7/04/2011 05:19:00 PM
Your Advisor
Commodity News
Data from the U.S. Commodity Futures Trading Commission for the period showed 21st June – 28th June, 2011 showed that Non Commercial Traders decreased their long bets on Precious Metals Complex on COMEX as Gold and Silver current month futures slid by 3.0 percent and 7.5 percent respectively. However they increased their net long bets on COMEX Copper futures on optimism ahead of the Greece Austerity vote and also getting support from better than expected economic data dissipated during that period from U.S.
Data released yesterday early morning added to slowdown concerns in the Dragon Country when Chinese Non Manufacturing Purchasing Managers Index expanded at the slowest pace in four months fell to 57 in June, 2011 from 61.9 reported in May, 2011.
Gold Updtaes
COMEX Gold Aug futures fell by 1.34 percent to close at $1,482.6 per troy ounce on 1st July, 2011 from $1,502.8 per troy ounce on 30th June, 2011 as safe haven demand lost their luster on Greece default concerns fading and unexpectedly better U.S. Manufacturing Data released on Friday.
Investment demand faced the dent and holdings at SPDR Gold ETF saw a 2.42 tonnes on redemption on 1st July, 2011. Spot gold prices declined 1 percent in the last week as Euro zone policy makers approved an emergency bailout for Greece which eased debt concerns in the Euro Zone and increased risk appetite globally. This reduced safe-haven demand for gold last week. But, further losses were cushioned on account of dollar weakness. MCX Gold August contract declined 1.3 percent on account of Rupee appreciation.
Natural Gas
On a weekly basis, Nymex Natural gas prices rose around 1.5 percent mainly on the back of less than expected rise in US natural gas inventories coupled with dollar weakness. Report released by the US Energy Department indicated that natural gas stocks increased by 78 billion cubic feet (bcf) for the week ending 24 th June. Prices touched a high of $4.422/mmBtu and close at $4.321/mmBtu. On the MCX, natural gas gained around 2.3 percent last week and closed at `194.5 on Friday.
All Commodity tips, Mcx tips, ncdex tips, gold tips, silver tips, natural gas tips, mcx silver tips, mcs gold tips, live mcx you can from here.
