Saturday, July 20, 2013

Gold Rise for second straight week on stimulus outlook || Base metals sluggish copper may pick up on industrial demand

Commodity GoldGold Weekly Roundup: Gold futures rose, capping the second straight weekly gain, as Federal Reserve Chairman Ben Bernanke signaled that the pace of U.S. monetary stimulus probably will be maintained. Gold futures for December delivery rose 0.7 percent to settle at $1,294 an ounce on the Comex. Last week, the metal jumped 5.4 percent, the most since October 2011. Silver futures for September delivery rose 0.4 percent to $19.46 an ounce on the Comex. The price, down 1.7 percent this week, has tumbled 36 percent in 2013.
  

Copper Metals Weekly Sound:- Base metals were stagnant during the Friday LME pre-market, treading water and looking for direction. Copper at $6,874 per tonne was down $26 on the previous day’s close, while stocks declined for the third consecutive day, down a net 2,275 tonnes to 638,325 tonnes. Cancelled warrants were also lower – at 334,175 tonnes they lost 2,425 tonnes. Nickel at $13,953 declined $47 despite a 108 decline in stocks to 196,062 tonnes and cancelled warrants rose 642 tonnes to 26,910 tonnes. Lead at $2,030 was $6 lower with no changes in stocks.

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