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Thursday, April 28, 2011

Base Metals Overview April 28 2011

Base Metals Overview April 28 2011 : Copper on the London Metal Exchange ended Wednesday down 2.3%, as base metals closed the open outcry session lower ahead of a much-anticipated press conference by U.S. Federal Reserve Chairman Ben Bernanke. Three-month copper on the exchange finished the day at $9,321 a metric ton, down $223 on Tuesday's PM kerb after cautious investors edged away from risk assets, leaving a number of the industrial commodities with few takers.

Crude oil futures prices settled higher Wednesday spurred by a sharp decline in gasoline inventories and by expectations that Federal Reserve policy will keep the dollar weak. Light, sweet crude oil futures for June delivery on the New York Mercantile Exchange settled 55 cents higher at $112.76 a barrel.

Crude ended just 3 cents below the April 8 settlement of $112.79 a barrel, which was the highest since Sept. 22, 2008. ICE Brent crude for June settled 99 cents higher, at $125.13 a barrel.

Gold futures extended their record highs Wednesday as comments from Federal Reserve Chairman Ben Bernanke reinforced the notion that the central bank is in no hurry to raise interest rates even after it telegraphed the end of its bond-buying program.

The most-actively traded gold contract, for June delivery, reached an intraday record $1,527.70 in electronic trading during the Fed chairman's first ever post-meeting press conference. In his remarks, Bernanke said Fed officials don't have a specific timeframe for beginning to tighten U.S. monetary policy. The June gold contract rose $13.60, or 0.9%, to settle at a record $1,517.10 a troy ounce. The nearby contract for April delivery settled at a record $1,516.70, up $13.70, or 0.9%. For the latest updates PRESS CTR + D or visit Stock Market news Today

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