Commodity Tips Today

RaahiShah Mon Jul 16, 2012 4:04 pm

BASE METAL WRAP:Copper traders are the most bearish in six weeks on concern demand will slow in China, Europe and the US at a time when hedge funds are betting on lower prices. Copper fell 0.3% to $7,577 a tonne this year on the London Metal Exchange after slumping 21% last year. The MSCI World Index of equities gained 2% since the start of January and the S&P GSCI gauge of 24 commodities slid 4.6%.

ENERGY WRAP: Oil rallied for a third day on Friday after China's economy expanded in line with expectations, easing concerns a slowdown in Europe was hurting a lot more than expected. Even though China's growth slowed for the sixth successive quarter, Asian shares and the euro extended their rally on Monday on signs steps Beijing had taken so far were underpinning the economy A nosedive in natural gas spot prices in Asia over the last month marks the end of bullish Japanese buying following the Fukushima disaster and the likely start of higher supply and lower prices for gas shipped to Europe.

PRECIOUS METAL WRAP: Spot gold traded nearly flat at $1,590.59 an ounce by 0023 GMT, after rallying 1 percent on Friday. US gold futures contract for August was also little changed from Friday's close, standing at $1,590.50.

GLOBAL EVENTS TO WATCH: UK Rightmove housing price index, Italy's trade balance, Eurozone CPI, Eurozone trade balance, NY Empire State manufacturing index, US retail sales and US business inventories.

Commodity Tips