CRUDE OIL
Oil was poised for the biggest monthly drop in more than three years in New York on speculation Europe’s worsening debt crisis will reduce fuel demand. Futures traded little changed after losing 3.2 percent yesterday, the most since May 4. European inflation slowed more than economists forecast this month, cooling to the least in more than a year as the economic slump showed signs of deepening. Oil closed yesterday 20 percent below this year’s highest settlement of $109.77 a barrel, a movement that often defines a bear market. Prices fell as the cost of protecting Spanish bonds against default climbed to a record and a Greek poll showed support for anti-austerity parties before elections.
GOLD
Gold is poised for the worst run of monthly losses in almost 13 years as concern that Europe’s fiscal crisis is escalating drove investors to seek the dollar as a haven over the precious metal.
The European Commission challenged Germany’s remedies to the financial crisis yesterday and Moody’s Investors Service cut ratings for nine Danish financial institutions. Bullion is 5.9 percent lower in May for its biggest drop this year as the dollar rallied 5.1 percent against a six-currency basket including the euro.
SILVER
At the Multi Commodity Exchange, silver for delivery in July fell by Rs 290, or 0.53 per cent, to Rs 54,193 per kg, with a business turnover of 1,877 lots.
Similarly, the metal for delivery in September lost Rs 298, or 0.53 per cent, to Rs 55,582 per kg, with a business turnover of 62 lots.
COPPER
Three-month copper on the London Metal Exchange edged down $2.25 to $7,472.75 a tonne by 0116 GMT, after hitting $7,422.75 earlier, its lowest level since Dec. 29.
The most-active September copper contract on the Shanghai Futures Exchange fell 1.6 percent to 54,440 yuan ($8,600) a tonne, bouncing off an earlier low of 54,280 yuan, its lowest level since Dec. 20.
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