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 climbed for a third day, gaining alongside equities and other commodities, before German and French leaders meet today to discuss the euro and as China said it will focus on aiding growth. Platinum and palladium gained. Spot gold rose as much as 0.3 percent to $1,598.25 an ounce, the highest price since May 10, and was at $1,596.25 at 11 a.m. in Singapore. Bullion last week rebounded after a 21 percent drop from an intraday record in September. The metal ended the week up 0.9 percent, the first weekly advance in three.Gold dropped to $1,526.97 an ounce on May 16, the cheapest this year, as speculation that Greece may have to leave the currency bloc wiped almost $4 trillion from global stock markets this month. German and French leaders will meet before a European Union summit May 23 to map a revised plan to resolve the debt crisis, after leaders of the Group of Eight nations failed to deliver a unified strategy at their May 18-19 meeting.“Gold had a really nice rally following a very steep drop, so we might get some consolidation from here as the market prepares to take on $1,600.“It’s too soon to say if the dollar link has been broken.” Gold tends to trade inversely to the U.S. currency.Base - MetalsCopper advanced for a second day as Chinese Premier Wen Jiabao said the government will focus more on bolstering economic growth, boosting demand from the world’s biggest consumer of industrial metals. The three-month delivery contract rose as much as 1.2 percent to $7,743.25 a metric ton on the London Metal Exchange and was at $7,740 by 10:34 a.m. Tokyo time. The price fell 4.5 percent last week, declining for a third week. July-delivery metal gained 0.7 percent to $3.4940 a pound on the Comex. China should continue to implement a "proactive fiscal policy and a prudent monetary policy" to maintain growth in the world’s second-largest economy. German and French leaders meet today in Berlin before a European Union summit on May 23 to map out a revised plan after Greece’s possible exit erased almost $4 trillion from global stock markets this month.LME copper’s 14-day relative strength index, a gauge of whether a commodity is overbought or oversold, fell last week below the level of 30 that some analysts view as a signal prices are poised to advance. Shanghai copper inventories dropped to 173,814 tons last week, the exchange said May 18. LME stocks, down 11 percent in May, rose for a second day to 221,175 tons on deliveries at Busan, South Korea, daily exchange figures showed May 18. Asian stocks rose, with the regional index rebounding from its biggest drop in six months, as Wen’s comment indicated the country’s policies may be loosened further. The September-delivery contract on the Shanghai Futures Exchange climbed 1.3 percent to 55,920 yuan ($8,845) a ton. On the LME, aluminum was down 0.2 percent at $2,065 a ton, while zinc rose 1 percent to $1,914 a ton and lead gained 0.5 percent to $1,975 a ton. Nickel advanced 1 percent to $16,995 a ton. Tin fell 1.3 percent to $19,400 a ton.Energy
Crude oil prices Friday slid under $92 a barrel on the New York Mercantile Exchange. West Texas Intermediate crude oil for June delivery gave up 83 cents to $91.43 per barrel. Natural gas for June delivery shed 2.3 cents to hit $2.719 per million British thermal units after a four-week inventory buildup. Home heating oil was up 1.35 cents to $2.8516 per gallon. Gasoline lost .31 cents to reach $2.8435 per gallon. At the pump, the national average price of unleaded gasoline fell Friday from $3.722 per gallon to $3.713Disclaimer: 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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