Commodities Correspondent
Pratima's Feed
Sep 23, 2011

LME considering selling itself after approaches

LONDON (Reuters) – The London Metal Exchange, the world’s top market for industrial metals that has had surging volumes recently, is considering selling itself after being approached about deals, it said on Friday.

The LME, owned by trading houses and banks that use the market, said it was being advised by investment bank Moelis & Company but declined to identify its suitors.

Sep 20, 2011

Gold drops 2 percent as safe haven allure fades

NEW YORK/LONDON (Reuters) – Gold tumbled nearly 2 percent on Monday, with the U.S. dollar and Treasuries trumping bullion as preferred safe havens for investors seeking shelter from euro zone woes.

Trade remained unusually volatile despite a late revival in gold after some positive noises emerged from a Greek call with its lenders.

Sep 19, 2011

Gold down two percent as safen-have lure fades

NEW YORK/LONDON (Reuters) – Gold lost its appeal as a safe haven on Monday, falling over 2 percent as fears of a Greek debt default and larger euro zone problems drove investors into bonds and the dollar.

A meeting of European officials to tackle the region’s debt crisis ended without a solution, stoking fears of a possible Greek default. Investors got out of risky trades and took refuge in U.S. Treasuries and the dollar.

Sep 19, 2011

Gold rallies on deteriorating debt crisis

LONDON, Sept 19 (Reuters) – Gold prices rallied on Monday as
a series of political setbacks over the weekend reinforced fears
about the deteriorating euro zone debt crisis, prompting
investors to seek refuge in the precious metal.

Spot gold was bid at $1,821.00 a troy ounce at 0900
GMT from $1,810.73 late in New York on Friday. The precious
metal hit a record high of $1,920.30 on September 6.

Sep 16, 2011

Physical buying helps gold bounce from 2-wk low

LONDON, Sept 16 (Reuters) – Gold tumbled to a two-week low
on Friday as diminishing liquidity concerns after central banks
moved to provide dollars prompted a bout of selling, but strong
physical buying interest from Asia later helped the precious
metal to bounce.

Spot gold hit $1,761.94 a troy ounce, its lowest
since August 26. It was bid at $1,776.40 an ounce at 0945 GMT
compared with $1,788.64 late in New York on Thursday.

Sep 14, 2011

Government says critical material stockpiles undesirable

LONDON (Reuters) – The government said the stockpiling of strategic and rare earth metals is undesirable and incompatible with its free-market approach to economic policy.

In a letter to the Science and Technology Committee published on Wednesday, the government said: “The (European Union) Commission needs to remain vigilant to avoid protectionist responses, such as state or EU-led stockpiling, to the unilateral export controls of some exporter countries.”

Sep 14, 2011

Western troubles may knock China, drive copper down

LONDON, Sept 14 (Reuters) – Economic troubles in Europe and
the United States are likely to shrink China’s exports, harm its
economy, reduce its demand for copper and possibly trigger a
price drop in the industrial metal over the coming weeks.

Jitters about debt default in Greece and worries about the
health of the world’s largest economy, the United States, have
in recent weeks combined to send many markets including equities
hurtling lower.

Sep 13, 2011

Funds see Europe recession in next year – BofA Merrill

LONDON (Reuters) – Europe’s sovereign debt and banking crisis is expected to push the region into recession over the next 12 months, and most investors do not expect higher U.S. interest rates until 2013, a survey showed on Tuesday.

The monthly survey taken by Bank of America Merrill Lynch from September 1 to 8 showed 55 percent of European fund managers see Europe suffering two quarters of negative gross domestic product growth.

Aug 16, 2011

Analysis: Weak stainless demand to sap nickel strength

LONDON (Reuters) – Deteriorating demand from stainless steel mills and rising mine production are likely to push the nickel market into surplus in the second half of the year and put modest pressure on prices.

The uncertain outlook for global economic growth and demand because of the debt crisis in the euro zone and the United States mean gloomier prospects for nickel demand.

Aug 12, 2011

Copper falls on U.S. data, demand concerns

LONDON, Aug 12 (Reuters) – Copper fell on
Friday , following US economic data that
showed U.S. consumer sentiment dropped to its lowest in three decades,
compounding concerns about global economic growth and demand
from top consumer China.

Benchmark copper on the London Metal Exchange fell
0.2 percent to $8, 863 a tonne at
14 57 GMT, from $8,881 at the close on Thursday.