7/13/2011 05:27:00 PM
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Gold Updates
Gold continued to lure investors in such uncertainty and COMEX Gold Aug futures extended their rally and futures ended at 0.85 percent gain to close at $1,562.3 per troy ounce yesterday from $1,549.2 per troy ounce on 11th July, 2011.
After 17th June, 2011 resumption of 20 tonnes was seen in SPDR Gold ETF which pointed to the investment demand for the yellow metal.
Crude Oil Updates
U.S. Crude oil inventories rose 2.3 million barrels for the week ended 8th July, 2011, the American Petroleum Institute said early today morning. Stockpiles of gasoline declined 1.6 million while inventories of distillates increased 4.8 million. Crude oil prices rose in yesterday’s trading session as weakness in the dollar in the later part of the trade supported prices. The dollar pared gains as US Federal Reserve policymakers indicated uncertainty over further monetary stimulus. But crude oil prices began yesterday’s trade on a weaker note on the back of concerns over spreading European debt crisis and as the dollar strengthened on the back of risk aversion. But weakness in the dollar by the end of the trade lent support to prices.
Copper Trend
COMEX Copper Aug futures pared their prior day gains on short covering and rose yesterday by 0.53 percent to close at $4.3855 per pound from $4.3625 per pound on 11th July, 2011 while LME three month copper futures also rose by 0.83 percent to close at $9,650 per ton from $9,571 per ton the prior day. Copper prices increased almost 1 percent on the LME yesterday as demand for the metal from China is re-emerging after a three-month slump. Copper imports in China rose for the first time in three months in June as buying from overseas became profitable and as supply tightened after demand drained local stockpiles.
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