Gold Holds Gain on Demand for Haven to Head for Monthly Advance

Posted by jalatama Kamis, 30 Januari 2014 0 komentar


Gold held the biggest advance in a week on concern that a rout in emerging-market assets may deepen, fueling demand for a haven as the U.S. Federal Reserve further reduced the pace of asset purchases.

Bullion for immediate delivery traded at $1,266.27 an ounce at 8:07 a.m. in Singapore from $1,267.24 yesterday, when prices climbed 0.8 percent, the most since Jan. 23. The metal is headed for the first monthly advance since August as stocks and currencies from India to South Africa slumped.

The Federal Open Market Committee said yesterday that it will cut monthly bond-buying by $10 billion to $65 billion, trimming purchases for a second straight month, as the U.S. economy improved. Central banks from India to Turkey and South Africa raised borrowing costs this week to try to stem capital outflows amid concern that China’s economy is slowing.

Increased physical demand in Asia has helped gold rebound from a six-month low on Dec. 31, when prices capped the biggest annual decline since 1981. This support is waning just before the Lunar New Year, which begins tomorrow, according to Australia & New Zealand Banking Group Ltd. Volumes for the benchmark contract on the Shanghai Gold Exchange fell for a fourth day yesterday to the lowest level this year.
(Source: bloomberg)

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Gold Halts Three-Week Advance on Fed Stimulus Outlook

Posted by jalatama Jumat, 17 Januari 2014 2 komentar


Jalatama news, Gold was set to halt three weeks of gains as speculation that the Federal Reserve will continue reducing monetary stimulus in the U.S. countered signs of increased physical demand.

Bullion for immediate delivery traded at $1,242.23 an ounce by 9:28 a.m. in Singapore from $1,242.39 yesterday, when prices fluctuated at least 0.3 percent before ending little changed. Gold climbed to a one-month high of $1,257 on Jan. 14, on signs of strengthening demand in China, which probably overtook India as the largest user last year.

Gold is 0.5 percent lower this week as U.S. data on retail sales, New York manufacturing and initial jobless claims all beat economists’ estimates, backing the case for less stimulus. Volumes for the benchmark contract on the Shanghai Gold Exchange exceeded 13,000 kilograms every day this week, compared with last year’s daily average of 12,782 kilograms.

Fed policy makers, who next gather on Jan. 28-29, decided to cut monthly asset purchases to $75 billion from $85 billion at their meeting last month, ending gold’s 12-year bull run. Fed Bank of Richmond President Jeffrey Lacker speaks today after his Philadelphia and Dallas counterparts this week called for continued reduction of the central bank’s bond-buying program.
(Source: Bloomberg)

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Bullish Bets Fell Most in Seven Weeks Before Slump: Commodities

Posted by jalatama Senin, 13 Januari 2014 0 komentar


Hedge funds cut their bullish commodity wagers by the most in seven weeks before prices dropped to an eight-month low on signs of surplus supply and slowing economic growth in China.

The net-long position across 18 U.S.-traded commodities fell by 11 percent to 678,885 futures and options in the week ended Jan. 7, U.S. Commodity Future Trading Commission data show. Investors are the most bearish on wheat ever and anticipate lower prices for corn, coffee, sugar and soybean oil. Bullish gold wagers rose to the highest since mid-November.

Raw-material prices fell 3.5 percent since Dec. 31, the worst start to a year since 2007. In China, the biggest user of everything from pork to zinc to cotton, producer prices declined in December for a 22nd straight month, the longest decline since the Asian financial crisis in the 1990s. World stockpiles of wheat and soybeans will be bigger than analysts estimated, the U.S. Department of Agriculture said. Copper and nickel will be in surplus this year, Barclays Plc forecast.

Price Slump
The Standard & Poor’s GSCI Spot Index of 24 raw materials slid 0.7 percent last week, and reached 603.56 on Jan. 9, the lowest since April 23. The MSCI All-Country World index of equities gained 0.4 percent, while the Bloomberg Treasury Bond Index rose 0.1 percent. The Bloomberg Dollar Index, a gauge against 10 major trading partners, fell 0.2 percent.

A gauge of China’s services industries decreased to 50.9 in December from 52.5 the previous month, HSBC Holdings Plc and Markit Economics Ltd. said Jan. 6. It was the second straight decline. The nation’s economy will expand 7.5 percent this year, the slowest since 1990, according to the median of 55 economist estimates compiled by Bloomberg. The country is the top metals and energy consumer.

Open interest across the members of the GSCI slumped 6.7 percent from last year’s high in June. Contracts outstanding fell 3.2 percent in the two months through December, the most in a year. Investors pulled a record $50 billion from passive index-swaps and exchange-traded products that are commodity linked, Citigroup Inc. said Jan. 7. That compares with an inflow of $27.5 billion in 2012.
(Source: Bloomberg)                         



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WTI Crude Declines to Eight-Month Low on Ample Supply

Posted by jalatama Jumat, 10 Januari 2014 0 komentar


Berita dari Jalatama, West Texas Intermediate crude fell to an eight-month low on surging output, ample supply and reduced fuel use in the U.S., the world’s biggest oil-consuming country.

Futures declined 0.7 percent. U.S. production climbed last week to the highest level in more than two decades, according to an Energy Information Administration report yesterday. Fuel supplies rose as usage slipped for a third week. Crude stockpiles were near a 30-year seasonal high.

WTI for February delivery dropped 67 cents to settle at $91.66 a barrel on the New York Mercantile Exchange. It was the lowest settlement since May 1. The volume of all futures traded was 15 percent higher than the 100-day average at 3:47 p.m. Futures have fallen 6.9 percent since the start of the year.

Brent for February settlement decreased 76 cents, or 0.7 percent, to end the session at $106.39 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures was 11 percent above the 100-day average.

WTI’s discount to Brent widened earlier as the Buzzard oil field in the North Sea was halted and gunmen blew up a pipeline in northern Iraq. Brent traded closed at a $14.73 premium to WTI, down from $14.82 yesterday. The spread widened to as much as $15.38, the most since Dec. 4, during trading.
(Source: Bloomberg)                  



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WTI Rises for Second Day as U.S. Crude Stockpiles Seen Declining

Posted by jalatama Rabu, 08 Januari 2014 1 komentar


Jalatama, West Texas Intermediate rose for a second day on speculation government data will show crude stockpiles dropped for a sixth week in the U.S., the world’s biggest oil consumer.

Futures climbed as much as 0.4 percent in New York. Crude inventories declined by 2.75 million barrels last week, according to a Bloomberg News survey before an Energy Information Administration report today. Supplies fell by 7.31 million, the industry-funded American Petroleum Institute said yesterday. The coldest U.S. weather in almost 20 years also signaled fuel demand may increase.

WTI for February delivery increased as much as 40 cents to $94.07 a barrel in electronic trading on the New York Mercantile Exchange, and was at $93.87 at 1 p.m. Sydney time. The contract advanced 24 cents to $93.67 yesterday. The volume of all futures traded was about 48percent below the 100-day average.

Brent for February settlement gained 1 cent to $107.36 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a $13.49 premium to WTI. The spread closed at $13.44 yesterday, narrowing for the first time in six days.
(Source: Bloomberg)

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