Commodities Correspondent
Pratima's Feed
May 27, 2011

Weak dollar, Greek debt boost gold’s appeal

LONDON (Reuters) – Gold prices climbed on Friday as worries about Greece’s debt crisis triggered buying by investors looking for a safe place to park assets, while the softer dollar also helped underpin sentiment.

Spot gold was bid at $1,525.29 a troy ounce at 1123 GMT from $1,518.10 late in New York on Thursday.

May 25, 2011

Gold hits 3-week high on euro zone debt jitters

LONDON (Reuters) – Gold hit a three-week high on Wednesday, boosted by fears about the debt crisis in euro zone countries such as Greece while the resulting stronger dollar against the euro undermined sentiment.

Spot gold hit $1,528.40 a troy ounce, its highest since May 4. It was bid at $1,526.79 an ounce at 1120 GMT from $1,525.75 an ounce late in New York on Tuesday.

May 25, 2011

MPs alert watchdog on LME warehousers

LONDON (Reuters) – Anti-competition authorities may probe activity by large traders on the London Metal Exchange that also own warehouses, including investment bank JP Morgan, after MPs raised concerns.

A parliamentary committee said in a report it was concerned that the same firms that trade metals were able to hold large amounts of metal stored on the LME, the world’s top metals exchange, and alerted competition authorities.

May 25, 2011

Gold buoyed by euro zone debt jitters

LONDON (Reuters) – Gold steadied on Wednesday, buttressed by fears about the debt crisis in euro zone countries such as Greece while the resulting stronger dollar against the euro undermined sentiment.

Spot gold was bid at $1,526.20 a troy ounce at 5:23 a.m. EDT from $1,525.75 an ounce late in New York on Tuesday when the precious metal hit a three-week high of $1,527.45.

May 24, 2011

Lawmakers alert watchdog on LME warehousers

LONDON (Reuters) – Anti-competition authorities may probe activity by large traders on the London Metal Exchange that also own warehouses, including investment bank JP Morgan (JPM.N: Quote, Profile, Research), after lawmakers raised concerns.

A parliamentary committee said in a report it was concerned that the same firms that trade metals were able to hold large amounts of metal stored on the LME, the world’s top metals exchange, and alerted competition authorities.

May 23, 2011

Greece helps gold rally to near two-week high

LONDON (Reuters) – Gold rallied to its highest in nearly two weeks on Monday as investors seeking safety bought the precious metal after a barrage of bad news on debt and ratings from euro zone countries such as Greece.

Spot gold hit $1,518.71 a troy ounce, its highest since May 11. It was bid at $1,508.24 an ounce at 0941 GMT from $1,507.39 late in New York on Friday. Gold priced in euros hit a record high of 1,076.42 euros an ounce.

May 20, 2011

Threadneedle’s commodity fund underweight U.S. gas

LONDON (Reuters) – Expectations of a glut of natural gas and no easy way to export the surplus mean prices of the commodity in the United States are overvalued, Nicolas Robin, a fund manager at Threadneedle told Reuters.

“The view is that production is extremely strong on account of development of shale gas in the United States,” Robin said.

May 16, 2011

Gold eases, undermined by dollar strength

LONDON (Reuters) – Gold was undermined on Monday by the dollar’s rise against the euro on uncertainty about aid for indebted euro zone countries, which also sparked some safe-haven buying of the precious metal.

Spot gold was bid at $1,494.96 a troy ounce at 8 a.m. EDT from $1,493.25 late in New York on Friday. The precious metal hit a record high of $1,575.79 on May 2. U.S. gold was little changed at $1,493.90 an ounce.

May 11, 2011

Too early to call a bear market for copper

LONDON/HONG KONG (Reuters) – An exodus of investors from the copper market could see prices slip to the $8,000 a tonne mark before heading back towards record highs later this year as stronger demand from China and Japan becomes visible.

Copper prices tumbled with other commodities last week as the dollar strengthened and investors fretted about consumption after disappointing surveys of manufacturing in top consumers China and United States.

May 10, 2011

Analysis: Too early to call a bear market for copper

LONDON/HONG KONG (Reuters) – An exodus of investors from the copper market could see prices slip to the $8,000 a ton mark before heading back toward record highs later this year as stronger demand from China and Japan becomes visible.

Copper prices tumbled with other commodities last week as the dollar strengthened and investors fretted about consumption after disappointing surveys of manufacturing in top consumers China and United States.