Thursday, 29 November 2012

Commodity Updates and News for 29th nov. 2012

Bullion :
Gold futures declined sharply & by about $36 per ounce, on a combination of technical selling, expiration of options and futures contracts, deflationary concerns and a stronger US dollar.

Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 9,818.07 tons, as on Nov. 21.

Base Metal:
Copper futures declined, as investors shunned riskier assets on concerns about the details of Greece's new debt deal and lack of progress in US budget talks aimed at averting automatic tax hikes and spending cuts in January.

Crude oil stocks fell by 347,000 barrels, Motor gasoline supplies jumped by 3.9mn barrels and Distillate stocks, comprising heating oil and diesel fuel, fell 800,000 barrels, as per EIA.

Natural gas futures declined, as forecasts for mild weather next week signaled reduced demand for the heating fuel.


Post a Comment