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Mtechtips Commodity Market News 2

Mtechtips Commodity Market News 2

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Published by MtechTips
MTECHTIPS COMMODITY MARKET NEWS 2

MTECHTIPS:-Gold slides on euro zone recession fears
Gold futures extended losses from Thursday’s U.S. session in the early part of Asian trading today as traders digested some slack economic data out of Europe.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 0.24% to USD1,631.65 per troy ounce in Asian trading Friday. That decline comes after gold settled down 0.54% at USD1,636.15 a troy ounce in U.S. trading on Thursday.Gold futures were likely to test support USD1,626.05 a troy ounce, the low from Jan. 4, and resistance at USD1,653.75, Wednesday's high.On Thursday, a reported showed the euro zone’s fourth-quarter GDP contracted by 0.6%, well below expectations for a 0.4% quarterly decline and far surpassing the previous 0.1% contraction. It was the worst rate of contraction since 2009 and the third straight quarter of negative growth. Typically, economists consider an economy to be in recession with two consecutive negative GDP readings.Adding to the selling pressure on the euro and thereby gold, other reports showed Germany’s fourth-quarter GDP contracted by 0.6%, below expectations calling for a 0.5% drop. France’s fourth-quarter GDP shrank 0.3% while Italy’s contracted by 0.9%. Germany, France and Italy are the euro zone’s three largest economies, in that order.

MTECHTIPS:-Oil down despite speculation of OPEC supply cut
Oil futures declined modestly during Friday’s Asian session even amid speculation the Organization of Petroleum Exporting Countries will pare crude shipments this month.On the New York Mercantile Exchange, light, sweet crude futures fell 0.02% to USD97.30 per barrel in Asian Friday after up settling up 0.24% at USD97.24 a barrel on Thursday in the U.S.On Thursday, it appeared traders focused more on U.S. economic news than the comparable headlines out of Europe.Data showed the euro zone’s fourth-quarter GDP contracted by 0.6%, well below expectations for a 0.4% quarterly decline and far surpassing the previous 0.1% contraction. It was the worst rate of contraction since 2009 and the third straight quarter of negative growth. Typically, economists consider an economy to be in recession with two consecutive negative GDP readings.

MTECHTIPS:-WTI Crude Oil futures gain on economy; OPEC to cut shipments
Amid reports arriving that OPEC is about to cut its crude shipments by 0.9% this month, WTI crude oil futures headed for its ninth weekly gain in 10 weeks. Prices climbed 0.3% yesterday even as the futures are up 1.8% this week. Crude oil on India's MCX, meanwhile is a tad down in the opening hour of trade.“It is clear a better global growth scenario is emerging and being priced into markets generally and oil in particular,” said Michael McCarthy, a chief market strategist at CMC Markets in Sydney to Bloomberg.“We had further evidence with the improvement in jobless claims in the U.S. It just adds to that broader, better demand scenario.” he added.Open Interest in crude oil futures on the NYMEX jumped to the highest level since the onset of trading on the Exchange in March 1983.The futures for delivery on March 13 was spotted trading at $97.36 a barrel, a gain of $0.04 or 0.05% as of 10.18 AM IST. Brent futures for delivery on the same date in April was spotted trading at $117.94 a loss of or $0.10 or 0.08% as of 10.19 AM IST.

MTECHTIPS:-MCX Crude Palm Oil sideways on likely speculative activities, international cues
Crude Palm Oil (CPO) futures for March delivery on India's Multi Commodity Exchange (MCX) is sideways on international cues and likely speculative activities.“The trend looks sideways at current levels. Trading range for the commodity is seen between 455 and 465; break out of any side will give clear direction to the prices,CPO futures was up by 0.57 percent at Rs.459.50 per 10 kgs as of 10.53 PM IST on Friday.Malaysian Palm oil stocks fell 1.9 per cent to 2.58 mn tons in January from the 2.63 mn tons i
MTECHTIPS COMMODITY MARKET NEWS 2

MTECHTIPS:-Gold slides on euro zone recession fears
Gold futures extended losses from Thursday’s U.S. session in the early part of Asian trading today as traders digested some slack economic data out of Europe.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 0.24% to USD1,631.65 per troy ounce in Asian trading Friday. That decline comes after gold settled down 0.54% at USD1,636.15 a troy ounce in U.S. trading on Thursday.Gold futures were likely to test support USD1,626.05 a troy ounce, the low from Jan. 4, and resistance at USD1,653.75, Wednesday's high.On Thursday, a reported showed the euro zone’s fourth-quarter GDP contracted by 0.6%, well below expectations for a 0.4% quarterly decline and far surpassing the previous 0.1% contraction. It was the worst rate of contraction since 2009 and the third straight quarter of negative growth. Typically, economists consider an economy to be in recession with two consecutive negative GDP readings.Adding to the selling pressure on the euro and thereby gold, other reports showed Germany’s fourth-quarter GDP contracted by 0.6%, below expectations calling for a 0.5% drop. France’s fourth-quarter GDP shrank 0.3% while Italy’s contracted by 0.9%. Germany, France and Italy are the euro zone’s three largest economies, in that order.

MTECHTIPS:-Oil down despite speculation of OPEC supply cut
Oil futures declined modestly during Friday’s Asian session even amid speculation the Organization of Petroleum Exporting Countries will pare crude shipments this month.On the New York Mercantile Exchange, light, sweet crude futures fell 0.02% to USD97.30 per barrel in Asian Friday after up settling up 0.24% at USD97.24 a barrel on Thursday in the U.S.On Thursday, it appeared traders focused more on U.S. economic news than the comparable headlines out of Europe.Data showed the euro zone’s fourth-quarter GDP contracted by 0.6%, well below expectations for a 0.4% quarterly decline and far surpassing the previous 0.1% contraction. It was the worst rate of contraction since 2009 and the third straight quarter of negative growth. Typically, economists consider an economy to be in recession with two consecutive negative GDP readings.

MTECHTIPS:-WTI Crude Oil futures gain on economy; OPEC to cut shipments
Amid reports arriving that OPEC is about to cut its crude shipments by 0.9% this month, WTI crude oil futures headed for its ninth weekly gain in 10 weeks. Prices climbed 0.3% yesterday even as the futures are up 1.8% this week. Crude oil on India's MCX, meanwhile is a tad down in the opening hour of trade.“It is clear a better global growth scenario is emerging and being priced into markets generally and oil in particular,” said Michael McCarthy, a chief market strategist at CMC Markets in Sydney to Bloomberg.“We had further evidence with the improvement in jobless claims in the U.S. It just adds to that broader, better demand scenario.” he added.Open Interest in crude oil futures on the NYMEX jumped to the highest level since the onset of trading on the Exchange in March 1983.The futures for delivery on March 13 was spotted trading at $97.36 a barrel, a gain of $0.04 or 0.05% as of 10.18 AM IST. Brent futures for delivery on the same date in April was spotted trading at $117.94 a loss of or $0.10 or 0.08% as of 10.19 AM IST.

MTECHTIPS:-MCX Crude Palm Oil sideways on likely speculative activities, international cues
Crude Palm Oil (CPO) futures for March delivery on India's Multi Commodity Exchange (MCX) is sideways on international cues and likely speculative activities.“The trend looks sideways at current levels. Trading range for the commodity is seen between 455 and 465; break out of any side will give clear direction to the prices,CPO futures was up by 0.57 percent at Rs.459.50 per 10 kgs as of 10.53 PM IST on Friday.Malaysian Palm oil stocks fell 1.9 per cent to 2.58 mn tons in January from the 2.63 mn tons i

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Published by: MtechTips on Feb 15, 2013
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MTECHTIPS COMMODITY MARKET NEWS 2
MTECHTIPS:-
Gold slides on euro zone recession fears
 
Gold futures extended losses from Thursday’s U.S. session in the
early part of Asian trading todayas traders digested some slack economic data out of Europe.On the Comex division of the NewYork Mercantile Exchange, gold futures for April delivery fell 0.24% to USD1,631.65 per troy ouncein Asian trading Friday. That decline comes after gold settled down 0.54% at USD1,636.15 a troyounce in U.S. trading on Thursday.Gold futures were likely to test support USD1,626.05 a troyounce, the low from Jan. 4, and resistance at USD1,653.75, Wednesday's high.On Thursday, arepor 
ted showed the euro zone’s fourth
-quarter GDP contracted by 0.6%, well below expectationsfor a 0.4% quarterly decline and far surpassing the previous 0.1% contraction. It was the worst rateof contraction since 2009 and the third straight quarter of negative growth. Typically, economistsconsider an economy to be in recession with two consecutive negative GDP readings.Adding to the
selling pressure on the euro and thereby gold, other reports showed Germany’s fourth
-quarter GDPcontracted by 0.6%, below exp
ectations calling for a 0.5% drop. France’s fourth
-quarter GDP shrank
0.3% while Italy’s contracted by 0.9%.
 
Germany, France and Italy are the euro zone’s three largest
economies, in that order.
MTECHTIPS:-
Oil down despite speculation of OPEC supply cut
 
O
il futures declined modestly during Friday’s Asian session even amid speculation the Organization
of Petroleum Exporting Countries will pare crude shipments this month.On the New York MercantileExchange, light, sweet crude futures fell 0.02% to USD97.30 per barrel in Asian Friday after upsettling up 0.24% at USD97.24 a barrel on Thursday in the U.S.On Thursday, it appeared tradersfocused more on U.S. economic news than the comparable headlines out of Europe.Data showed
the euro zone’s fourth
-quarter GDP contracted by 0.6%, well below expectations for a 0.4% quarterlydecline and far surpassing the previous 0.1% contraction. It was the worst rate of contraction since2009 and the third straight quarter of negative growth. Typically, economists consider an economy tobe in recession with two consecutive negative GDP readings.
 MTECHTIPS:-
WTI Crude Oil futures gain on economy; OPEC to cutshipments
 
Amid reports arriving that OPEC is about to cut its crude shipments by 0.9% thismonth, WTI crude oil futures headed for its ninth weekly gain in 10 weeks. Pricesclimbed 0.3% yesterday even as the futures are up 1.8% this week. Crude oil on
India's MCX, meanwhile is a tad down in the opening hour of trade.“It is clear a better
global growth scenario is emerging and being priced into markets generally and oil in
particular,” said Michael McCarthy, a chief market strategist at CMC Markets in Sydneyto Bloomberg.“We had further evidence with the improvement in jobless claims in the
U.S. It just adds to that broader, b
etter demand scenario.” he added.Open Interest in
crude oil futures on the NYMEX jumped to the highest level since the onset of tradingon the Exchange in March 1983.The futures for delivery on March 13 was spottedtrading at $97.36 a barrel, a gain of $0.04 or 0.05% as of 10.18 AM IST. Brent futuresfor delivery on the same date in April was spotted trading at $117.94 a loss of or $0.10or 0.08% as of 10.19 AM IST.

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