Tuesday 15 May 2012

METALS UPDATE - 15-May-2012


CRUDE OIL
Oil fell sharply to extend recent heavy losses as the mounting political uncertainty over Greece and the prospect for slower growth in China weighed on the demand outlook for energy.
Brent crude was down by $1.84 to $110.42 a barrel. U.S. crude fell $2.12 to $94.01 a barrel.

GOLD
The most-active gold for June delivery on the Multi Commodity Exchange (MCX) extended losses to trade 0.61% lower at Rs 28,071 per 10 grams, after hitting a low of Rs 28,045, a level last seen on April 5.Gold raced to a record of around USD 1,920 an ounce in 2011, when investors turned to the metal as a safe haven during the debt crisis in Europe. But bullion is moving in tandem with riskier assets this year, as investors turn to the safety of the dollar and the euro hits multi-month lows.

SILVER
Silver futures may also fall following the yellow metal. Silver for July delivery on the MCX was 1.17% lower at Rs 53,007 per kg. Selling is advised on rise to Rs 53,500 for a target of Rs 52,000-51,000.

COPPER
Copper is down around 2 percent for the week so far, on track for its first weekly loss in three, as recent patchy economic data in big copper consumers China and the United States as well as a deepening slump in the euro zone cast doubts on the outlook for raw material demand.

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