No major movement seems due to American Market closing in Commodity.
Gold Updates
After the downgrade the next test is for France which has its bond sales which will test the investor’s confidence after the nation lost its coveted AAA rating. U.S. Markets are closed on Monday on account of Martin Luther King holiday and trading activity is expected to remain thin and market will continued to discount the rating downgrades news with low volumes to be seen in the trading.
Crude Updates
US crude oil imports in November rose to 8.874 million barrels per day (b/d), up 384,000 b/d, or 4.52 percent, over October, the US Department of Commerce said Friday. November's import figure was up 278,000 b/d over November 2010. Year-to-date imports though November was down 144,000 b/d to 9.118 million b/d compared with the same period in 2010. Nigerian oil union Pengassan said it will only shut down oil output as “a last resort” in Africa’s top crude producer to give more time for negotiations with President Goodluck Jonathan’s government to end a strike now in the second week.
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