GEPL Capital`s view on bullions, base-metals, energy
GEPL Capital has come out with its report on bullions, base-metals and energy updates.
June 06, 2012 / 13:09 IST
GEPL Capital has come out with its report on bullions, base-metals and energy updates.
BullionsGold rose in New York on speculation that policy makers will take measures to stimulate economic growth as finance ministers and central bank governors from the Group of Seven nations plan to discuss Europe’s debt crisis. Bullion for August delivery rose as much as 0.7 percent to $1,624.80 an ounce on the Comex in New York and was at $1,620.10 by 11:21 a.m. in London. The G-7 finance ministers and bankers plan to hold telephone discussions today ahead of a summit of leaders from the Group of 20 in Los Cabos, Mexico, June 18-19. U.S. President Barack Obama last week blamed European leaders for slowing U.S. job gains, saying they haven’t done enough to resolve the crisis that is now in its third year.Gold for immediate delivery was little changed at $1,618.48 an ounce in London. Holdings in the SPDR Gold Trust, the biggest exchange-traded product backed by bullion, were unchanged at 1,273.88 metric tons yesterday, after rising on June 1 for the first time since May 24, the company’s website showed. Gold futures lost 1.5 percent in the past month as the U.S. Dollar Index, a six-currency gauge of the greenback’s strength, rallied 4.2 percent in the same period. Spot silver was little changed at $28.2525 an ounce in London. Platinum for immediate delivery climbed 0.8 percent to $1,439.50 an ounce. Palladium gained 0.3 percent to $613.86 an ounce.Base - MetalsCopper fell for a fifth session, the longest slump since February, as signs of faltering growth in countries using the euro added to concern that the region’s fiscal woes will hamper global economies and metals demand. Copper dropped 12 percent in May as Europe’s intensifying debt crisis damped demand prospects. Copper futures for July delivery fell 0.5 percent to $3.289 a pound at 1:18 p.m. on the Comex in New York. The fiveday slide is the longest since Feb. 17. The dollar rose against a basket of six currencies for the first time in three sessions, reducing the appeal of commodities as alternative assets.Spain called for outside support for the first time to battle the financial crisis as the country’s narrowing access to markets undermines its ability to backstop its banks. Budget Minister Cristobal Montoro said European institutions should help shore up the nation’s lenders. Finance ministers and central bank governors from the world’s leading economies agreed to coordinate their response to Europe’s financial crisis on a conference call that dealt with Spain and Greece. The London Metal Exchange is closed for a second day for a public holiday.EnergyOil rose for a third day in New York after economic reports bolstered speculation fuel demand will increase and crude stockpiles dropped in the U.S., the world’s biggest consumer of the commodity. Futures gained as much as 0.9 percent. Inventories fell 1.8 million barrels last week, the industryfunded American Petroleum Institute said after yesterday’s close. An Energy Department report today may show supplies slid 500,000 barrels. U.S. service-industry growth unexpectedly increased and Australia’s economic expansion beat estimates.Oil for July delivery climbed as much as 75 cents to $85.04 a barrel in electronic trading on the New York Mercantile Exchange and was at $85.01 at 1:46 p.m. Sydney time. The contract yesterday rose 0.4 percent to $84.29, the highest close since May 31. Prices are 14 percent lower this year. Brent oil for July settlement gained 58 cents, or 0.6 percent, to $99.42 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to West Texas Intermediate was at $14.41, from $14.55 yesterday.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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