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12 Mar 2013

Korea remains Gold seller for 3rd year with 43 tons in 2012

South Korea remained a gold seller for the third year in succession despite being a paultry producer of the yellow metal.Country's central bank, the Bank of Korea (BOK) said the balance of trade in non-monetary gold was valued at a surplus of $1.59 billion last year, up from $1.5 billion a year earlier.

Non-monetary gold covers exports and imports of all gold not held as foreign reserve assets. In 2012, the country exported a total of 43 tons of gold and imported 13 tons.About 27 tons were exported to Hong Kong. The 2012 data marked a surplus for the fifth consecutive year since 2008 when a net outflow of gold reached $31.6 million.

Analysts said country’s trade surplus in gold rose in 2012 for the third consecutive year as more South Koreans secured sales of the precious metal amid an international price rally.
They added that Korea has maintained the status of a net gold seller since 2008, unusual for a country that produces only a few hundred kilograms of gold annually.

According to analysts as the price rose, more South Koreans took out gold from the closet and sold it and Korean firms exported more gold products after reprocessing imported gold.
The trade in gold remained in the red every year until Korea recorded a surplus worth $2.38 billion in 1998 when South Korea was among nations hit by the Asian financial crisis.

At the time, Koreans queued up to sell their gold jewelry after a nationwide appeal was made by the government for help to bail out the country, then reeling from a severe shortage of foreign currency reserves.BOK officials believe the gold trade volume is much larger because a large amount of gold is being smuggled in and out of the country.

In a sense, the gold trade surplus is not very welcoming because the value of the metal tends to increase during a financial crisis. In contrast to the net outflow of non-monetary gold, the BOK has raised its gold holdings to diversify its foreign reserves since 2010.

The central bank bought 20 tons of gold last month, raising its gold holdings to 104.4 tons, valued at $4.79 billion.The additional purchase of gold put the nation in 34th place in the world in terms of gold holdings, up from 36th at the end of November last year.Gold accounts for 1.5 percent of total reserves at the central bank as of the end of February, up from 1.2 percent the previous month. - BULLIONSTREET.COM

Copper futures decline on China recovery concerns, strong U.S. dollar

                           Copper futures edged lower during European morning hours on Tuesday, as investors continued to digest the recent disappointing economic data from China, the world’s largest consumer of the industrial metal.

On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.509 a pound during European morning trade, down 0.25% on the day.

New York-traded copper prices fell by as much as 0.5% earlier in the day to hit a session low of USD3.500 a pound.

Concerns over a possible slowdown in the world’s second-largest economy intensified after data over the weekend showed that inflation in China hit a 10-month high in February, while industrial output rose at the slowest level since October 2009.

Higher-than-expected inflation could raise concerns that Beijing will start monetary tightening.

China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

South Korea non-monetary Gold value hits $1.59 bln in 2012

                     Asia's fourth largest economy, South Korea's balance of trade in non-monetary gold was valued at a surplus of $1.59 billion last year, up from $1.5 billion a year earlier.
According to Bank of Korea, the country logged a net outflow of gold not held as foreign reserve assets for the fifth straight year in 2012 amid the global economic slowdown.

Non-monetary gold covers exports and imports of all gold that is not held as foreign reserve assets, according to the Organization for Economic Cooperation and Development (OECD).

The 2012 data marked the fifth consecutive year of a surplus run since 2008 when a net outflow of such gold reached $31.6 million.

The trade of non-monetary gold is part of the goods balance. Exports of such gold accounted for 0.55 percent out of Korea's total overseas shipments of goods in 2012, the BOK said.

Market watchers said that the surplus mainly came as investors' appetite for gold increased amid the 2008 global financial crisis and the subsequent economic downturn. The surplus indicated that Korea shipped gold products overseas after reprocessing imported gold, they said.

Except for 1998 and 2006, the trade of non-monetary gold had remained in the red ever year until 2007, data showed.

Korea logged a surplus of such trade worth a record $2.38 billion in 1998 when South Korea was in the midst of the 1997-98 Asian financial crisis.Then, Koreans queued up to sell their gold rings kept in storage in a nationwide campaign to help bail out their country, which was reeling from a severe shortage of foreign reserves.

In contrast of a net outflow of non-monetary gold, the BOK has raised its gold holdings to diversify its FX reserves since 2010, which stood at $327.4 billion as of the end of February.

The central bank bought 20 tons of gold last month, raising its gold holdings to 104.4 tons valued at $4.79 billion.
Courtesy : Bullionstreet

Gold futures inch up in rangebound trade

                 Gold futures inched higher in rangebound trade during European morning hours on Tuesday, as investors continued to speculate whether global central banks will continue to provide stimulus measures.

Expectations of monetary stimulus tend to benefit gold, as the precious metal is seen as a safe store of value and inflation hedge.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,582.10 a troy ounce during European morning trade, up 0.25% on the day.

Prices held in a tight USD5-trading range between USD1,579.00 a troy ounce, the daily low and a session high of USD1,583.50 a troy ounce.

Gold prices were likely to find support at USD1,554.80 a troy ounce, the low from February 21 and resistance at USD1,602.20, the high from February 28.

From a technical standpoint, the precious metal has traded in a tight range of roughly USD1,560 to USD1,586 a troy ounce since the beginning of March.

Gold’s investment appeal has weakened in recent weeks as market players opted for global equities over the precious metal, amid hopes the economic recovery in the U.S. is gaining momentum.

The Dow Jones Industrial Average moved further into unchartered territory Monday, closing at a fresh record high. Sentiment over the U.S. economy got a boost last week following the release of upbeat employment data on Friday.

The U.S. Department of Labor said the economy added 236,000 jobs in February, beating expectations for a 160,000 increase. However, January’s figure was revised down to an increase of 119,000 from a previously reported gain of 157,000.

The data also showed that the unemployment rate ticked down to 7.7% from 7.9% in January.

Market analysts noted that the still-high jobless rate will keep the Fed’s asset-purchase program in place for the indefinite future. The central bank previously stated that monetary policy will remain accommodative “at least as long” as the jobless rate remains above 6.5%.

Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank could bring quantitative easing, one of the biggest boosts to gold’s bull run, to an end this year.

While gold’s investment appeal has been dimmed in recent weeks, concerns over the global economic outlook remain after Chinese data released over the weekend showed consumer inflation accelerated sharply in February, while industrial production slowed to the lowest level since October 2009.

Fears over a possible economic impact from the U.S. sequestration spending cuts and last month's election deadlock in Italy also was likely to remain in focus.

Elsewhere on the Comex, silver for May delivery added 0.2% to trade at USD28.91 a troy ounce, while copper for May delivery declined 0.35% to trade at USD3.503 a pound.

Copper prices came under pressure amid concerns about the economic health of China, the world’s largest consumer of the industrial metal.


Natural Gas extends gains on bullish supply data, chilly weather reports

                     Natural gas futures were up in mid-session trading on Monday though off earlier 6-week highs after investors priced in bullish supply data and frosty weather reports into trading and softened a multi-session rally.

On the New York Mercantile Exchange, natural gas futures for delivery in April traded at USD3.643 per million British thermal units, up 0.37%.

The commodity hit a session low of USD3.591 and a high of USD3.647.
Weather forecasting models continued to indicate that colder weather will stay in place for the heavily populated eastern half of the country and hike demand for heating in households and businesses.

Precious and Industrial Metals Weak On Chinese Worries

 Gold ended with a minor gain after a remaining range-bound, finding some support at lower levels to break out of their recent trading range but scored the highest settlement so far this month. Gold closed at 1578.00 and added $4.20 this morning following its usual pattern of adding in the Asian session and giving back some of the gains throughout the day and remaining flat for the balance of the day. There is very little guidance for precious metals.
Gold swung between gains and losses in New York as investors weighed data showing an improving US economy against signs Europe’s debt crisis is continuing. Global equities reached the highest since June 2008 and the dollar traded near a seven-month high against six counterparts on signs the US economy is strengthening. Physical buying interest in Southeast Asia was slow, as customers waited for a clear price direction. Gold holdings of SPDR gold trust, declined to 1,236.73 tons yesterday, while silver holdings of ishares silver trust increased to 10,646.48 tons. Silver is trading at 28.99 adding close to 14 cents this morning.
Copper inched higher Monday as continued strength in U.S. equity markets and a weaker dollar eclipsed concerns about slower industrial production and metal demand from China. A mid-morning reversal in U.S. equities, which shook off early morning losses to move higher, gave copper prices a boost. Copper and equities tend to move in the same direction as both assets are highly sensitive to shifts in economic outlook. A weaker dollar, which slipped against a basket of international currencies, also gave copper futures some support. Copper is traded in dollars and, as the dollar falls, it becomes less expensive for investors who use other currencies to buy the metal, drawing them to the market as buyers. Earlier in the day, copper prices had retreated on concerns that China’s appetite for the metal would slow. China is the world’s largest consumer of copper, accounting for about 40% of global demand. Data showed Chinese industrial output in the January-February period rose 9.9% from a year earlier, missing forecasts of 10.5% growth. Industrial activity during the first two months of the year also slowed from December’s 10.3% on-year increase.

Crude Oil Eases Natural Gas Gains During Asian Session

                                               Crude oil dipped a bit this morning after lower than expected retail sales and industrial production numbers from China over the weekend disappointed traders. Crude is trading at 9180 down by 15 pips, after gaining on Friday on the back of the nonfarm payroll release. The jobs data showed the US created more jobs than forecast and unemployment tumbled to 7.7% supporting theories that the US economy was beginning to show a stronger recovery. On Friday crude oil climbed to trade at just under 92.00 but remained in the 91-92$ range. Crude oil futures closed near $92 per barrel and gained more than 1% for the week, as strong import data out of China and a jump in US nonfarm payrolls offered positive signals for demand, outweighing pressure from a rise in the dollar. The dollar rose versus most of its major peers as signs of a strengthening recovery in the world’s biggest economy boosted demand for the U.S. currency.
Fundamental data showed that Indian importers have halted shipments from Iran, as insurance companies are refusing to cover the refineries that process imported crude oil due to Western-imposed sanctions on Iran. Saudi Aramco cut April official selling prices for its Asian buyers for all but its Arab Super Light grade, while Abu Dhabi National Oil Co raised retroactive OSPs for all but its heavy grade for February. Leading oil exporter Saudi Arabia pumped 9.15 million barrels per day of crude oil in February, an industry source reported over the weekend, slightly up from the 9.05 million bpd it produced in January.


ALUMINIUM 105.80 106.70 107.50 104.10 103.30 102.40
COPPER 427.60 429.60 432.55 422.65 419.70 417.70
CRUDEOIL 5010 5041 5069 4951 4923 4892
GOLD 29414 29507 29564 29264 29207 29114
LEAD 120.40 121.60 122.60 118.20 117.20 116.00
NATURALGAS 199.60 200.90 202.80 196.40 194.50 193.20
NICKEL 921.20 926.50 936.20 906.20 896.50 891.20
SILVER 54930 55266 55513 54347 54100 53764
ZINC 107.40 108.80 110.20 104.60 103.20 101.80
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