Commodities Correspondent
Pratima's Feed
Jun 25, 2010

Gold buoyed by financial uncertainty

LONDON, June 25 (Reuters) – Gold rose nearly 1 percent on
Friday as investors sought refuge from financial market
uncertainty and currency depreciation as they awaited the
outcome of a weekend G20 meeting.

Data released earlier showing the U.S. economy expanded at a
2.7 percent annual rate in the first quarter, down from the 3
percent pace initially reported last month, increased its
safe-haven appeal. [ID:nN24163944]

Jun 10, 2010

Africa not much more risky vs Europe, U.S. crises

LONDON (Reuters) – Investors interested in Africa’s resources but afraid of its political risks should consider that recent events in Europe and the United States have shown they are far from risk-free, a British fund manager said.

David Murrin, chief investment officer at UK-based Emergent Asset Management, acknowledged Africa could be hazardous for investors but cited by comparison Greece’s debt troubles and the banking crisis in Europe and the United States.

May 27, 2010

Copper down, but not out for the count

LONDON (Reuters) – Damage to copper demand from Europe’s debt crisis is likely to hurt prices of the metal, but that could be a buying opportunity because the market is tight and consumption in top consumer China is still strong.

But some think a weak U.S. housing market and a prolonged period of turmoil in Europe could wreck longer-term prospects for the metal used widely in power and construction.

May 13, 2010

Gold steadies, poised for new record highs

LONDON (Reuters) – Gold steadied on Thursday, but analysts expect the precious metal to extend gains to new records over coming days as further waves of investor money come flooding into the market looking for safety.

Spot gold was bid at $1,234.10 a troy ounce at 1019 GMT from $1,236.35 an ounce late in New York on Wednesday, when it hit a record $1,248.15 on fears that a $1 trillion European rescue package will not solve the euro zone debt crisis.

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