The daily commodity report from 22nd March 2013 provides the following key information:
Gold prices hit a near one-month high due to fears over Cyprus' debt crisis and hopes that the US Federal Reserve will continue stimulus measures. LME copper inventories reached a 10-year high of 557,450 tonnes as global mine production increased and China's purchases slowed. Most commodity prices were fluctuating with gold and silver prices rising while crude oil and aluminum prices fell slightly.
2. HEADLINES
Gold hits near one-month high on Cyprus debt fears
Gold rose to a near one-month high, as safe-haven
buying emerged after the European Union gave Cyprus
an ultimatum to raise billions of euros it needs to clinch
a bailout deal or face a likely exit from the currency
zone. The metal has risen in five of six sessions on
resurgent fears about euro zone debt fears, and on
TRADING TIP:
hopes that the US Federal Reserve will maintain
Sell Aluminium Mar aggressive stimulus to battle still-high unemployment.
Silver also rose 1.5 percent, on track for its biggest one-
Below 102.90 day gain in almost two months.
TGTS-102/101 LME copper inventories at 10-year high
SL-103.50 LME copper stocks have risen 165 per cent since
October, amid an increase global mine production and
slower purchases from China, which has seen a rapid
Sell Crude Oil Apr build-up of copper stocks in recent years. Stocks on the
LME rose 6,625 tonnes to 557,450 – the highest since
Below 5050 October 2003, when the commodities supercycle driven
by China’s industrialisation was still in its infancy.
TGTS 5020/4980 Although LME stocks only represent one chunk of
SL- 5080 global inventories, they are closely watched by traders
and analysts as an indication of the amount of surplus
metal that is readily available to deliver into the
market.
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