Commodities Correspondent
Pratima's Feed
May 12, 2010

Gold flies to record, investors seek safety

LONDON (Reuters) – Gold surged to a record high on Wednesday as investors piled in, seeking safety from turmoil in government bond markets and the risks of Greece’s debt crisis spreading to other countries.

Spot gold hit $1,243.55 an ounce, a gain of nearly 20 percent since early February. It was bid at $1,240.75 an ounce at 1006 GMT from $1,232.05 late in New York on Tuesday. U.S. gold futures hit a record $1,244.80 an ounce.

Mar 31, 2010

Gold rallies, eyes on currency, sovereign debt

LONDON (Reuters) – Gold hit its highest in more than a week on Wednesday as the dollar slipped against major currencies and longer-term fears over sovereign debt put a floor under prices.

Platinum jumped to $1,646.50 an ounce, its highest since January 20 on worries about supplies from South Africa, the world’s largest producer of the metal used to make autocatalysts that clean car emissions.

Mar 30, 2010

U.S. fund Touradji bets on LME nickel – traders

LONDON, March 30 (Reuters) – New-York based hedge fund
Touradji Capital Management is betting on improved demand for
nickel, helping the material used in stainless steel outperform
other base metals this year, traders and market sources said.

Benchmark nickel <CMNI3> on the London Metal Exchange has
gained more than 25 percent so far this year to around $24,000 a
tonne on Tuesday — making it the best performing base metal. By
contrast, benchmark base metal copper <CMCU3> has gained five
percent so far this year.

Mar 26, 2010

LME: rules prevent conflicts with warehousing

LONDON, March 25 (Reuters) – Strict rules are in place to
ensure conflicts of interest do not arise in metals warehouses
owned by banks or commodity traders, the London Metal Exchange
said on Thursday after two recent high-profile purchases.

The LME was responding to a question from Reuters on
whether the acquisition of Metro by U.S. bank Goldman Sachs
<GS.N> and of NEMS by commodities trader Trafigura could cause
problems in terms of access to sensitive information in
warehouses. [ID:nSGE61I04Z] [ID:nLDE6200W6]

Mar 19, 2010

Copper buckles under dollar strength, China worries

NEW YORK/LONDON, March 19 (Reuters) – Copper came under pressure
on Friday as the dollar rose and investors worried about demand from
China, the world’s largest consumer of industrial metals.

Copper for May delivery <HGK0> on the New York Mercantile
Exchange’s COMEX division reversed down 2.30 cents to close at
$3.3725 per lb, moving from $3.3640 to $3.4110.

Mar 9, 2010

Palladium an attractive investment: -Norilsk

LONDON (Reuters) – Palladium is an appealing investment because future jewelry and industrial demand will be strong, Norilsk Nickel <GMKN.MM>, the world’s largest palladium producer, told the Reuters Global Mining and Steel Summit.

“For many people it is an attractive investment opportunity because of very healthy demand,” Norilsk Marketing Director Anton Berlin said in response to a question on whether volumes flowing into exchange traded commodity funds would be maintained

Feb 16, 2010

Base metals rally to multi-week highs as dlr sinks

NEW YORK/LONDON, Feb 16 (Reuters) – Copper led a rally across the broader
base metals complex on Tuesday, hitting its highest level in more than two
weeks, as the dollar stumbled and markets recovered from last week’s sell-off.

“I think we are still seeing some residual demand from last week,” said
Catherine Virga, senior base metals analyst with CPM Group in New York.

Feb 12, 2010

Copper sinks on dollar, China tightening fears

NEW YORK/LONDON, Feb 12 (Reuters) – Copper prices fell Friday
under the weight of a stronger dollar, mixed economic data in the
United States and further monetary tightening moves in China,
which triggered renewed worries about near-term demand prospects
in the world’s top metals consumer.

Benchmark copper for March delivery <HGH0> on the New York
Mercantile Exchange’s COMEX division shed 5.10 cents, or 1.6
percent, to finish at $3.0825 per lb, after dealing in a session
range between $3.0340 and $3.14.

Feb 5, 2010

Copper hits 3-month low, recovery doubts dominate

NEW YORK/LONDON, Feb 5 (Reuters) – Copper fell to its lowest
level in more than three months on Friday, as a stronger dollar and
worries over the health of the global economy outweighed mixed U.S.
jobs data.

Benchmark copper for March delivery <HGH0> on the New York
Mercantile Exchange’s COMEX division slipped 2.15 cents to settle at
$2.8575 per lb, after dealing between $2.8905 and $2.8110, which
marked is lowest level since Oct. 15.

Feb 5, 2010

Hunt for London Metal Exchange chairman underway

LONDON, Feb 5 (Reuters) – London Metal Exchange Chairman
Donald Brydon is leaving and the hunt is on for a successor
capable of guiding the exchange through a turbulent global
economy and changing political landscape.

Managing changes in regulation, which may not be as friendly
as in the past, will also be part of the brief.