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Message: Daily - COMMODITIES - Market & Metal News - Charts

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Daily - COMMODITIES - Market & Metal News - Charts

posted on Oct 26, 09 10:00AM

Gold holds above $1,055 per ounce

LONDON - Gold prices rose back above $1,055 (U.S.) an ounce in Europe on Monday as the dollar's slide to 14-month lows against the euro supported sentiment, but weaker physical demand and easing oil prices capped gains.

Spot gold was bid at $1,055.40 an ounce at 0918 GMT, against $1,053.95 late in New York on Friday. U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange eased 50 cents to $1,055.90 an ounce.

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Among other precious metals.

Spot Silver was bid at $17.68 an ounce against $17.65.

In a note, Bank of America Merrill Lynch said silver prices had benefited from strong investment demand, and that a recovery in economic activity was likely to be reflected in industrial silver buying.

"After the recent sharp price rises, we are cautious on silver in the near-term, but we believe that a spike towards $20 an ounce is possible in 2010," it said.

Spot platinum was at $1,358.50 an ounce against $1,358.

Palladium was at $334 against $333.

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Copper at one-year high on equities, demand unease

* Corporate earnings help boost equities, economic outlook

* Stock levels hint at weak demand, price rise concerns

* Multi-month highs in many industrial metals

LONDON, Oct 23 (Reuters) - Copper climbed to a fresh
one-year high on Friday, as equities marched higher on improving
corporate earnings and analysts warned prices had over run weak
fundamentals.

Copper for three-month delivery on the London Metal
Exchange rose to $6,655 a tonne in rings from $6,585 at the
close on Thursday.

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In other metals.

Aluminium rose $19 to $1,985 a tonne in LME
rings after earlier touching a two-month high at $2,000.

Nickel, steel making ingredient was untraded in
official rings, but bid at $19,500 from $19,200.

Lead traded at $2,430 in LME rings from $2,405.

Zinc traded at $2,295 a tonne in LME rings from
$2,250 and volatile tin edged up to $15,100 from $15,000.

Earlier, tin rose to a $15,600, its highest since mid-June.

Zinc touched $2,293.50, it's highest peak since May 2008,
with analysts citing improving physical demand..

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Oil to average $74 a barrel in 2010

LONDON - U.S. crude oil was expected to average $74.00 (U.S.) a barrel in 2010, a Reuters poll showed on Monday, as almost one third of analysts surveyed increased their forecasts on the back of a stronger economic outlook.

The poll of 29 analysts showed a higher average oil price forecast for the sixth consecutive month, up from $73.46 in September. In April of this year, the average analyst forecast for 2010 was just $65.95 a barrel.

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