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Dec 31, 2010

Gold hits 10th annual gain; silver surges in 2010

NEW YORK/LONDON (Reuters) – Gold rose to within $10 of a record high on Friday, closing out an unprecedented tenth annual gain as the combination of a weaker dollar and global economic uncertainty seemed to pave the way higher next year.

The entire precious metals complex had a stellar run in 2010, led by palladium’s 97 percent rise, in a broad commodities rally that pushed the 19-commodity Reuters-Jefferies CRB index .CRB up 15 percent. <COM/WRAP>

Dec 22, 2010

Gold slips late with euro in thin, year-end trade

NEW YORK/LONDON (Reuters) – Gold slipped in late dealings on Wednesday, as the euro edged down against the dollar, but it spent the session seesawing around unchanged levels in a narrow range and little volume as most fund and banks’ books were shelved for the year.

Spot gold was bid at $1,383.19 an ounce by 3:50 EST (2050 GMT) against $1,385.30 late in New York on Tuesday. U.S. gold futures for February delivery finished $1.40 lower, at $1,387.40 an ounce on the COMEX division of the NYMEX.

Dec 21, 2010

Gold turns up in late trade, haven bid helps

NEW YORK/LONDON (Reuters) – Gold returned to higher levels in late Tuesday trade as worries over further downgrades of some European countries’ debt gave the metal a safety bid, though holiday-thinned conditions left prices in a slim range.

Analysts say they expect prices to hold within the $1,360 to $1,400 an ounce range for the rest of the year, with many funds and banks having taken their profits for 2010.

Dec 20, 2010

Gold draws safe-haven flows, up for second day

NEW YORK/LONDON (Reuters) – Gold rose on Monday, even as the euro weakened, as investors sought a safe haven when the European Central Bank issued a warning about the region’s finances and Moody’s said it may cut debt ratings for some Spanish banks.

Tensions on the Korean peninsula also fed the safety bid for gold after an artillery firing drill by the South Korean military on a disputed island near the border with the North.

Dec 9, 2010

Copper to stay high, avg $9,950 a tonne in ’11-Barclays

NEW YORK, Dec 9 (Reuters) – Copper should rise above $10,000 a tonne in
2011 as growth in the United States and other developed economies heats up,
while supplies remain tight, said Barclays Capital on Thursday.

Kevin Norrish, managing director of Barclays’ commodities research,
team told a press briefing that he sees copper prices averaging $9,950 a
tonne through third quarter of 2011, giving it potential to trade up to
$10,000 per tonne.

Nov 11, 2010

Alcoa sets alumina contracts under new pricing plan

NEW YORK, Nov 10 (Reuters) – Alcoa Inc (AA.N: Quote, Profile, Research, Stock Buzz), the world’s
largest producer of raw material, alumina, has already set some
of its long-term supply contracts under a new pricing scheme
that unties its link to the aluminum metal price, using instead
a basket of indexes to pin down a spot price.

For at least 20 years, Alcoa had set its long-term alumina
supply contracts as a percentage of the London Metal Exchange
aluminum price. Alumina is the intermediate material that gets
turned into aluminum and is made from the raw material bauxite.

Oct 28, 2010

Gold jumps 1.5 percent as dollar weakens ahead of Fed

NEW YORK (Reuters) – Gold rallied over 1.5 percent on Thursday, boosted by a sinking dollar as some investors bet the Federal Reserve’s next round of monetary stimulus could be much larger than previously thought.

Uncertainty over the scope and impact of the Fed’s attempt to stimulate U.S. economic growth knocked the dollar sharply lower. The widely anticipated announcement is due at the end of the Fed’s next policy-setting meeting on November 3.

Oct 26, 2010

AK Steel sets Q3 net loss, sees same trend in Q4

NEW YORK (Reuters) – AK Steel (AKS.N: Quote, Profile, Research, Stock Buzz) posted a third-quarter net loss on Tuesday, with soaring raw material costs and a plant shutdown undermining the effect of higher steel prices.

The West Chester, Ohio-based company also said it expects stagnant conditions to lead to another operating loss in the fourth quarter.

Oct 18, 2010

Brazil’s Vale needs $26-$28 bln to complete projects

NEW YORK, Oct 18 (Reuters) – Brazilian mining giant Vale
(VALE5.SA: Quote, Profile, Research, Stock Buzz) (VALE.N: Quote, Profile, Research, Stock Buzz) will need $26 billion to $28 billion over
the next two years to complete projects it has already started
and plans to focus new investments on copper and fertilizers,
the company’s CEO said on Monday.

Roger Agnelli said the company’s complete investment plan
for 2011 would be released within two weeks.

Oct 11, 2010

Gold moves higher as investors bet on QE2

NEW YORK/LONDON (Reuters) – Gold moved back toward its all-time high on Monday, despite late gains in the dollar, as investors prepared for what many see as a likely second round of economic stimulus by the U.S. Federal Reserve.

The U.S. dollar regained strength against the euro and yen in late buying by investors who viewed its recent decline as too far, too fast. <USD/>

    • About Carole

      "Based in New York, I cover all North American commodity markets, with a primary focus on metals and more specifically steel and aluminum. I have also covered economics, international economics, foreign exchange, bonds and stock markets for both TV and Reuters wire."
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