GEPL Capital`s view on bullions, base-metals, energy

GEPL Capital has come out with its report on bullions, base-metals and energy updates.

• Bullions

Gold futures fell for the third time in four sessions as the dollar's rebound eroded demand for the metal as an alternative investment. Silver dropped from a 12- week high. The dollar was little changed against a basket of major currencies, recovering from an eight-week low, amid speculation that Greek Prime Minister Lucas Papademos and coalition party members would fail to agree on terms for a bailout. The Greek leader held an unscheduled meeting last night with the European Commission, the European Central Bank and the International Monetary Fund on terms for a 130 billion-euro ($172 billion) rescue package.

Gold futures for April delivery fell 1 percent to settle at $1,731.30 an ounce at 1:41 p.m. on the Comex in New York. The price has climbed 11 percent this year.Silver futures for March delivery fell 1.4 percent $33.704 an ounce on the Comex. Earlier, the price reached $34.52, the highest for a most-active contract since Nov. 16. The metal has jumped 21 percent this year.

• Base- Metals

Copper rose in New York, heading for the highest close in 20 weeks, after the government pledged to support first-time homebuyers in China, the world's biggest consumer of the metal used in pipes and wires.

Copper futures for March delivery advanced 0.9 percent to $3.9115 a pound on the Comex in New York. A close at that price would be the highest since Sept. 16. On the London Metal Exchange, copper for delivery in three months rose 1 percent to $8,567 a metric ton. Tin, zinc and nickel fell and lead was little changed.

• Energy

Oil traded near the highest price in more than a week after U.S. crude stockpiles increased less than analysts forecast and refineries bolstered fuel production in the world's biggest consumer of the commodity. Futures were little changed after advancing for a second day yesterday. Crude inventories rose 304,000 barrels last week, according to the Department of Energy, compared with an estimated 2.5 million barrel gain.

Oil for March delivery was at $98.92 a barrel, up 21 cents, in electronic trading on the New York Mercantile Exchange at 10:28 a.m. Sydney time. The contract yesterday increased 30 cents, or 0.3 percent, to $98.71, the highest settlement since Jan. 30. Prices are 14 percent higher the past year. Brent oil for March settlement rose 97 cents, or 0.8 percent, to $117.20 a barrel on the ICE Futures Europe exchange yesterday. The benchmark contract's premium to New York-traded West Texas Intermediate widened to $18.49.

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