Feb 24, 2012, 02.14 PM | Source: Moneycontrol.com
GEPL Capital has come out with its report on bullion, base-metals and energy updates.
, GEPL Capital |
Gold climbed to a three-month high in New York as the dollar weakened, spurring demand for the precious metal as an alternative investment. Silver jumped to a 15-week high. Gold futures for April delivery gained 0.2 percent to $1,774.30 an ounce on the Comex in New York. Earlier, it touched
$1,786.50, the highest for a most-active contract since Nov. 15.Silver futures for May delivery advanced 2.7 percent to $35.27 an ounce, after climbing to $35.055, the highest since Nov. 9.
• Base– Metals
Copper dropped for the second straight day on speculation that a slowdown in China, the world’s biggest consumer, may crimp demand for the industrial metal. Imports by the Asian nation may decline this year because domestic prices are cheaper, according to INTL FCStone Inc. The Chinese government is poised to aim for a slower growth rate, according to a Bloomberg News survey of economists. Premier Wen Jiabao will set a target of 7.5 percent in his report to the National People’s Congress in Beijing on March 5.
Copper futures for May delivery fell 0.8 percent to $3.8135 a pound at 11:15 a.m. on the Comex in New York, following yesterday’s 0.1 percent decline. Last week, prices slumped 3.8 percent. On the London Metal Exchange, copper for delivery in three- months dropped 0.6 percent to $8,389 a metric ton ($3.80 a pound). Stockpiles monitored by the LME, down 18 percent this year, fell 0.3 percent to 304,875 tons, daily exchange
figures showed today. That was the lowest level since September 2009. Orders to draw the metal from warehouses rose 1.2 percent to 88,250 tons.
Oil advanced a seventh day, the longest winning streak since January 2010, as investors bet that fuel demand may climb after economic reports signaled the global economy is recovering. Futures rose from the highest close in more than nine months and headed for a third weekly gain. U.S. jobless claims held at the fewest since March 2008, while South Korean consumer confidence climbed to the highest level in three months.
Oil for April delivery increased as much as 0.8 percent to $108.70 a barrel in electronic trading on the New York Mercantile Exchange and was at $108.54 at 3:23 p.m. Sydney time. The contract yesterday gained 1.5 percent to $107.83, the highest close since May 4. Prices are 5.1 percent higher this week and up 12 percent the past year. Brent oil for April settlement advanced 33 cents, or 0.3 percent, to $123.95 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to New York-traded WTI was at $15.41, compared with $15.79 yesterday. It reached a record of $27.88 on Oct. 14.
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