GEPL Capital`s view on bullions, base-metals, energy
GEPL Capital has come out with its report on bullions, base-metals and energy updates.
GEPL Capital has come out with its report on bullions, base-metals and energy updates.
BullionsGold fell yesterday for a third day as concern about Europe's debt crisis boosted the dollar and cut the metal's appeal as an alternative asset. Gold fell one per cent to USD 1,560.70 an ounce. Silver also lost 1.5 per cent to USD 27.75 an ounce. The dollar reached a 20-month high versus six major currencies as European Union leaders meet today and Greece heads for new elections that may determine whether the nation stays in the euro currency bloc.Gold jewelry demand in India, last year’s biggest buyer, may decline this quarter, the All India Gems & Jewellery Trade Federation said. Indian jewelry sales may fall 30 per cent to 40 per cent in the three months ending June from a year earlier, the federation, said today. India’s rupee has fallen 8.9 per cent versus the dollar this quarter, driving up prices of imported commodities.Base - Metals
Copper dropped to a four-month low in New York on concern that slowing growth in China and the risk of Greece leaving the euro signal weaker demand for the metal. European leaders meeting in Brussels are seeking to keep Greece within the 17-nation monetary union, a day after the Organization for Economic Cooperation and Development said the crisis could spiral and damage the world economy. Growth in China, the world biggest copper user, will slow to 8.2 percent this year from 9.2 percent in 2011.Copper futures for July delivery slid 2.6 percent to settle at $3.396 a pound at 1:19 p.m. on the Comex in New York. Earlier, the metal touched $3.3865, the lowest since Jan. 9.The Chinese economy may have the worst growth in more than two decades if Greece abandons the euro, economists at investment bank China International Capital Corp. said in an e- mailed report today. Copper inventories monitored by the London Metal Exchange rose for the fourth time in five sessions to 225,700 metric tons, daily exchange figures showed. On the LME, copper for delivery in three months fell 2.7 percent to $7,531 a ton ($3.42 a pound). Aluminum for three-month delivery on the LME declined 1 percent to $2,009 a ton. Orders to draw the lightweight metal from warehouses climbed to 1.73 million tons, the highest level since at least 1997.Zinc, lead, nickel and tin were also lower in London.EnergyOil tumbled below $90 a barrel in New York for the first time since November after a government report showed that U.S. crude supplies rose to a 22-year high and as European leaders meet to discuss the euro region’s debt crisis. Futures fell as much as 2.8 percent after the Energy Department said stockpiles rose 883,000 barrels to 382.5 million barrels last week. The European Union summit is the 18th since Greece was shaken by debt and the first since an anti-austerity campaign carried Francois Hollande to France’s presidency. The euro sank to the lowest level in almost two years.Crude oil for July delivery fell $1.89, or 2.1 percent, to $89.96 a barrel at 1:48 p.m. on the New York Mercantile Exchange. Futures touched $89.28, the lowest level since Nov. 1. Prices are down 9 percent this year. Brent oil for July settlement fell $2.36, or 2.2 percent, to $106.05 a barrel on the London-based ICE Futures Europe exchange. The European-benchmark contract touched $105.45, the lowest level since Dec. 20. U.S. crude inventories were forecast to gain 1.65 million barrels.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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