Tuesday, 16 October 2012

Daily Commodity news : 16 oct 12

Gold futures fell more than 1%, as data from two of the world’s biggest economies helped spur an overall rally in global stock markets while a stronger US dollar added further pressure on the precious metal.

Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 9,885.54 tons, as on Oct, 15.

Copper futures fell to a one-month low, on concern that policy makers in China, the biggest consumer of the metal, may refrain from additional economic stimulus after exports grew more than expected in September.The world refined zinc market is expected to be in surplus of 153,000 tons in the year 2012 and a more significant excess of 293,000 tons anticipated in 2013, as per ILZSG.

Crude oil futures bounced back from a dip below $90 per barrel to closed on a flat note, as traders mulled over economic data from the US.

Natural gas futures dropped for the first time in 6-sessions, on forecasts of warmer-than-normal weather in US that would reduce consumption of the heating fuel.


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