22:30
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BASE METAL WRAP: Analysts are slashing predictions for the first copper glut in four years as producers from Chile to Indonesia contend with aging mines and strikes at a time of record demand. Copper fell 17 percent in the four months to June 8 on the London Metal Exchange, 3 percentage points less than the common definition of a bear market.
In other metals, battery material lead ended down at $1,893 a ton from Monday's close of $1,899; zinc, used in galvanizing, closed down at$1,865 from $1,900; and aluminium ended at $1,904 from $1,918.
ENERGY WRAP: Oil fell from a seven-week high in New York on concern fuel demand may falter after China signaled more economic weakness and analysts cut their profit forecasts for European companies at the fastest rate since 2009.
This week is an options expiration week and the Natural Gas Daily spent all of last week consolidating. As long as it holds at current levels, we sees an increasing chance for another wave to the upside. Even were gas to break down past 2.48, we sees it as a good sign for a very positive for a bullish pattern. Although, we points out there is already a double bottom in place.
PRECIOUS METAL WRAP: Gold pared losses to end slightly lower on Tuesday, as a rising stock market prompted investors to cover short positions taken early in the session on disappointment that Federal Reserve Chairman Ben Bernanke did not hint at new stimulus measures.
The move in silver comes as trading volumes on the Chicago-based exchange's third-largest metals futures contract by volume have fallen sharply this year. In the first six months of the year, silver futures volumes dropped some 41 percent to 7.09 million contracts, according to CME data.
GLOBAL EVENTS TO WATCH: Global Data Watch today: BOJ Monetary Policy Meeting Minutes, Australia Westpac Leading Index (MoM) (May), China House Price Index (Jun), Japan Machine Tool Orders (YoY) (Jun), Bank of England Minutes, UK ILO Unemployment Rate (3M) (Jul), Euro zone Construction Output s.a (MoM) (May), US Building Permits (MoM) (Jun), US Housing Starts (MoM) (Jun), Fed's Bernanke testifies and Fed's Beige Book.
GLOBAL EVENTS TO WATCH: Global Data Watch today: BOJ Monetary Policy Meeting Minutes, Australia Westpac Leading Index (MoM) (May), China House Price Index (Jun), Japan Machine Tool Orders (YoY) (Jun), Bank of England Minutes, UK ILO Unemployment Rate (3M) (Jul), Euro zone Construction Output s.a (MoM) (May), US Building Permits (MoM) (Jun), US Housing Starts (MoM) (Jun), Fed's Bernanke testifies and Fed's Beige Book.
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