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Commodities markets summary

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Commodities markets summary

Post by Dirtbikepilot on Wed Jun 06, 2012 11:04 pm

ENERGY
Oil prices have headed higher, joining stock markets in
welcoming the European Central Bank's (ECB) signals of support to ailing
eurozone banks.
The ECB's keeping interest rates on hold rather
than cutting them also helped the euro strengthen, pulling crude prices
up with it.
New York's main contract, West Texas Intermediate
crude for delivery in July, ended the day at $US85.02 a barrel, up 73 US
cents from Tuesday's closing level.
In London, Brent North Sea crude for July, added $US1.80 to settle at $US100.64 a barrel.
Both contracts closed significantly off earlier gains.


PRECIOUS METALS
Gold
and silver prices surged, continuing a rebound from their recent lows
as investors bet that easy-money policies from central banks in Europe
and the US would drive demand for the precious metals as currency
alternatives.
The most-actively traded gold contract, for August
delivery, rose $US17.30, or 1.1 per cent, to settle at $US1,634.20 a
troy ounce on the Comex division of the New York Mercantile Exchange,
the highest ending price since May 7.
The renewed life in the
battered gold market - futures, through Wednesday, were up 4.4 per cent
from a week ago - has come as investors bet that flagging global growth
would compel central banks to pump more money into the global financial
system.
Silver for July delivery gained 3.8 per cent to settle at $US29.488 a troy ounce, the highest settlement since May 7.
Meanwhile, July delivery platinum closed up $US19.70 at $US1,460.20.


BASE METALS
Base
metals closed mostly higher on the London Metal Exchange (LME), buoyed
by a weaker US dollar against the euro and rising equities as traders
remain focused on macro-economic indicators to determine future
movements in base metals.
At the PM kerb close on Wednesday, LME
three-month copper was 0.7 per cent higher at $US7,410 a metric ton
while aluminum was up 0.3 per cent at $US1,979.0/ton. Meanwhile, zinc
was down 0.6 per cent at $US1,878/ton and nickel closed barely unchanged
at $US16,090/ton.
Traders and analysts said that base metals were
buoyed by a weaker dollar against the euro, which makes US
dollar-demominated goods cheaper to buy using euros.
Base metals also got a boost from more positive sentiment in European equity
markets. London's benchmark FTSE 100 index and Paris's benchmark CAC-40
both closed up 2.4 per cent.
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