COMMODITIES

Oil prices extended three-month highs toward $82 on Tuesday, tracking gains in Asian equities following strong bank earnings and upbeat manufacturing data for industrialized economies a day earlier. U.S. September crude rose as much as 28 cents to $81.62, 15 cents short of Monday's three-month intraday high, and was up 19 cent at $81.53 a barrel by 4 a.m. ET, while ICE Brent rose 22 cents to $81.04.

Gold steadied in thin Asian trade Tuesday as reports of economic recovery and strong stocks countered weak dollar. Spot gold was seen trading at $1182.18 an ounce at 12.30 p.m Singapore time while US futures for December delivery hardly moved at $1,185 an ounce.

Gold held steady near a one-week high on Tuesday as a weak U.S. dollar spurred early buying from investors, while jewelers were also expected to snap up the metal before festive seasons in India and Indonesia.

Oil prices extended three-month highs toward $82 on Tuesday, tracking gains in Asian equities following strong bank earnings and upbeat manufacturing data for industrialized economies a day earlier. U.S. September crude rose as much as 28 cents to $81.62, 15 cents short of Monday's three-month intraday high, and was up 1 cent at $81.35 a barrel by 12:37 a.m., while ICE Brent rose 2 cents to $80.84.

Gold rose to near a 1-week high on Tuesday as a weak U.S. dollar spurred buying from investors, while jewelers were also expected to snap up the metal ahead of the festive season. But trading was thin ahead of a trail of U.S. data such as June personal income, June factory orders and July auto sales, offering clues on the health of the economy. Platinum and palladium failed to sustain early gains.

Supermodel Naomi Campbell has applied for banning media coverage surrounding her as she prepares to give testimony in the war crimes trial of former Liberian President Charles Taylor. Campbell is to appear in a court in The Hague on August 9 to answer questions about whether she was given a blood diamond by former Liberian dictator, Daily Mail online reported.

Gold prices climbed in Europe on Monday as the euro firmed to a three-month high against the dollar and prices of other commodities like crude oil jumped on the back of rising equity markets. Spot gold rose as high as $1,190.40 an ounce and was bid at $1,185.35 an ounce at 1343 GMT (9:43 a.m. EDT), against $1,181.50 late in New York on Friday. U.S. gold futures for August delivery rose $4.10 to $1,188.00.

Finally, electronic trading of gold bars and coins has come to India with National Spot Exchange Limited (NSEL) and Shree Ganesh Jewellery House Limited (SGJHL) launching the scheme in India on Monday. According to a press note, for the first time, a private organisation will participate in e-selling of imported gold bars and coins. The service started from August 2.

Gold prices slipped below $1,180 an ounce in Europe on Monday knocked by a dearth of haven buying as confidence in the financial markets improved, though some emergent physical demand limited losses. Spot gold was bid at $1,177.65 an ounce at 6:21 a.m. ET, against $1,181.50 late in New York on Friday. U.S. gold futures for August delivery fell $4.00 to $1,179.90.

Oil hit a 12-week high near $80 a barrel on Monday as robust corporate earnings fueled optimism over the strength of the global economic recovery and the outlook for energy demand. European stock markets hit a 3-month high as risk appetite across commodity and financial markets picked up following strong results from leading banks HSBC (HSBA.L) BNP Paribas (BNPP.PA).

Gold prices edged up in Asian trade Monday, tracking high level of investor confidence amid strong stock markets in the region. Gold for immediate delivery was seen trading at $1183.39 an ounce at 12.00 noon Singapore while U.S. gold futures for December delivery was at $1,185.4 an ounce on the comex division of NYMEX.

Gold regained strength on Monday after jewelers resurfaced at lower levels, while strong equities lifted platinum group metals despite a lack of buying interest from automakers. Asian stocks gained while the dollar hit a three-month low against a basket of currencies due to concerns the U.S. economy's recovery was losing momentum following the release of poor economic growth data.

Oil rose toward 12-week highs above $79 on Monday, driven by investor appetite for commodities and energy risk, with macroeconomic indicators in top consumers the United States and China showing slower but sustained growth.

More trouble has come to Zimbabwe's Mugabe family with first lady Grace Mugabe figuring as one of the biggest beneficiaries from the diamonds from the controversial Chiadzwa fields after it emerged she is a shareholder in Mbada Diamonds.

A Sub-committee on agriculture, appointed by the Prime Minister's Council on Trade and Industry, met for the first time and decided to come up with a plan to achieve higher growth in the agriculture sector through public sector involvement. The country's average farm growth in the first three years of the 11th Five-Year Plan period (2007-12) has been only 2.2 per cent, against the target of 4 per cent for the entire period. The mid-term appraisal has estimated the average growth in the sector to...

After a rally towards the end of 2009, base metals have tumbled in the first half of 2010 on China monetary tightening and concerns about sovereign debt problems in Euro Zone nations. Apart from the temporary upward movements seen in copper, nickel and aluminium analysts hold divergent views on prospects for base metals ahead in 2011. Against this backdrop, Atul Shah, Head of Emkay Commotrade, talks to Sreekumar Raghavan of Commodity Online that prospects for base metals in the medium term looks...

Crude oil futures continued to trade in a very narrow range, unable to cross the $79 a barrel threshold even though they ended 4.4% higher on the month. The benchmark West Texas Intermediate rallied with the stock market late Friday to finish the week at $78.95 a barrel, virtually unchanged from $78.98 a week ago, after dipping just below $77 a barrel earlier in the week. End-of-month trading might have accounted for some the late gains, analysts said.

The base metals have recovered from the depressed levels of early June with prices trending higher in July and hence Natixis Commodity Markets maintains a positive view for base metals. The impact of escalating sovereign debt crisis in Europe and unctertainy over China's efforts to curb excessive credit creation which were the main concerns of the first quarter of 2010 has eased, Natixis Commodity Markets maintains.

With a series of auto makers announcing good sales and profits this week, palladium prices soared to new heights on Friday. Palladium settled up $22.50, or 4.8 percent, at $491.20 an ounce. Palladium and platinum, which also is higher, are used in making catalytic converters for cars.

Global wheat prices are expected to remain higher due to lower output forecast by International Grain Council (IGC) and the UN's Food and Agriculture Organization (FAO). IGC has revised the global wheat forecast lower by 1.9% for the 2010-11 to 651 million metric tons due to the output losses in parts of Black Sea regions, such as EU and Canada.

Global oil and gold prices ended the week on a positive note mainly on rising investor confidence despite highly volatile market conditions. New York's main contract, light sweet crude for delivery in September, rose 59 cents to close at $78.95 dollars per barrel.

Gold traders in Nepal repeated their request with the government for permission to import more gold than the present quota of 10 kg a day. In a request letter to the government, Nepal Gold and Silver Dealers' Association (NEGOSIDA) said internal demand is increasing and with the festival season approaching, the demand for gold will increase up to 30 kg a day.

Investors in India are waking up to the power of gold. In a recent survey, it has come out that Asian investors are more likely to buy gold in the next six months than their North American and European counterparts.

The international community is pressuring the Juba and Khartoum governments to speed up preparation for a vote on South Sudan's future - a decision that will be dominated by the fate of coveted oil resources -- but an expert on the African country criticizes the lack of understanding about Sudan.

Gold & silver thronged the counters on the Indian commodity exchanges during the first half of the current month as the latest data issued by the commodity markets regulator, Forward Markets Commission (FMC) revealed a staggering over 138% rise in the value of trades in bullions during the first fortnight of July over last year.

Indians are slowly learning to live with the high prices of gold. The signals to this effect are visible in the bullion market now. According to reports, India's gold imports showed a gain of 7.79 per cent in seven months to July this year on improved festival demand and occasional buying from retail consumers.

Gold edged above $1,170 an ounce in Europe on Friday, supported by uncertainty ahead of U.S. economic growth data later in the session but with a dearth of safe-haven buying dampening further price rises.

Oil slipped on Friday, heading for a fourth consecutive weekly settlement within the $75-$80 range, as investors focused on a slowing economy and rising inventories in top consumer the United States. European stocks traded lower and Asian equities declined ahead of data expected to show U.S. economic growth slowed to 2.5 percent in the second quarter from 2.7 percent in the first quarter.

ad news emanating from the US may impact copper prices and demand in the coming months even though China's still hungry for the metal. US durable goods order was dismal after witnessing the decline in consumer confidence earlier this week. The negative impact of the news is expected to soften copper.