Bullion, base metals, energy updates by GEPL Capital

GEPL Capital has come out with its report on energy, base metal and bullions.

Bullions:

Gold advanced for the second straight day, tracking gains in equities and commodities, after a report showed U.S. jobless claims unexpectedly declined. The Standard & Poor’s GSCI Spot Index of 24 raw materials climbed as much as 0.8 percent, while the MSCI All-Country World Index of equities rose as much as 0.4 percent after jobless claims fell by 6,000 to 361,000 in the week ended Aug. 4, Labor Department figures showed today. The median forecast of 43 economists surveyed by Bloomberg was an increase to 370,000. Gold futures for December delivery climbed 0.3 percent to settle at $1,620.20 an ounce at 1:48 p.m. on the Comex in New York. Prices climbed 0.2 percent yesterday. Silver futures for September delivery gained 0.1 percent to $28.097 an ounce in New York.

Base- Metals:

Copper fell for the first time in four sessions after weaker-thanforecast German industrial production fueled concern that Europe’s debt crisis is crimping economies and cutting metals demand. Factory output in Germany dropped 0.9 percent in June, government figures showed today. Economists surveyed by Bloomberg News were expecting a decline of 0.8 percent. Europe accounts for about 18 percent of world copper demand, data from Barclays Plc show. Copper futures for September delivery slid 0.6 percent to settle at $3.4215 a pound at 1:08 p.m. on the Comex in New York. Prices gained 4.6 percent in the previous three sessions. On the London Metal Exchange, copper for delivery in three months retreated 0.4 percent to $7,550 a metric ton ($3.43 a pound.) Nickel, zinc and tin also dropped, while aluminum and lead gained in London.

Energy:

Oil may rise next week as refineries operate near the highest level in five years and as tension in the Middle East raises concern that supply may be disrupted, a Bloomberg survey showed. Ten of 21 analysts, or 48 percent, forecast crude will advance through Aug. 17. Eight respondents, or 38 percent, predicted that futures will fall and three said there will be little change in prices. Last week, 39 percent of analysts projected an increase and another 39 percent saw a decline. The refinery utilization rate rose to 92.6 percent in the week ended Aug. 3, near the five-year high of 93 percent on July 20, the Energy Department said. Syria’s former Prime Minister Riad Hijab, the most senior defector from the administration, arrived in Jordan on Aug. 8 as rebels said government forces began a ground assault against a key Aleppo district. The refinery utilization rate has remained above 91 percent for more than two months. The rate was 90 percent a year earlier. Oil imports climbed 2.6 percent in the week ended Aug. 3 after slumping 13 percent to 8.41 million barrels a day in the previous week, the lowest level since March 16.

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