Friday 31 July 2015

NYMEX rough relentless to weaker in Asia as business swings to U.S. apparatus check

Mcx base metal tips
Raw petroleum costs held consistent to lower in right on time Asia on Friday with thye business sector looking ahead to U.S. information on meeting expectations fixes as makers measure the expense of pumping more oil into an oversupplied business sector.

On the New York Mercantile Exchange, WTI unrefined for September conveyance fell 0.03% to $48.51 a barrel.

Financial specialists anticipate the arrival of Friday's week after week U.S. oil apparatus check from oil administrations firm Baker Hughes (NYSE:BHI) for further evidences on the supply-request adjust across the country. A week ago, the firm said the aggregate number of U.S. oil apparatuses expanded by 21 to 659. Prior this late spring, the aggregate expanded on two continuous weeks, an irregularity considering that the tally already diminished for a time of 29 straight weeks. The previous fall, U.S. oil apparatuses topped at a level over 1,500.

Vitality experts, notwithstanding, are setting less stock in the apparatus check in examination with late years, as U.S. shale makers find innovative approaches to penetrate productively while evacuating less powerful apparatuses.

Overnight, WTI rough fates fell marginally on Thursday turning around region taking after a late offer off, as vitality dealers responded to the long haul repercussions of a sudden supply draw and signs that Saudi Arabia could diminish generation one session prior.

On the Intercontinental Exchange (ICE), Brent rough for September conveyance faltered in a tight range in the middle of $53.06 and $54.37 before settling at $53.42, up 0.05 or 0.12%. In the course of the most recent thirty days, the estimation of brent prospects has likewise fallen pointedly – declining by give or take 15

Thursday 30 July 2015

Gold costs up in Asia as Fed stays pat, yet shows up on track to trek

Gold costs picked up as business sectors processed the Federal Reserve's dialect for the timing of a now broadly expected rate climb this year, with some theory it could come as late as December or as ahead of schedule as September.

On Wednesday, Federal Reserve policymakers did not raise transient premium rates from almost zero at their Federal Open Market Committee, however their strategy articulation apparently left the FOMC on course to raise them a little while later.

The Fed has kept the overnight government stores rate, and thus different rates, close to zero subsequent to December 2008.

In the announcement, the FOMC reaffirmed two conditions for beginning to raise rates, that incorporate further work market change and turning out to be "sensibly sure" expansion will ascend to 2% "over the medium term." And the FOMC's to a great extent perky strategy explanation proposes the economy is on track to meet those conditions.

On the Comex division of the New York Mercantile Exchange, gold for December conveyance exchanged up 0.33% at $1,096.90 a troy ounce.

Silver for September conveyance increased 0.32% to $14.790 a troy ounce.

Copper for September conveyance climbed 0.07% to $2.411 a pound.

Overnight, gold fates were generally level in front of the arrival of the Federal Open Market Committee's money related strategy explanation.

Gold, which is not connected to intrigue rates or profits, battles to contend with high return bearing resources in times of rising interest rates.

Dollar-designated things, for example, gold turn out to be more extravagant for outside buyers when the dollar increases in value.

In China, the Shanghai Composite Index energized late to quit for the day at 3,789.17, ending a three-day slip. On Monday, Chinese stocks fell by more than 8% encountering its biggest one-day fall following 2007.

Wednesday 29 July 2015

Gold prospects hold beneath $1,100 in front of Fed result

Gold costs held consistent beneath the $1,100-level on Wednesday, as financial specialists looked ahead to the Federal Reserve's money related strategy proclamation due later in the session for crisp flags on the timing of a U.S. interest rate trek.

Gold fates for December conveyance on the Comex division of the New York Mercantile Exchange crawled up $1.00, or 0.09%, to exchange at $1,097.70 a troy ounce amid European morning hours.

A day prior, gold plunged 20 pennies, or 0.02%, to close at $1,096.70. Fates tumbled to a five-and-a-half year low of $1,072.30 on July 24.

Additionally on the Comex, silver prospects for September conveyance attached on 2.3 pennies, or 0.16%, to exchange at $14.66 a troy ounce.

Monday 27 July 2015

Gold prices rebound in Asia as investors see bargains after shar falls

Gold prices rose smartly in early Asia on Monday with investors noting prospects for the Feederal Reserve to raise rates later this year, but also seeing bargains after a series of sharp falls.
Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose 0.91% to $1,095.90 a troy ounce.
Also on the Comex, silver futures for September delivery gained 0.95% to $14.625 a troy ounce. Silver prices lost 34.2 cents, or 2.33%, on the week, the fifth consecutive weekly decline.
Elsewhere in metals trading, copper for September delivery fell 0.48% to $2.376 a pound after hitting a session low of $2.350, a level not seen since June 2009.
Last week, gold futures sank to the lowest level in more than five years on Friday, as ongoing expectations that the Federal Reserve will hike interest rates at its September policy meeting weighed.
Gold has been under heavy selling pressure in recent months amid speculation the Fed will raise interest rates for the first time in nine years as soon as September.
Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise.
Copper sold off on Friday after private sector data showed that manufacturing activity in China slowed to a 15-month low in July, fueled fears over slackening demand for the industrial metal.
The preliminary reading of the Caixin/Markit manufacturing purchasing managers’ index fell to 48.2 from a final reading of 49.4 in June. It was the lowest reading since April 2014.
For the week, copper prices plunged 11.5 cents, or 4.57%, the fourth consecutive weekly fall, as concerns over the health of China's economy drove down prices.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

Saturday 25 July 2015

WTI Crude falls to fresh four-month lows, amid U.S. oil rig build

WTI crude extended its recent slide on Friday falling to fresh four-month lows, amid a significant build in U.S. oil rigs last week.
On the New York Mercantile Exchange, WTI crude for September delivery traded between $47.74 and $49.02 a barrel before settling at 48.17, down 0.29 or 0.59%. At one point, Texas Long Sweet futures fell to its lowest level since early-April. U.S. crude futures have closed lower on seven of the last eight sessions and have declined by approximately 23% over the last month, as concerns related to global oversupply and the widespread ramifications of the Iranian Nuclear deal have weighed.
On the Intercontinental Exchange (ICE), brent crude for September delivery wavered between $54.30 and $55.59 before settling at 54.61, down 0.66 or 1.17%. The spread between the U.S. and international benchmarks of crude stood at 6.44, below Thursday's level of 6.81 at the close.
Oil services firm Baker Hughes (NYSE:BHI) said in its weekly rig count on Friday that U.S. oil rigs last week soared by 21 to 659. A week earlier, the rig count fell mildly by seven to 638. The minor decline was preceded by two weeks of builds, after 29 consecutive weeks of draws. The count is down sharply from its level last fall when it peaked above 1,500.
Energy analysts, however, are placing less stock in the rig count in comparison with recent years, as U.S. shale producers find creative ways to drill efficiently while removing less effective rigs. Earlier this week, U.S. crude output remained around 9.55 million barrels per day near its highest levels in more than 40 years.

Friday 24 July 2015

Gold prices drop sharply in Asia on weak flash China PMI, market turmoil

Gold prices fell hard in Asia on Friday as investors see a slowdown in China manufacturing as ensuring continued easy policy by one of the world's top yellow metal buyers and as continued to assess the scope for a Federal Reserve rate hike in September and geopolitical tension appears eased for now.
The Markit/Caixin survey of China manufacturing showed a decline to 48.2 a 15-month-low, and well below the expected 49.7 and off from June's final of 49.4. Final data is due in August.
The flash reading suggests manufacturing conditions may be deteriorating and will raise questions about the resilience of the economic recovery despite Beijing's confidence for a better second half.
On the Comex division of the New York Mercantile Exchange, gold for August delivery fell 1.43% at $1,0878.40 a troy ounce.
Silver for September delivery dropped 1.31% to $14.508 a troy ounce.
Copper for September delivery eased 0.39% to $2.367 a pound.
Otherwise, China markets were relatively calm following a report in the UK press that $800 billion has fled the country as a systemic crisis brews.
London's Daily Telegraph cited research reports showing a "frighteningly large" $800 billion has flowed out of China over the past year, as the forces which saw Chinese reserves top out at nearly $4 trillion unwind at a rapid and dangerous pace.
Overnight, gold futures inched up on Thursday amid a weaker dollar, halting a 10-day losing streak – its longest in nearly two decades.
A session earlier, gold futures plunged more than 1% to close under $1,100 for the first time in more than five years. Previously, the precious metal closed lower in every session dating back to July 9. The extended skid tied a 10-day losing streak in 1996 for the longest slide during the period.

Wednesday 22 July 2015

Gold extends losing skid to nine, one day after falling to 5-yr low

One day after crashing more than 2.2% to fresh five-year lows, gold futures inched down on Tuesday for its ninth straight loss in spite of a retreating dollar.
On the Comex division of the New York Mercantile Exchange, gold for August delivery traded in a tight range between 1,098.30 and 1,108.60 before closing at 1,106.00, down 0.80 or 0.07% on the session. Gold futures are down approximately 8% since peaking above $1,200 an ounce in late-June.
On Monday, gold plunged more than 5% in a matter of minutes in early morning Asian trade when it fell below $1,120, triggering a fresh batch of sell orders. Over the weekend, the People's Bank of China tightened regulations on internet financing in further efforts to bolster its crashing equities markets. In recent weeks, Chinese investors have lost approximately $3 trillion in the stock market amid the slowest growth in the world's second-largest economy in over a decade.
The stimulus measures came hours after China released data on its gold holdings for the first time since 2009. While Chinese gold holdings surged about 60% to 1,658 metric tons over the six-year span, the figure still pales in comparison to the nation's increasing stockpile in foreign exchange reserves. Chinese gold reserves represent only 1.5% of its forex reserves, dampening optimism that the world's second-largest economy can provide a further boost to the global gold market.
China is the world's largest producer and second-largest consumer of gold behind India. On Tuesday, Au99.95% on the Shanghai Gold Exchange fell mildly by 2.1 yuan to 221.36 a kilogram.

Tuesday 21 July 2015

Gold hovers near five-year low, eyes on Shanghai

MANILA (Reuters) - Gold held near its lowest level in more than five years early on Tuesday after tumbling more than 4 percent the session before in an early-Asia rout, pulling bullion below the key $1,100 support. Monday's selloff began shortly after the Shanghai Gold Exchange opened trading when liquidity was thin and investors are eyeing the bourse for any further selling pressure.

Saturday 11 July 2015

Gold inches down amid likely '15 Fed rate hike, optimism of a Greek deal

Gold futures inched down in spite of a weaker dollar, as traders digested strong indications from Janet Yellen that the Federal Reserve will raise interest rates this year and markets throughout the euro zone moved broadly higher amid optimism of a Greek deal. On the Comex division of the New York Mercantile Exchange, gold for August delivery fell 1.00 or 0.09% to 1,158.20 an ounce. During Friday's session gold futures traded in a tight range between $1,156.80 and $1,163.00 an ounce, ending the week down approximately 0.5%. In Athens, Greece prime minister Alexis Tsipras sought support from members of parliament for backing of a €53.5 billion austerity plan through the European Stability Mechanism (ESM). Tsipras' Syriza party submitted the proposal to Greece's troika of creditors from the European Central Bank (ECB), European Commission and International Monetary Fund on Thursday night. "We are confronted with crucial decisions," Tsipras said. "We got a mandate to bring a better deal than the ultimatum that the Eurogroup gave us, but certainly not given a mandate to take Greece out of the euro zone.We are all in this together.” While addressing parliament on Friday evening, Greece finance minister Euclid Tsakalatos outlined a proposal which includes an ESM-ECB debt swap, significant fiscal and investment reforms and further debt relief as part of the program. On Saturday, the euro group of finance ministers will discuss the request by the Greek authorities for financial assistance from ESM, while the The European Commission, the ECB and IMF will present their assessment of risk to financial stability in the euro area, Greece’s financing needs and the sustainability of its public debt, the euro group said in a statement. If approved, the two sides could approve an agreement on Sunday in an emergency summit in Brussels.

Friday 10 July 2015

Gold prices dip in early Asia as market weighs prospects for Greece deal

Gold prices dipped in early Asia on Friday as investors looked ahead to Europe where a week of furious dealmaking over terms for Greece's bailout comes to a head this weekend.
On the Comex division of the New York Mercantile Exchange, gold for August delivery fell 0.15% to $1,157.50 a troy ounce.
Silver for September delivery rose 0.205 or 1.35% to 15.365 an ounce. Copper for September delivery eased 0.02% to $2.545 a pound.
Overnight, gold futures fell mildly on Thursday amid a stronger dollar, as equities markets in China rallied sharply and top officials in the euro zone continued to prepare for Sunday's critical summit with Greece in Brussels.
In China, the Shanghai Composite Index rebounded from Wednesday's collapse gaining more than 5.75% in its strongest one-day move since March, 2009.
A wide range of regulations from the People's Bank of China aimed at curtailing selling spurred a rally in large-cap stocks, as the Shanghai stock exchange 50 gained more than 6% on the session. Previously, Chinese equities had crashed more than 25% over the last month erasing approximately $3.5 trillion from stocks in its benchmark index.
China is the world's largest producer of gold and the second-largest consumer of the precious metal behind India.
Elsewhere, Greek leaders scrambled to finalize a proposal required to unlock critical aid from its troika of creditors.
On Thursday evening, Greece presented a signed copy of an emergency bailout to its troika of creditors three hours before the expiration of a midnight deadline. Under the new proposal, Greece agreed to a strict package of reforms and spending cuts worth up to €13 billion, according to the Guardian.
In exchange for the adoption of the austerity measures, the cash-strapped nation could receive approximately €50 billion in short-term funding needed to stave off bankruptcy. The proposal reportedly also includes modest debt-relief for the Mediterranean state, ahead of key repayments owed to the European Central Bank and International Monetary Fund over the next several weeks.
European council president Donald Tusk has advocated for the inclusion of debt sustainability as a provision of the agreement.

Thursday 9 July 2015

Rollercoaster day for Asia shares as Shanghai lifted by data, PBOC

Shares in Asia had a roller coaster day with the Shanghai Composite swinging between gains and losses on a mix of upbeat data and support measures.
The Shanghai Composite was in positive territory, up 1.30%, near the break, while the Hang Seng index rose 3.24% and the S&P/ASX 200 eased 0.42% in a volatile morning marked by regional data flows as well as events over Greece.
The Nikkei 225 fell 0.69% after core machinery orders for May rose 0.6%, well above the expected drop of 5%.
Eurogroup President and European Stability Mechanism Chairman Jeroen Dijsselbloem sent a letter to the top euro zone economic officials asking them to assess Greece's request for a stability loan.
In China, June CPI rose 1.4%, above the 1.3% gain seen, while PPI fell 4.8%, more than the drop of 4.5% expected, indicating an easing in deflationary pressure on the consumer figure, but producer prices are at a four-month low and extend the run of negative growth to a record 40 months, highlighting the problems of widespread industrial overcapacity.
In Australia, the June labour force survey showed a gain of 7,300 jobs, well above a fall of 5,000 jobs month-on-month expected after a strong 42,000 rise in May. The unemployment rate held steady at 6.0% but the labor participation rate rose to 64.8% from 64.7%.
The People's Bank of China on Thursday provided liquidity to China Securities Finance Corp via re-lending at its request, state-run Xinhua News Agency reported.
The PBOC will also let the CSFC issue financial bonds, including short-term commercial paper in the interbank market, and pledged to continue to provide liquidity support to CSFC via various channels. The Shanghai Composite index gained 2.35% in morning trade.
Overnight, U.S. stocks were lower after the close on Wednesday, as losses in the Basic Materials, Oil & Gas and Telecoms sectors led shares lower.
At the close in New York, the Dow Jones Industrial Average fell 1.47% to hit a new 3-months low, while the S&P 500 index lost 1.66%, and the NASDAQ Composite index declined 1.75%.

Monday 6 July 2015

Gold prices gain in Asia on safety as Greece vote 'No' on bailout terms

Gold rose in Asia on Monday as policy makers set the stage to react to any fallout from the Greek vote at the weekend rejected the bailout terms from international creditors.

Gold futures for August delivery on the Comex rose 0.36% at $1,172 a troy ounce as investors sought safety with the future of Greece's membership in the euro zone in doubt after the vote.

Elsewhere in metals trading, silver futures for September delivery gained 0.18% at $15.683 a troy ounce.

Copper for September delivery however plunged 0.78% to $2.597 a pound.

Asian policymakers in China and Japan and elsewhere braced for any fallout from the Greek 'No' vote at the weekend as Greece's Prime Minister, Alexis Tsipras said Sunday he wanted a quick deal with its creditors and to restore banking sector operations to avert a humanitarian crisis.

Tsipras said that the International Monetary Fund report, released Thursday, which said that the Greek debt was not sustainable, was proof that his government was right on the demand its restructuring.

Greece's Finance Minister, Yiannis Varoufakis, said Sunday that the 'No' vote in the referendum was the peoples' response to five years of austerity and added that creditors never had a real intention to cooperate.

"We had two requirements: to put an end to austerity and to restructure the debt," he said. "Unfortunately, the creditors refused any meaningful discussion and from the first moment planned to shut down our banks in order to impose their positions," he said to reporters.

Wednesday 1 July 2015

Gold prices gain in Asia as investors await more Greece debt news

Crude oil prices fell in Asia on Wednesday after U.S. industry group data showed a solid build last week, including for refined products.

The American Petroleum Institute said that U.S. crude stocks jumped 1.875 million barrels last week, while distillates rose 263,000 barrels and gasoline supplies gained 334,000 barrels.

Later Wednesday, the U.S.Department of Energy will release its more closely-watched figures.

On the New York Mercantile Exchange, WTI crude for August delivery eased 0.09% to $58.11 a barrel.

News the Greece had formally missed a debt payment to the IF was accompanied by a request for an extension.

The International Monetary Fund issued the following release on Wednesday in Asia regarding Greece's missed June 30 payment to the Fund.

Mr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), made the following statement today regarding Greece's financial obligations to the IMF due today: