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BASE METAL WRAP: A slowdown in global growth and sluggish demand from top consumer China are set to dampen copper prices this year, with a sharp fall in the second quarter prompting a downward revision to forecasts for the year.
Zinc supply is expected to outpace demand for the rest of 2012, which would be the sixth annual surplus in a row, according to a July 18 report by Frankfurt-based Commerzbank AG.Zinc for three-month delivery slid 1 percent this week to $1,855 a ton on the LME
ENERGY WRAP:
Zinc supply is expected to outpace demand for the rest of 2012, which would be the sixth annual surplus in a row, according to a July 18 report by Frankfurt-based Commerzbank AG.Zinc for three-month delivery slid 1 percent this week to $1,855 a ton on the LME
ENERGY WRAP:
Crude oil will remain well supported mainly by the tensions between Iran and the west and how things are going between them. Also, the commodity will be affected by the U.S. dollar which played an important role in pushing crude upwards on Thursday.
On the week, the front-month natural gas contract rose 7.1%, the fifth weekly gain in the past six weeks. Market analysts have warned that without strong demand through the rest of the season, gas inventories will reach the limits of available capacity later this year.
PRECIOUS METAL WRAP:
On the week, the front-month natural gas contract rose 7.1%, the fifth weekly gain in the past six weeks. Market analysts have warned that without strong demand through the rest of the season, gas inventories will reach the limits of available capacity later this year.
PRECIOUS METAL WRAP:
As gold price falls to Rs 29,200 per 10 gm, scrap sales of gold have dwindled by almost 50% in the Indian market in the last one week. Buyers are slowly returning to the market mostly in the coin and bar space. The demand in gold jewellery is expected to pick up from the end of July on account of the ensuing festive season.
Silver, the standout performer of early 2011 will likely fail to revisit the peaks of last year as a dearth of fresh investment puts a heavy drag on prices. Silver prices, which averaged $31 in the first half of the year, are expected to average $31 an ounce in the third quarter, rising to $33.01 in the last three months of the year.
GLOBAL EVENTS TO WATCH:
GLOBAL EVENTS TO WATCH:
AUD PPI q/q, EUR CONSUMER CONFIDENCE.
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