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Saturday, February 26, 2011

Crude oil prices , Precious Base Metals , outlook February 27, 2011

Crude oil prices , Precious Base Metals , outlook February 27, 2011 : Crude oil capped rose this week on concern the turmoil that has cut Libya’s output may spread to other parts of the Middle East. Prices for futures closest to expiration increased 14 percent this week in New York, the biggest gain since the five days ended Feb. 27, 2009.Short-covering ahead of the weekend developed on concerns that tensions would spread to other oil-producers and after the United States announced it was imposing sanctions against Libya for Muammar Gaddafi's treatment of his opponents.

n Friday, Crude oil for April delivery climbed 60 cents, or 0.6 percent, to settle at $97.88 a barrel on the New York Mercantile Exchange. Oil rose to $103.41 yesterday, the highest intraday price since Sept. 29, 2008. Brent crude oil for April settlement rose 78 cents, or 0.7 percent, to $112.14 a barrel on the London-based ICE Futures Europe exchange. Brent is up 9.4 percent this week.

Oil prices may rise from the highest levels in 29 months next week as violent clashes in Libya and tensions in other parts of the Middle East disrupt crude shipments from the region, a Bloomberg News survey showed.

At MCX, Crude oil March contract declined from Rs.4086 to Rs.4462, up by 9.2 % per cent after hitting a high of 4707 whereas the April contract gained 6.62 per cent to Rs.4554 after hitting a high of 4804.

Precious Metals
Gold rose this week posting on the back of the crisis in Libya and soaring oil prices stoked inflation worries. But on Friday gold slightly down on sales by investors.

The unfolding situation across the Middle East and North Africa will remain in focus next week. Civil unrest first broke out in Tunisia, from where it spread quickly to Egypt, and then to Bahrain, Libya, Yemen and others.

Gold futures for April delivery fell $6.50, or 0.5 percent, to settle at $1,409.30 an ounce on the Comex in New York. This week, the metal advanced 1.5 percent, the fifth straight gain.

Silver futures for May delivery dropped 25.7 cents, or 0.8 percent, to $32.923 an ounce. The metal gained 1.9 percent this week. Palladium futures for June delivery rose $7.90, or 1 percent, to $787.60 an ounce on the New York Mercantile Exchange. This week, the price fell 8.2 percent. Platinum futures for April delivery gained $16.60, or 0.9 percent, to $1,803.40 an ounce. The metal fell 2.2 percent this week.

In Indian market, MCX April Gold Futures opened the week at 20560 and rose 1.95% to 20960 after hitting a high of 21157 while June contract rose 1.70% to 21270 per 10 Grms after hitting a high of 21466. MCX Silver March opened this week at Rs.48626 and ended higher by 3.03% to Rs 50101 after hitting a high of 50785.

Base Metals
Copper rose this week as buyers for the industrial metal emerged after energy prices retreated from this week's sharp rally, calming worries about inflation and the global economy.

London Metal Exchange (LME) copper for three-month delivery shot up $245 or 2.6 percent to close at $9,750 a tonne. The active May COMEX copper contract HGK surged 11.15 cents to finish at $4.4550 per lb. In India at MCX, Copper April contract closed steady at Rs 450.65 levels, June contract prices declined from Rs.454 per Kg to Rs.453. after hitting a high of 458.
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Major Headlines
Food inflation jumps to 11.49%, PM vows action
Food inflation remained stubborn in mid-February due to high prices of milk, egg, meat and fruits, prompting Prime Minister Manmohan Singh to say that the government remained committed to control inflation.

Survey sees 9% growth despite inflation worries
The Indian economy will grow at 9 per cent in 2011-12 if nothing goes wrong. The downside risks are a sharp deterioration in weather conditions or a disproportionate spike in the international crude oil prices, the Economic Survey for 2010-11 tabled in Lok Sabha, said.

India Rubber Board unveils major branding initiative
In a major branding exercise, the first-of-its-kind initiative, India’s Rubber Board has unveiled a quality certification logo for natural rubber that is expected to increase the acceptability of Indian Natural Rubber in the world market. The country is the fourth largest producer of natural rubber.

Tyre companies appeal for more NR imports
The tyre industry has appealed the finance minister for import of 200,000 tonnes of natural rubber (NR) in 2011-12 in order to bridge the gap between domestic consumption and production.

Commodities futures now part of supply chain
The quantity of farm and precious metal products delivered on commodity bourses NCDEX and MCX last year increased by over 36% and 20%, respectively, from a year ago, according to ETIG data.
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