Goldman Forecasts Gold Rally Amid Debt-Ceiling Confrontation
Oil Drops From Four-Month High Before U.S. Debt Ceiling Talks
Copper Gains for Third Day as U.S. Housing Starts Beat Forecast
[B]Commodities[/B]
Gold Declines to Lowest in More Than a Month as ETP Assets Drop
Copper Trades Near One-Week Low on China Holiday, Europe Concern
WTI Trades Near One-Week High; U.S. Crude Stockpiles Seen Rising
Natural Gas Futures Advance Amid Outlook for Mid-February Cold[B]COPPER[/B]
Copper was stuck in a holding pattern on Tuesday with traders reluctant to take big positions due to a week-long holiday in top consumer China, while brightening economic prospects there and in the United States underpinned prices. 3M copper was little changed at $8,196, after falling more than 1 % in the previous session.
Oil Trades Near One-Week High; API Reports First Inventory Drop
Platinum’s Premium to Gold Widens to 17-Month High on Zimbabwe
Metals to Advance as China’s Yuan Strengthens:
Copper Companies File Court Challenge to JP Morgan ETF Approval
Barclays Cuts Risk 50% as Commodity Trading Staff Shrinks
[B]COPPER[/B]
Copper was little changed on Wednesday,underpinned by growing hopes China’s consumers will restock after the Lunar new year. Holidays this week in the top consumer of the metal drained liquidity and momentum from the market. Three-month copper was up slightly at $8,243.50 after having dropped 0.7 % in the previous session.
[B]MARKET PULSE[/B]
INDIA: Budget projected a 16.4 % increase in total spending and a 23.4 % jump in targeted receipts.
INDIA: The purchasing managers’ index fell to 54.2 from 57.5 in January.
US: Institute for Supply Management’s non-manufacturing index, which covers about 90 % of the U.S. economy, increased to 56 last month, the highest level since February.
CHINA: yesterday pledged to support economic expansion while maintaining its growth target at 7.5 % for this year.
GOLD: South Korea boosted gold reserves by 24 % to 104.4 metric tons in February.
CANADA: CAD weakens on opinion that BOC May Signal Rate Easing
[B]INDIAN INR
[/B]
MARKETS
INR rose 0.5% to 54.6775. Three-month onshore INR forwards at 55.83, compared with 55.89 yesterday,
NDF at 55.75 versus 55.94. 1-month volatility slides 17 bps to 9.6400%.1-year IRS at 7.5800% , 5-year IRS at 7.2050% , 10Y Benchmark at 7.865%
[B]GOLD
[/B]
MARKETS
Spot gold gained 0.2 % to $1,578.05 earlier falling by 0.2 %. Gold for April delivery advanced 0.2 % to $1,577.50 . Cash silver gained 0.3 % to $28.79 .
[B]COPPER[/B]
Copper inched up on Wednesday on reviving risk appetite, with encouraging U.S. economic data and continued loose monetary policy from key central banks helping drive Wall Street to a record close.Copper had climbed 0.34 % to $7,798.25 adding to small rose in the previous session.
