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 is poised to decline after Germany and China pledged support for economic growth, lowering the appeal of the precious metal as a haven. Spot gold traded little changed at $1,591.79 at 10:21 a.m. in Singapore, after declining 0.2 percent. June-delivery bullion gained 0.2 percent to $1,591.50 in New York. Holdings in exchange-traded products expanded to a three-week high of 2,386.564 metric tons yesterdayGermany will consider all ideas on bolstering euro area growth, Finance Minister Wolfgang Schaeuble said yesterday, after Chinese Premier Wen Jiabao said over the weekend that China will focus more on spurring growth. That helped drive Asian stocks, oil and copper higher for a second day today. The euro held near a one-week high against the dollar before a European Union summit tomorrow to discuss the debt crisis.Base - MetalsCopper gained to the highest level in a week as the Chinese government seeks to spur its economy, and Germany pledged to consider growth measures for Europe, improving the outlook for metals. The three-month delivery contract climbed as much as 1.1 percent to $7,816 a metric ton on the London Metal Exchange and was at $7,770 by 12:37 p.m. Shanghai time. The price fell 4.5 percent last week, declining for a third week. July-delivery metal added 0.2 percent to $3.5080 a pound on the Comex. China plans to speed up approval of infrastructure construction projects to improve the economy, and the government may allocate construction funds earlier than planned.Copper demand in China is expected recover in the second half of the year as the world’s biggest metals consumer takes steps to boost its economy, Charlie Sartain, chief executive officer of Xstrata Plc’s copper unit, said in Sydney today. On the LME, lead gained 0.2 percent to $1,944 a ton and tin rose 0.8 percent to $19,400 a ton. Aluminum and zinc were little changed at $2,045 and $1,904 a ton, respectively. Nickel fell 0.4 percent to $17,111 per ton.EnergyOil traded near the highest price in three days in New York on speculation a strengthening U.S. economy will increase fuel demand and the Obama administration will refrain from easing sanctions against Iran. Futures were little changed after rising for the first time in seven days yesterday. The U.S. won’t support relaxing the sanctions that are hobbling Iran’s oil exports when negotiators meet in Baghdad tomorrow for a second round of talks on the Persian Gulf nation’s nuclear program, according to officials who declined to be identified because of the sensitivity of the issue. Existing U.S. home sales climbed last month.Crude for June delivery, which expires today, was at $92.70 a barrel, up 13 cents, in electronic trading on the New York Mercantile Exchange at 2:18 p.m. Sydney time. The more-actively traded July contract climbed 12 cents to $92.98. Front-month futures rose 1.2 percent yesterday and are down 6.2 percent this year. Brent oil for July settlement was at $108.90 a barrel, up 9 cents, on the London-based ICE Futures Europe exchange. The front-month price for the European benchmark contract was at a premium to New York crude of $15.92, from $15.95 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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