As driven by a late-rally in the Wall Street, WTI crude oil price ended the day with small gains. After market close, API's report showing a dip in crude inventory boosted the market further. However, we doubt if the strength can sustain as sovereign crisis in the Eurozone has shown intensified signs of contagion. Gold price retreated after hitting a new record at 1254.5. Yet, outlook is still bullish for the yellow metal as long as worries over deficits problems persist and uncertainty over glo...
Global grain output is forecasted to be at 1.60 billion metric tons in 2010-11 period due to expected increase in production in US, South America and Australia, according to Germany-based analytical firm, FO Licht.
Gold prices continued its northern journey in Asian trade Wednesday as concerns over European debt crisis escalated. Gold for immediate delivery was seen trading at $ 1237.43 an ounce at 11.00 a.m Singapore time while U.S. gold futures for August delivery eased after hitting an all-time record overnight. The contract was seen trading at $1236.59 an ounce at 11.00 a.m Singapore time on the comex division of Nymex.
Middle East oil countries should increase production of heavy oil as oil prices remain higher and improved technology makes it easier, those attending an industry conference in Bahrain were told. Bahrain's oil minister, Abdulhussain Mirza, told the Heavy Oil World MENA conference that heavy oil reserves in the region were estimated at 1 trillion barrels, or 28% of total world reserves, but historically accounted for little more than 10% of production.
The precious metals market has started decoupling from global equities, according to National Inflation Association (NIA) which forecasted such an eventuality some months ago.
Gold eased in Asian trade Tuesday after overnight gains near two percent on concerns over falling stocks, volatile currencies amid Euro zone debt worries. Gold for immediate delivery was seen trading at $1237.24 an ounce at 11.00 a.m Singapore time while U S gold futures for August delivery was at $1,239.6 ounce at the same time.
Vietnam's banking system witnessed drastic dips in gold deposits during April and May. According to Vietnam Banking Association, over the last two months, the volume of gold on deposit in banks decreased by 15 percent, or 16,000-20,000 taels.
European Union Food Facility fund received a boost with the EU donating 13.2 million to its funding to enhance agricultural production in developing countries worst hit by high food prices. This brings the total amount of the fund channeled through FAO to an unprecedented Euro 228 million.
Global oil prices rose marginally in Asian trade Tuesday mainly on euro recovery that boosted investor demand. Light sweet crude for July delivery was seen trading at $ 71.59 a barrel at 11.30 a.m Singapore time while Brent crude was at $72.18 a barrel at the same time in London.
WTI crude oil rebounds to 71.6 in European session as buying interests emerge after price dipped below 70 earlier in the day. Brent crude approaches 74 after plunging to a 3-month low at 71.95. Despite the recovery, market sentiment remains weak as investors tend to seek shelter in safe-haven.
Fuel prices in India is likely to go up this week as a ministerial panel is considering a Committee report that calls for decontrol of fuel prices. The Empowered Group of Ministers are likely to take decontrol decision which may result in prices to go up by Rs 3.35 per litre, which being the difference between the retail price and imported cost.
In its quest to acquire more energy, world's second largest oil consumer China is exploring a $1.2 billion deal with Iran to build six tankers in the coming years to transport liquefied natural gas.
World oil prices eased below $70 a barrel in Asian trade Monday as markets sentiment remained weaker after last weeks disappointed US jobs report. Light sweet crude for july delivery was seen trading at $69.71 a barrel at 11.00 a.m Singapore time while Brent crude for July was at $70.63 a barrel in London.
Gold prices recovered in Asian trade Monday as equity markets fell amid concerns over Hungary's debt problems. Gold for immediate delivery was seen trading at $ 1218.13 an ounce at 11.30 a.m Singapore time while U.S. gold futures for August delivery was at $1,219.8 at the same time.
Gold seems most likely to trade in a wide band this week, possibly as wide as $1,180 and $1,250. Gold's appeal as a safe haven and hedge against volatile economic conditions continues to be evident.
India-based leading commodity bourse, National Commodities and Derivatives Exchange (NCDEX) has achieved yet another milestone of having one of the most successful steel contract in the world. The exchange today maintained that the average daily traded volumes are in the range of 20, 000 MT vis-à-vis the last 4 years corresponding figure of 9,000 MT.
In a landmark development in India's oil & gas sector history, the empowered group of ministers is believed to deregulate fuel prices in the second week of June, 2010. In India retail fuel prices had been administered by the central government so as to keep the end consumers safe from the uncertainties of the global crude oil price fluctuations.
New York gold climbed overnight after equity markets dropped though the euro also tumbled to a four year low. Gold for August delivery added $7.70, or 0.6%, to $1,217.70 an ounce on the Comex division of the New York Mercantile Exchange. The comeback assured gold a 0.3% gain on the shortened holiday week and stopped a downward trend that had started Wednesday.
Gold, platinum and other bullion metals grabbed the center-stage on the Tokyo Commodity Exchange Inc (TOCOM) during the month of May 2010 with staggering volume growth in the bullion commodities. Gold witnessed average daily volume of 66,354 contracts in May 2010 up by 33.9% from 49,545 contracts recorded in April 2010. Platinum contracts increased by 28.1% to 28,981 contracts during the month. The monthly trading volumes in gold and platinum remained at the top with gold monthly volumes at 1194...
The continued failure of BP's efforts to stop the Gulf oil spill and mounting political pressure are putting the very future of the British-based oil giant in question. BP shares plunged again on Tuesday, wiping $17 billion off the market capitalization of the company. Premiums on credit default swaps to insure the company's debt soared 75% to $178,000 for $10 million as analysts began to question whether the company can survive the financial and reputational costs of the Deepwater Horizon catas...
Chile's state copper think tank Cochilco said Friday it raised its forecast for copper prices to $3.20 per lb in 2010 despite the ongoing market volatility stemming from Europe's debt woes. Cochilco, which helps set price views for the world's top copper miner Codelco [CODEL.UL], said it also raised its 2011 average copper price forecast to $3.30 from $3.20.
After realized that the devastated Gulf of Mexico oil spill is the worst ever environmental disaster affecting the country, the US said they would keep billing the oil giant BP for all associated costs for the clean up operations. British energy giant told to pay $69 million bill and demanded prompt payment for the first instalment of government expenses incurred in the effort.
World's largest gold refiner, South Africa's Rand Refinery said production of country's Krugerrand gold coins soared by 50 percent in a week as the euro zone debt crisis drove up investor demand. In a statement issued here, Rand Refinery said production of the world's most popular gold coin rose to 30 000 ounces a week.
Global oil prices eased in Asian trade Friday despite reports of bigger-than-expected decline in US gasoline inventories and stronger demand. Light sweet crude for July delivery was seen trading at $74.32 a barrel at 11.00 a.m Singapore time while Brent crude was at $75.25 a barrel in London.
Every investor is these days tracking the movement of the hottest commodity--gold. But renowned global commodities investor Jim Rogers says the hottest commodity around now is sugar. Saying that agricultural commodities are set for a big bull run, Rogers said that turmoil in currencies is turning people to commodities.
Considering the extent of oil spillage happening from the Gulf of Mexico and the dangers looming large on the environment due to that, has left the investors of these oil and gas exploration companies perplexed on their investment preferences. As and how the gravity of the oil spillage started coming to the knowledge of the investor community, they showed a trend of exit from the traditional oil and gas exploration companies and diverted their funds towards alternate energy companies.
In an attempt to soothe public anger at the wealth of giant energy companies operating in Xinjiang, China has imposed a tax on oil and gas production in its Northwestern Province. The 5 percent tax in oil-rich Xinjiang, imposed Tuesday, is part of a development plan for the desert region, where ethnic tensions exploded into rioting last July that killed nearly 200 people. Earlier, Chinese president Hu Jintao said increased revenue from the resource tax should be focused on improving local people...
In the last few months, speculation has been rife in bullion markets around the world that China will be buying the gold that the International Monetary Fund (IMF) is disposing of these days. But is China buying the IMF gold? It looks, despite the hype about Chinese plans to amass gold reserves in place of the US dollar, the dragon country is not in a mood to buy gold from IMF.
Gold prices extended losses in Asian trade Thursday but ETF holdings rose to another record overnight. Gold for immediate delivery was seen trading at $ 1221.71 an ounce at 11.00 a.m Singapore time while U.S. gold futures for August delivery was at $1,223.7 an ounce.
In an attempt to overcome declining values in its forex reserves due to drop in euros value against the dollar, Iran is planning to convert 45 billion euros of its reserves into dollars and gold ingots. According to reports, Iran's central bank took this decision against a backdrop of a new phase of economic recession in Greece and Spain which has caused a drop in the value of euro against the dollar in global markets.
