Commodity News Gold Silver Copper Crude Oil For Today 20 July 2011

Posted by swati jadhav on Wednesday, July 20, 2011

GOLD EASES BACK BELOW $1,600/OZ FROM RECORD HIGHS :- Gold prices eased back below the key psychological $1,600 an ounce mark on Tuesday, retreating from earlier record highs, as a recovery in some assets seen as higher risk, such as the euro, equities and industrial commodities, dented appetite for the metal as a haven from risk. Source :- Reuters

OIL GAINS IN NEW YORK AS U.S. SUPPLIES, CHINA DEMAND COUNTER EUROPE DEBT :- Oil climbed in London for the first time in four days on speculation that European lawmakers may reach an agreement to resolve the region’s debt crisis, and on signs of shrinking crude stockpiles in the U.S. Brent advanced as much as 1.1 percent as the euro strengthened against the dollar after Greeces Finance Minister Evangelos Venizelos said a solution is “attainable” at a summit of European leaders to be held in two days. A weaker U.S. currency makes dollar-denominated assets such as oil more attractive. A report tomorrow may show crude inventories in the U.S. dropped for a seventh week. The market is focusing on the robust, medium-term fundamentals and ignoring bearish factors,” said Torbjoern Kjus, senior analyst at DnB NOR in Oslo, who correctly predicted in May that supply from the Organization of Petroleum Exporting Countries would rise. “Based on the news flow over the past two months, Brent should be lower, maybe down to $100.” Source :- Bloomberg.

COPPER GAINS ON DOLLAR, CHINA DEMAND HOPES :- Copper gains on dollar, China demand hopes. Copper hit its highest since mid-April on Tuesday as a weaker dollar and hopes Chinese demand will remain firm helped offset investor anxiety over US and European sovereign debt concerns. Three-month copper on the London Metal Exchange (LME) traded at $9,800.25 a tonne by 0825 GMT compared with Monday's close of $9,694 a tonne. The metal used in power and construction earlier hit $9,826 a tonne, its highest since April 12. Source :- Reuters.

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