GEPL Capital`s view on bullions, base-metals, energy
GEPL Capital has come out with its report on bullions, base-metals and energy updates.
August 13, 2012 / 13:45 IST
GEPL Capital has come out with its report on bullions, base-metals and energy updates.
BullionsGold advanced as China’s inflation cooled for a fourth month and before a report that may show an increase in U.S. jobless claims, boosting optimism that central banks may take steps to bolster the global economy. Gold for immediate delivery gained as much as 0.3% to $1,616.45 an ounce and traded at $1,615.93 at 10:14 a.m. in Singapore. December-delivery bullion rose 0.2% to $1,618.50 on the Comex in New York. Consumer prices rose 1.8% from a year earlier, the lowest rate since January 2010, while producer prices fell 2.9%, the fifth straight drop. That may encourage policy makers to introduce more stimulus measures. Weekly U.S. jobless claims rose to 370,000 from 365,000.The Federal Reserve said Aug. 1 it will add stimulus if necessary to boost growth and cut an unemployment rate that has been 8% or higher for more than three years. Holdings in exchange-traded products backed by gold gained 0.3% to 2,411.721 metric tons yesterday, the highest since July 6. Separate reports today may show Chinese retail sales slipped and industrial production in the world’s second-largest economy grew less 10% for a fourth month, a level not seen since the 2009 financial crisis. Spot silver gained as much as 0.4% to $28.165 an ounce and was at $28.1475. Platinum for immediate delivery rose as much as 0.6% to $1,417.25 an ounce and traded at $1,416.25. Palladium climbed 0.3% to $589.25 an ounce.Base-MetalsCopper 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% in June, government figures showed today. Economists surveyed by Bloomberg News were expecting a decline of 0.8%. Bank of England Governor Mervyn King cut forecasts for economic growth and said Britain’s recovery will be a “slow process.” Europe accounts for about 18% of world copper demand.Copper futures for September delivery slid 0.6% to settle at $3.4215 a pound at 1:08 p.m. on the Comex in New York. Prices gained 4.6% in the previous three sessions. On the London Metal Exchange, copper for delivery in three months retreated 0.4% to $7,550 a metric ton ($3.43 a pound.) Nickel, zinc and tin also dropped, while aluminum and lead gained in London.EnergyOil fell for the first time in four days as fuel demand declined and Federal Reserve Bank of Dallas President Richard Fisher said global central banks may not have the capacity to undertake additional stimulus measures. Crude oil for September delivery slipped 57 cents, or 0.6%, to $93.10 a barrel at 2:05 p.m. on the New York Mercantile Exchange.Prices erased gains after increasing to $94.72, the highest intraday level since May 15. Futures have climbed 20% since reaching an intraday low of $77.28 on June 28. Brent oil for September settlement decreased 39 cents, or 0.3%, to $111.61 on the London-based ICE Futures Europe exchange.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.To read the full report click on the attachment 
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