Monday, August 06, 2012
Positive employment report take prices higher Copper prices jumped by the most in three weeks at Comex on Friday, 03 August 2012 after data showing U.S. employers hired more workers than expected last month deflated the dollar and boosted prices of the red metal. But an increase in the jobless rate to 8.3% reminded investors of the still-fragile state of the world's largest economy and kept prospects of further monetary stimulus from the Federal Reserve on the table. At London Metal Exchange (LME), three-month copper rose $115, or 1.6% to end at $7,445 a tonne on Friday.
Prices settle at the highest level in two weeks Crude oil got a major boost on Friday, 03 August 2012 at Nymex gaining nearly 5% after the better than expected employment data, positive performance in Europe while also benefitting from the dollar's decline. Crude-oil futures rallied nearly 5% Friday, spurred by optimism following a positive U.S. jobs report and as Wall Street traded sharply higher and the dollar lost some ground. Light and sweet crude for September delivery rose $4.27, or 4.9%, to settle at $91.40 a barrel on the New York Mercantile Exchange on Friday. The settlement was the highest in two weeks.
Lower dollar adds further glaze Bullion metal prices ended higher at Comex on Friday, 03 August 2012 snapping a three-day losing streak after U.S. employment data showed a rebound in hiring last month and as the dollar traded weaker. Gold for December delivery advanced $18.60, or 1.2%, to settle at $1,609.30 an ounce on the Comex division of the New York Mercantile Exchange. The metal declined 0.5% on the week, however.
The market may surge in early trade on strong Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 44 points at the opening bell. Asian stocks rose for the first time in four days on Monday after creditors said Greece is making progress on meeting bailout terms and U.S. payrolls climbed more than forecast. Among corporate news, DLF and Steel Authority of India unveil Q1 results today, 6 August 2012. Metal stocks will be in focus as LMEX, a gauge of six metals traded on the London Metal Exchange gained 1.64% on Friday, 3 August 2012. PSU OMCs, oil exploration firms and airline stocks will be in focus as US crude-oil futures for September delivery vaulted almost 5% to close above $91 a barrel on Friday after better-than-expected U.S. data fueled hopes that economic strengthening would lead to increased oil demand.