“GOLD ENDS LOWER AS SAFE- HAVEN BID ERODES ”
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Gold ended down for the fifth straight day on Friday, suffering its worst weekly performance in almost 15 months, as improved demand for "riskier" assets dampened its safe-haven demand bid. Platinum and palladium recovered sharply from losses that took them to 3-1/2 month lows, but still ran their biggest weekly percentage loss since late 2008, amid hefty fund liquidation. Spot Gold was bid at $1,177.35 an ounce, against $1,181.10 late in New York on Thursday. U.S. gold futures for June delivery on the COMEX division of the New York Mercantile Exchange shed $12.50 to settle at $1,176.10 an ounce, after dealing in $1,166 to $1,188 session range. Gold prices recovered from an earlier low of $1,166.50 an ounce, down more than 5 percent from last Friday. Traders say prices are due a period of consolidation after rising 6 percent in the first two weeks of May to record highs at $1,248.95 an ounce.
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“OIL FALLS ON HIGH U.S. CRUDE STOCKPILES”
sure shot commodity tipsOil prices fell on Friday as increasing stockpiles of Crude and oil products in the United States undercut the economic optimism that boosted equities markets. Front-month U.S. Crude futures fell 76 cents to settle at $70.04 a barrel, erasing gains from earlier. Crude prices have fallen in eight of the last nine trading days, and have plunged from a 2010 high near $90 a barrel in early May. U.S.
Crude inventories rose in 15 of the 16 weeks through May 14, according to weekly data from the U.S. Energy Information Administration. EIA data also shows stocks at Cushing, Oklahoma, the delivery point for NYMEX crude futures, at record levels, while U.S. Gasoline stocks are nearly 9 percent higher than year-ago levels. The bearish fundamentals in oil markets helped push Crude prices lower even as economic optimism helped to boost U.S. equities, with the Dow Jones and S&P 500 indices rising more than 1 percent. U.S. NYMEX crude for July delivery fell most sharply, with European Brent crude dipping 36 cents to $71.34. Front-month NYMEX futures have been hit hard by record inventories at the landlocked Cushing delivery point. Cushing stocks rose by 500,000 barrels in the week through May 18 to a record 39.46 million barrels, data from industry tracker Genscape showed on Thursday. U.S Crude has dropped sharply this month on waning confidence in global markets due to the crisis in the euro zone triggered by Greece's debt problems.
Crude inventories rose in 15 of the 16 weeks through May 14, according to weekly data from the U.S. Energy Information Administration. EIA data also shows stocks at Cushing, Oklahoma, the delivery point for NYMEX crude futures, at record levels, while U.S. Gasoline stocks are nearly 9 percent higher than year-ago levels. The bearish fundamentals in oil markets helped push Crude prices lower even as economic optimism helped to boost U.S. equities, with the Dow Jones and S&P 500 indices rising more than 1 percent. U.S. NYMEX crude for July delivery fell most sharply, with European Brent crude dipping 36 cents to $71.34. Front-month NYMEX futures have been hit hard by record inventories at the landlocked Cushing delivery point. Cushing stocks rose by 500,000 barrels in the week through May 18 to a record 39.46 million barrels, data from industry tracker Genscape showed on Thursday. U.S Crude has dropped sharply this month on waning confidence in global markets due to the crisis in the euro zone triggered by Greece's debt problems.
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“COPPER UP, GAINS FRAGILE AS EURO ZONE FEARS PERSIST”
sure shot commodity tipsCopper rallied on Friday, extending a bounce from the previous session's near 4-month low with the help of a retreating dollar, but further gains looked fragile as European debt fears lingered. Copper for July delivery on the New York Mercantile Exchange's COMEX division jumped 11.65 cents, or nearly 4 percent, to finish at $3.0610 per lb, near the upper end of its $2.9415 to $3.1145 session range. On the London Metal Exchange, Copper for three-month delivery ended at $6,845 a tonne from a close of $6,610 on Thursday, when prices in both markets sank to their lowest levels since early February -- $2.9005 in New York and $6,415 in London. Copper, used in power and construction, has fallen some 10 percent so far this year, paling in comparison with its rise of 140 percent last year when Chinese demand was roaring. But China is reining in monetary policy to slow its red-hot growth, and investors fear this could hit the demand outlook.
sure shot commodity tips
sure shot commodity tips
