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Author: nikkiroy Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 68  
Subject: Base Metals Up On Higher Equities, Euro! Date: 7/14/2010 6:58 AM
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"GOLD RISES 1.5 PCT, CONSISTENT SELLING CAPS HIGH"
U.S. Gold futures finished Friday at their highest close in four days, but gains were held in light volumes and sellers at $1,210 an ounce. Gold briefly rose 1.5 percent to four-day highs $1,210 an ounce on Friday, but selling around that level kept price gains capped. Uncertaint surrounds the global economy and slow summer trading sessions kept prices, both in precious metals as well as correlated markets such as equities in check. Spot Gold advanced to $1,209.05 an ounce from previous session's late quote in New York at $1,196.48 an ounce. Earlier, it touched $1,213.35, its highest since July 5 against $1,196.48 late Thursday trade. U.S. gold futures for August delivery firmed $13.70 to settle at $1,209.80 on the New York Mercantile Exchange's COMEX division, and earlier hit a four-day high at $1,214.10. Holdings of the world's largest gold- backed exchange-traded fund, New York's SPDR Gold Trust, slipped again on Thursday, dipping 0.445 tonnes to 1,316.036tonnes. The fund's holdings have retreated 4.4 tonnes from the record 1,320.436 tonnes they stood at in late June, as the safe haven-related inflows seen in recent months dried up.

"OIL TOPS $76 IN CHOPPY TRADING, POSTS WEEKLY AGAIN"
Oil prices topped $76 per barrel on Friday on demand optimism, posting the biggest “OIL TOPS $76 INweekly increase since late May after a choppy low volume trading session. U.S. Crude fo August settled up 65 cents or 0.86 percent to $76.09 per barrel in a volatile session,closing the week with a 5.5 percent gain -- the biggest weekly jump since the week to May 28. Prices jumped as much as $1 to $76.48, the highest intra-day price since Jun 30, slipping in and out of negative territory before settling up. Trading volumes for the front-month contract were at their lowest levels since early last week. U.S. equities markets closed up as investors eyed corporate earnings season that unofficially kicks off on Mondays. The S&P 500 index closed up 0.72 percent while the Dow Jones Industrial average rose 0.58 percent, helping the principal U.S. stock indices post an increase of more 5 percent for the week their best week in a year. Investors often see rising equities markets as a sign of economic growth, which generally spurs demand for oil. U.S. Crude was still below a 19-month peak above $87 reached in early May, having rebounded sharply from a trough below $65 on May 20. Crude inventories in the United States dropped 5 million barrels last week, more than twice as much as expected, the Energy Information Administration said. Markets awaited Chinese trade data, to be published on Saturday, for further price direction. Year-on-year import and export growth probably slowed last month from the sizzling pace set in May, in large part reflecting a higher base of comparison as the global recovery gained strength around the middle of last year.

"U.S. COPPER ENDS AT 2-WK TOP, EYES CHINA IMPORT DATA"
U.S. copper futures closed up a two-week top on Friday, driven by improving economic sentiment and expectations that demand from China, the world's biggest consumer remained robust in June. Copper for September delivery rose 3.80 cents, or 1.3 percent,to finish at $3.0535 per lb on the COMEX metals division of the New York Mercantile Exchange. Market momentum additionally fueled by expectations of rising copper imports into China before scheduled release of data on Saturday. London Metal Exchange metal stocks fell by 2,100 tonnes to 436,900 tonnes, their lowest since November 2009. Deliverable copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 6 percent to117,459 tonnes from 124,558 tonnes a week earlier.Copper stocks on warrant down 1,226 tonnes to 26,245 tonnes. COMEX Copper inventories declined 47 short tons to 101,235 short tons as of Thursday. Copper gains buck weaker tone in euro versus dollar, after round of profit-taking in the single currency from more than 2-month peak. LME copper for three-month delivery closed at $6,769 per tonne from Thursday close at $6,610 a tonne.

For More Updates , Search "MCX NCDEX TRADING TIPS BLOG" In Google .
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