEX Copper July futures extended their gains yesterday on supply side disruptions in Chile’s El Teniente the world’s fifth largest copper mine as strike continued for the third day yesterday. Futures ended at $4.1420 per pound yesterday from $4.1345 per pound on 3rd June, 2011.
LME Copper three month futures also rose slightly an ended at 0.36 percent gain to $9,132.5 per ton from $9,100 per ton made on 3rd June, 2011. The Red Metal ignored the strengthening of the U.S. Dollar which ended at 0.26 percent gain. Today in the afternoon session of the trade we have two economic data from U.K. and Euro Zone scheduled to release and a reading above the analyst’s expectation would support the Base Metals complex.
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