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14 Sep 2012

Crude gains on Federal Reserve quantitative easing measures


Crude oil futures shot up in U.S. trading on Friday after the Federal Reserve officially announced plans to stimulate the economy via a third round of quantitative easing. On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at USD99.46 a barrel on Friday, up 1.17%, off from a session high of USD100.42 and up from an earlier session low of USD98.14. The Federal Reserve on Thursday announced plans to buy $40 billion in mortgage-backed securities a month from banks on an ongoing basis until the economy improves, a policy measure known as quantitative easing. The Fed also said it would continue with its Operation Twist program that sees the U.S. central bank selling short-term Treasury holdings in the market while simultaneously buying longer-term instruments with the aim of keeping interest rates low. The Federal Reserve will inject a total of $85 billion a month into the economy a month via its combined stimulus measures. The Fed also said conditions meriting low interest rates will likely last through mid-2015. Monetary stimulus measures in the U.S. often are bullish for commodities. Such accommodative policies tend to weaken the dollar by design and send commodities prices rising, especially oil, which shoots up on hopes for sustained demand that comes from a jolted economy and also due to a weaker dollar, which makes the commodity a nicely-priced asset in the eyes of investors holding other currencies. Elsewhere in the U.S., the country's month-on-month consumer price index rose 0.6% in August from 0.0% July. Analysts had expected CPI to rise 0.5% in August. Month-on-month core inflation rates rose 0.1% in August compared to 0.1% in July, falling short of market forecasts for 0.2% growth. Industrial production in the U.S. contracted 1.2% in August compared to a revised 0.5% expansion in July. Analyst were forecasting industrial production to expand by 0.2% in August. Consumers, meanwhile, are more upbeat these days, separate data showed. Thomson Reuters/University of Michigan's index on consumer sentiment hit 79.2 in September, up from 74.3 in August. Analysts were expecting a 74.0 reading. U.S. retail sales figures outpaced expectations as well. The U.S. Commerce Department said that retail sales rose to a seasonally adjusted 0.9% in August from 0.6% in July, whose figure was revised down from 0.8%. Analysts had expected retail sales to rise 0.7% in August. Core retail sales rose 0.8% in August, matching July's 0.8% growth figure. Analysts had expected U.S. core retail sales to rise 0.6% last month. On the ICE Futures Exchange, Brent oil futures for November delivery were up 0.97% and trading at USD117.00 a barrel, up USD17.54 from its U.S. counterpart.

Courtesy: ForexPros

Natural gas continues plunge on supply report


Natural gas futures continued lower during U.S. trade Friday, adding to losses after a report from the U.S. Energy Information Administration showed U.S. gas supplies rose less-than-expected last week. On the New York Mercantile Exchange, natural gas futures for delivery in October traded at USD2.953 per million British thermal units during U.S. morning trade, tumbling 2.70%. It earlier fell by as much as 3% to trade at a session low of USD2.962 per million British thermal units. The October contract traded at USD3.017 prior to the release of the U.S. Energy Information Administration report. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended September 7 rose by 27 billion cubic feet, just below market expectations for an increase of 28 billion cubic feet. Inventories rose by 80 billion cubic feet in the same week a year earlier, while the five-year average change for the week is an increase of 72 billion cubic feet, according to U.S. Energy Department data. Total U.S. natural gas storage stood at 3.429 trillion cubic feet as of last week. Stocks were 342 billion cubic feet higher than last year at this time and 284 billion cubic feet above the five-year average of 3.145 trillion cubic feet for this time of year. Inventory did not top the 3.4-trillion cubic feet level in 2011 until October 5, with stocks peaking at a record 3.852 trillion cubic feet in November of last year. The report showed that in the East Region, stocks were 80 billion cubic feet above the five-year average, following a net injection of 38 billion cubic feet. Stocks in the Producing Region were 147 billion cubic feet above the five-year average of 957 billion cubic feet, after a net withdrawal of 13 billion cubic feet. Market analysts have warned that without strong demand through the rest of the summer cooling season, gas inventories will reach the limits of available capacity later this year. The storage surplus to last year will have to be cut by at least another 150 billion cubic feet in the 12 weeks left before winter withdrawals begin to avoid breaching the government's 4.1 trillion cubic feet estimate of total capacity. Elsewhere on the NYMEX, light sweet crude oil futures for delivery in October rose 1.22% to trade at USD99.47 a barrel.

Courtesy: ForexPros

Gold surges as stimulus measures weaken greenback, lift demand


Gold futures traded higher during European trade Friday as economic stimulus measures are expected to lift demand for the yellow metal, as well as weakened the greenback. On the Comex division of the New York Mercantile Exchange, Gold futures for October delivery traded at USD1774.65 a troy ounce climbing 0.29%. It earlier traded at a session high USD1777.55 a troy ounce. Gold was likely to find support at USD1705.55 and resistance at USD1777.55. The Fed announced on Thursday that it would buy USD40 billion of mortgage-backed securities every month and would keep buying them until the economy improves. "We want to see lower unemployment. We want to see a stronger economy that can cause the improvement to be sustained," Fed Chairman Ben Bernanke said following the central bank's two-day policy meeting. Traders are awaiting critical economic data from the United States later in the session. US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, plunged 0.62% to trade at USD78.89. Elsewhere on the Comex, Silver for December delivery gave back 0.28% to trade at USD34.675 a troy ounce while Copper for December delivery soared 3.28% to trade at USD3.832 a pound.

Courtesy: ForexPros

Crude oil snaps USD100 per barrel on growth hopes/political tension


Crude oil futures soared higher Friday,as the Federal Reserve's decision to add stimulus will increase growth in the world’s largest oil consumer; while Middle Eastern political tension added to the bullish environment. On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD100.26 a barrel during European trade, climbing 1.98%. The Fed announced on Thursday that it would buy USD40 billion of mortgage-backed securities every month and would keep buying them until the economy improves. "We want to see lower unemployment. We want to see a stronger economy that can cause the improvement to be sustained," Fed Chairman Ben Bernanke said following the central bank's two-day policy meeting. The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand. Meanwhile, oil prices also advanced following news on Thursday that demonstrators in the Yemeni capital, Sana’a, breached the U.S. embassy compound’s security perimeter and set two cars on fire. One protester was killed and five injured, according to Al Arabiya television. In addition, at least 216 people in Egypt were injured in a third day of clashes near the U.S. embassy in Cairo. There were also demonstrations outside the Swiss mission in Tehran, which represents U.S. interests in Iran. The violence in the Middle East and North Africa, which hold more than half of the world’s oil reserves, was prompted by extracts of a film that portrays Muhammad. The unrest also follows the killing of the U.S. ambassador to Libya, Chris Stevens, and three officials during an attack on consular buildings in Benghazi on September 11. Elsewhere, on the ICE Futures Exchange, Brent oil futures for November delivery rocketed 1.62% to trade at USD117.72 a barrel, with the spread between the Brent and crude contracts standing at USD17.50 a barrel.

Courtesy: ForexPros

India imports Gold, Silver worth $2.6 billion in August


NEW DELHI:

World's largest gold consumer India imported gold and silver worth $2.6 billion during August this year. According to official figures released by country's Commerce ministry, India also exported gems and jewelery worth $3.4 billion during the month. Total exports for the month of August 2012 stood at $22.3 billion compared to August 2011 when it stood at $24.7 billion registering a decline of (-) 9.7%. During August 2012, the imports were $38 billion as compared to $40 billion in August 2011 registering a decline on (-) 5.08%. Balance of Trade stood at $15.7 billion during August 2012 as compared to $15.3 billion in August 2011. The cumulative figure for the period of April- August 2012 shows exports at $120 billion as compared to $127.6 billion in April- August 2011; while the cumulative imports for April- August 2012 stood at $191.1 billion as compared to $203.8 billion in April- August 2011. The cumulative figure for the Balance of Trade for the period of April- August 2012 stood at $71.1 billion as compared to $76.2 billion in April- August 2011. During August 2012, the performance of some sectors with regard to exports are - engineering ($4.6 billion), petroleum products ($4.0 billion), drugs and pharmaceuticals ($1.2 billion), Readymade Garments ($0.9 billion). As regards to imports during August 2012, performance of some of the sectors are – crude petroleum ($12.8 billion), machinery ($2.67 billion), electronic goods ($2.62 billion), coal, coke etc ($1.7 billion).

Courtesy: BullionStreet

Crude oil jumps after Fed stimulus announcement


Crude oil futures jumped on Friday, amid speculation that the Federal Reserve's decision to add stimulus measures will boost fuel demand, while supply concerns linked to the current turmoil in the Middle East also supported prices. On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD99.54 a barrel during European morning trade, climbing 1.27%. The Fed announced on Thursday that it would buy USD40 billion of mortgage-backed securities every month and would keep buying them until the job market improves. "We want to see lower unemployment. We want to see a stronger economy that can cause the improvement to be sustained," Fed Chairman Ben Bernanke said following the central bank's two-day policy meeting. The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand. Meanwhile, oil prices also advanced following news on Thursday that demonstrators in the Yemeni capital, Sana’a, breached the U.S. embassy compound’s security perimeter and set two cars on fire. One protester was killed and five injured, according to Al Arabiya television. In addition, at least 216 people in Egypt were injured in a third day of clashes near the U.S. embassy in Cairo. There were also demonstrations outside the Swiss mission in Tehran, which represents U.S. interests in Iran. The violence in the Middle East and North Africa, which hold more than half of the world’s oil reserves, was prompted by extracts of a film that portrays Muhammad. The unrest also follows the killing of the U.S. ambassador to Libya, Chris Stevens, and three officials during an attack on consular buildings in Benghazi on September 11. Elsewhere, on the ICE Futures Exchange, Brent oil futures for November delivery rose 0.71% to trade at USD116.72 a barrel, with the spread between the Brent and crude contracts standing at USD17.18 a barrel.

Courtesy: ForexPros

Gold futures higher in Asian trade


Gold futures were higher in Asian trade on Friday. On the Comex division of the New York Mercantile Exchange, Gold futures for October delivery traded at USD1774.45 a troy ounce at time of writing rising 0.28%. It earlier traded at a session high USD1777.55 a troy ounce. Gold was likely to find support at USD1705.55 and resistance at USD1777.55. US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.25% to trade at USD79.19. Elsewhere on the Comex, Silver for December delivery rose 0.22% to trade at USD34.855 a troy ounce while Copper for December delivery rose 1.86% to trade at USD3.804 a pound.

Courtesy: ForexPros

Today Market View (INTRADAY LEVELS)


14-SEP-2012 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
GOLD 32609 32892 33363 31855 31384 31101
SILVER 66586 67879 70035 63136 60979 59686
COPPER 458.35 461.30 466.20 450.50 445.60 442.65
NICKEL 938.10 943.40 952.30 923.90 915.00 909.70
ZINC 112.10 112.80 113.95 110.25 109.10 108.40
LEAD 120.10 121.20 123.10 117.10 115.20 114.10
ALUMINIUM 116.25 117.10 118.35 114.15 112.90 112.05
CRUDEOIL 5440 5507 5568 5312 5251 5184
NATURAL GAS 168.80 173.30 176.00 161.60 158.90 154.40