Professional Documents
Culture Documents
when Sandy wreaked havoc on much of the eastern United States. The precious metal is likely to remain stuck in a tight band in the coming days, ahead of the release of a key U.S. payrolls report and next week's U.S. presidential election, traders and analysts said. "There are a lot of event risks -- nonfarm payrolls, the U.S. election, a change of power in China, plus the routine policy meetings of various central banks," said a Singapore-based trader. Economists expect U.S. job growth to have picked up slightly in October, but not enough to prevent the unemployment rate from rising off a four-year low. Spot gold had inched up 0.2 percent to $1,711.76 an ounce by 0319 GMT, on course for a monthly drop of more than 3 percent, its biggest one-month decline since May. U.S. gold was trading nearly flat at $1,712.50. Technical analysis suggested spot gold could rebound to $1,730 an ounce as it has climbed above a falling channel, said Reuters market analyst Wang Tao.FISCAL CLIFF Investors are waiting for the result of next week's presidential election to get a fuller picture of what the next government will do to help economic growth.
Commodity
Exchange, nickel for delivery in November rose by Rs 4.20, or 0.48 per cent, to Rs 879.10 per kg, with
a business turnover of 1,221 lots. Similarly, the metal for delivery in October traded higher by Rs 4.20, or 0.46 per cent, to Rs 868.40 per kg, with an open interest of 1,638 lots. Marketmen said besides pick-up in demand from alloy makers in the domestic spot markets, a firming trend in base metals overseas mainly pushed up nickel prices at futures market.
MTECHTIPS:-Brent hovers near $109; recovery eyed post Sandy Brent crude held steady near $109 a barrel on Wednesday after the huge storm Sandywhiplashed
the U.S. East Coast, reducing fuel demand even as refineries in the region gradually resumed operation. Fuel supply in the storm-hit region is expected to bounce back quickly as most refineries emerged unscathed, but demand was likely to take a much bigger knock as roads and airports remained shut. Brent crude for December delivery was down 1 cent at $109.07 by 0441 GMT. The front-month contract is set to post its largest monthly fall since June as concerns about a global economic
slowdown outweighed supply risks in the Middle East. U.S. crude for December edged up 19 cents to
$85.87, on track for the biggest monthly loss since May. "We may have a rapid return of supply but the demand will be slower to recover," Tony Nunan, a risk manager at Mitsubishi Corp, said. Millions of people were left reeling in the aftermath of the winds and heavy rains of the massive storm on Tuesday, as New York City and many parts of the eastern United States struggled with flooding and extensive power outages. "This is really the last thing that the U.S. needed," Nunan said, adding that Americans without insurance to cover storm damages would have less spare cash to spend just as the world's
largest economy was showing signs of recovery. The region's biggest refinery, in Philadelphia, and several others, were ramping up operations on Tuesday after escaping damage. But flooding at the region's second-largest refinery, PhillipsBSE 1.60 % 66's 238,000 barrel-per-day plant in Bayway, New Jersey, plus power glitches at two other plants and a key New Jersey terminal hub, slowed the recovery in fuel supplies.