NEW YORK/LONDON (Reuters) – Gold rose on Thursday, settling slightly higher as investors set positions ahead of the key U.S. employment report, forecast to show a worsening labor market, which could boost demand for safe-haven assets.
Concern about growth-linked assets ahead of the August jobs data sharpened investor appetite for bullion, as exchange-traded funds boosted their holdings.
NEW YORK (Reuters) – Oil rose on Tuesday, breaking a five-day decline, along with gold, which ran up to a 1-1/2-month high, and copper jumped nearly 2 percent as a weaker dollar, stronger equities and mixed, but positive, readings on the U.S. economy provided the lift.
Despite rising demand for U.S. supplies in the export market, wheat futures fell to a 2-1/2 week low, as investors decided to grab profits after the grain surged to two-year highs recently on worries over drought-stricken Black Sea region crops. <GRA/>
NEW YORK (Reuters) – Oil fell on Monday after weak Japanese and U.S. economic data fed worries about global growth, but gold rose on safe-haven buying while a sinking dollar boosted industrial metals and some other commodities.
Wheat fell as investors took profits on forecasts for rain in drought-hit Russia, and funds pushed arabica coffee to the highest level in more than 12 years as the dollar weakened and nearby supplies tightened.
NEW YORK (Reuters) – Lukewarm U.S. economic readings on Friday left many investors questioning the strength of the U.S. recovery and buying more gold as a safe haven, sending that precious metal to its second consecutive weekly gain, but oil and copper fell on fears demand could wane.
“I think what you’re seeing now is traders questioning whether or not this economy is going to dip into another leg lower,” said Adam Klopfenstein, senior market strategist with Lind-Waldock.
NEW YORK, Aug 10 (Reuters) – U.S. aluminum producer
Novelis Inc [NVLX.UL] said on Tuesday it sees current strong
demand for flat-rolled aluminum products continuing into its
fiscal second quarter and beyond, and that its own shipments
are limited by its capacity.
The company, based in Atlanta but acquired by Hindalco
Industries (HALC.BO: Quote, Profile, Research, Stock Buzz) in 2007 after a spin-off from Alcan Inc,
projected 34 percent demand growth in the flat-rolled aluminum
segment over the next five years.
NEW YORK, July 29 (Reuters) – Copper hit a three-month high
on Thursday as the euro too strengthened to a 12-week peak on
month-end buying and as investors took their cue from improved
U.S. labor market data to add riskier assets like industrial
metals, betting on an better demand prospects.
Benchmark copper CMCU3 on the London Metal Exchange
closed at $7,231 a tonne from Wednesday’s last price at $7,165.
Earlier, the metal used extensively in power and construction
hit $7,283, its highest since May 4.
NEW Y0RK, July 28 (Reuters) – Copper jumped on Wednesday,
matching its May 10 high as global inventory drawdowns and
gains in the euro boosted the red metal despite a surprise
decline in U.S. orders for long-lasting goods. Inventory draws in Shanghai indicated strong demand in China, the world's top copper consumer. The Chinese central bank said on Tuesday the country would not have a double-dip recession, even though economic growth would slow from its recent fevered pace. Benchmark copper for three-month delivery on the London Metal Exchange CMCU3 closed at $7,165 a tonne, up from $7,059 at the close on Tuesday, after matching the high from May 10 at $7,205 per tonne. In late business, the euro pared its gains and so did copper prices. Despite conflicting readings on the economy, consistent declines in warehouse inventories have underpinned copper. London Metal Exchange copper warehouse stocks have fallen sharply to 411,425 tonnes, down 2,375 tonnes on Wednesday, from a 6-1/2-year high set at 555,075 tonnes in mid-February. "China's LME (warehouse) movements are going to drive this price over absolutely everything else," said Frank McGhee, head precious metals trader with Integrated Brokerage Services LLC in Chicago. "The outflows are flying in the face of all the rest of the markets right now." Copper prices shrugged off a surprising drop in orders for durable manufactured U.S. goods. New orders for U.S. manufactured durable products fell for a second straight month in June, posting their largest decline since August. (STORY: [ID:nN2796989] TABLE: [ID:nCLASIE62J] ) The dollar fell against the euro as the weaker-than-expected reading on orders for U.S. durable goods added to fears about the U.S. economic outlook. [USD/] The euro's earlier gains made copper prices more attractive in euro-based markets. Some analysts pointed out that underlying manufacturing results in the U.S. report were actually positive, boding well for economic growth and demand for copper. "If you strip out aircraft and defense, you're left with a respectable rise of 0.6 percent. That core figure is encouraging, and if you look on a year-on-year basis, it's up 15.2 percent. That's consistent with a strong recovery in industrial production and durable goods orders," said Michael Woolfolk, senior currency strategist, BNY Mellon, New York. In after-hours trade, copper prices briefly added to closing levels after the Federal Reserve released its Beige Book survey of regional economic growth. Overall, the U.S. economy kept growing in recent weeks, but unevenly, and actually slowed in a few regions as housing markets softened once a popular tax break ended, the Federal Reserve said. [ID:nN28200227] China's central bank said on Tuesday that Chinese economic growth would slow, but there would be no double-dip in the economy. [ID:nTOE66Q07U] These remarks followed well received comments last week from Premier Wen Jiabao, who said China would keep working to boost consumption. "There's some seasonal weakness coming through, but generally I don't think there are any great worries about China," said Robin Bhar, an analyst at Credit Agricole. Often seen as an indicator of economic activity, China's benchmark Shanghai Composite Index rose more than 2 percent to a two-month closing high. [ID:nTOE66R061] "Sentiment has turned bullish again this morning following comments from the Peoples Bank of China regarding the nation's economic outlook," said James Moore, analyst at BaseMetals.com. Among other metals, aluminium traded at $2,068 versus $2,056, down from an earlier two-month high at $2,086. Steel-making ingredient nickel was at $20,405 from $20,550, while battery material lead traded at $2,017.50 from $1,977. Zinc rose to $1,955 a tonne from $1,910, earlier touching its highest level since May 17 at $1,967.75. Tin edged down to $19,525 from $19,550 a tonne. For a story on the LME's tie-up with the Singapore Exchange, click [ID:nSGE66R00Y] [ID:nLDE66Q16K] Metal Prices at 3:10 EDT (2010 GMT) Metal Last Change Pct Move End 2009 Ytd Pct move COMEX Cu 323.80 -0.75 -0.23 334.65 -3.24 LME Alum 2065.00 9.00 +0.44 2230.00 -7.40 LME Cu 7170.00 111.00 +1.57 7375.00 -2.78 LME Lead 2010.00 33.00 +1.67 2432.00 -17.35 LME Nicke 20400.00 -150.00 -0.73 18525.00 10.12 LME Tin 19450.00 120.00 +0.62 16950.00 14.75 LME Zinc 1950.00 40.00 +2.09 2560.00 -23.83 SHFE Alu 15480.00 180.00 +1.18 17160.00 -9.79 SHFE Cu* 56200.00 1100.00 +2.00 59900.00 -6.18 SHFE Zin 16215.00 330.00 +2.08 21195.00 -23.50 ** Benchmark month for COMEX copper * 3rd contract month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07 (Additional reporting by Michael Taylor and Rebekah Curtis in London; Editing by David Gregorio)
NEW YORK, July 22 (Reuters) – Nucor Corp.’s (NUE.N: Quote, Profile, Research, Stock Buzz) steel
scrap processor has recently seen some improvement in its
business that it expects will last for the next 2 to 3 months,
helped by exports as the dollar declines, executives said on
“I don’t see a run-away bull market. Just seems to be a
stabilization around this range and possible strengthening as
we look out the next 60 to 90 days,” said Nucor Executive Vice
President Keith Grass and President and Chief Executive Officer
of The David J. Joseph Co scrap operation.
NEW YORK (Reuters) – Gold turned moderately lower in late trade on Wednesday, chasing the euro and U.S. equity markets down after the Federal Reserve issued a report saying it should be ready to take additional measures to combat a softening economy if necessary.
Spot gold pared gains to $1,209.05 by 2:42 p.m. EDT from a high at $1,217.85 an ounce, compared with the previous session’s late quote at $1,210.65.
NEW YORK (Reuters) – Citing improved end-market demand, Alcoa Inc (AA.N: Quote, Profile, Research) increased its outlook for 2010 global aluminum consumption on Monday, with China, not surprisingly, expected to grab the lion’s share of global supply.
“China is obviously an important market, but also an important market for Alcoa. We have sales of around $1 billion in China. If you look at the last five years, we’ve had average growth rates of around 29 percent in that market,” Chairman and Chief Executive Officer Klaus Kleinfeld said on Monday.