Weekly Newsletter Newsletter-Commodity Commodity 11/10/2010
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Weekly Newsletter Contents Market Wrap Technical Analysis Gold ( Comex) Silver ( Comex) Crude ( Nymex) Naturalgas ( Nymex) Copper (Comex) USD/INR
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MARKET WRAP Silver was up 5 percent, outperforming gold's 2 percent rise weekly Dollar fell 7.5 percent last month versus the euro Oil prices rose on Friday, posting a third straight weekly rise U.S. nonfarm payrolls fell 95,000 in September Copper hits new multi week high
Gold gained for fourth week consecutively and touched an all time high of $ 1364.82 after breaching $ 1349.70. The yellow metal gained $ 45 for the week to settle at $ 1344.85 capped by profit booking at all time highs due to surprisingly upbeat unemployment claims at 445k and expectations that Fed may opt for more QE.It touched a weekly low of $ 1312.10. Mild consolidation is seen in gold at upper levels while its trend is still bullish due to uncertain economic conditions and low interest rates and technically, gold is ranged $ 1325 - $ 1350. Though, RSI at 76.27 depicts gold in an overbought zone. The holdings of SPDR gold trust shred more than one percent to 1,288.542 tonnes vs. 1304.776 tonnes.
Copper accumulated 2.02% and touched an all time high of $ 379.13 to end the week at $ 377.23. Copper is ranged in $ 365 - $ 376 and touched the weekly low of $ 363. Copper gained as investors continued to switch from dollars to metals amid fears of further quantitative easing and concerns about inflation. Russia exported 314,000 metric tons of copper till Aug, up 0.7%, positive US ISM manufacturing data at 53.2 and German industrial production up at 1.7% vs. 0.1% were key factors for uptrend in copper. LME monitored warehouse stocks edged up 25 tonnes to 374,125 tonnes while COMEX copper warehouse stocks dropped 300 short tons to 83,887 as of Tuesday.
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