Europe Stay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder.. http://www.brecorder.com/markets/commodities/europe.html Thu, 27 Nov 2014 15:56:05 +0000 SRA Framework 2.0 en-gb Gold eases as dollar strengthens, fund outflows resume http://www.brecorder.com/markets/commodities/europe/207266-gold-eases-as-dollar-strengthens-fund-outflows-resume.html http://www.brecorder.com/markets/commodities/europe/207266-gold-eases-as-dollar-strengthens-fund-outflows-resume.html imageLONDON: Gold eased on Thursday, hurt by gains in the dollar index and fresh outflows from bullion-backed funds, with traders cautious ahead of a U.S. holiday and this weekend's Swiss referendum on central bank bullion assets.

Spot gold was down 0.2 percent at $1,195.60 an ounce at 1100 GMT, while U.S. gold futures for December delivery were down $2.30 an ounce at $1,194.30.

The dollar climbed against a basket of currencies, with the euro falling against the U.S. unit after data showed Spanish consumer prices fell more than expected.

That has raised expectations that the European Central Bank will resort to more aggressive easing of monetary policy. Speculation that the U.S. Federal Reserve will tighten policy before other central banks has pressured gold prices this year.

Higher U.S. interest rates would lift the opportunity cost of holding non-yielding bullion, and would also benefit the dollar, in which the metal is priced.

However, gold's push lower has slackened in the absence of fresh news.

"Everybody already thinks the dollar is going to continue to strengthen next year... and that U.S. interest rates are going to rise at some point, so to a certain extent that has already been priced in," Citi analyst David Wilson said.

"Maybe the market is now looking for what the next driver is going to be."

Gold prices have steadied within a $20 range this week after sliding to 4-1/2 year lows in November, with traders struggling to pick the next direction of trade.

Outflows from the world's largest gold-backed exchange-traded fund, SPDR Gold Shares, resumed on Wednesday. Holdings fell 2.1 tonnes to 718.82 tonnes, near six-year lows.

Traders are now awaiting Sunday's Swiss vote on how it manages central bank gold reserves for more trading cues. If a 'yes' vote is passed, the Swiss central bank would have to buy about 1,500 tonnes of gold over the next few years, analysts say.

Among other precious metals, silver was down 0.6 percent at $16.37 an ounce, platinum was down 0.3 percent at $1,219.30 an ounce and palladium was down 0.6 percent at $795.47 an ounce.

Copyright Reuters, 2014

]]>
imad_kueconomist@yahoo.com (Imaduddin) Europe Thu, 27 Nov 2014 12:35:32 +0000
Copper steady after China easing, euro zone sentiment rise http://www.brecorder.com/markets/commodities/europe/207256-copper-steady-after-china-easing-euro-zone-sentiment-rise.html http://www.brecorder.com/markets/commodities/europe/207256-copper-steady-after-china-easing-euro-zone-sentiment-rise.html imageLONDON: Copper and other base metals were steady on Thursday, supported by monetary easing in top consumer China and an uptick in economic sentiment in Europe.

China's central bank refrained from draining funds from the money market on Thursday, the first time it held off from open market operations in four months. That followed on the heels of its interest rate cut and efforts to reduce funding pressure on Chinese companies to support the cooling economy.

Also giving the market support was data showing morale in the euro zone rose for the second straight month in November and Germany's jobless rate hit a record low, offering tentative signs that the bloc is avoiding outright stagnation.

Three-month copper on the London Metal Exchange was unchanged at $6,570 a tonne by 1132 GMT. It fell to $6,556 a tonne on Wednesday, its weakest since Nov. 5.

"The big scare is that copper may close the month below $6,600. If it closes below that level then there's higher risk of a crash to $6,000," said Gianclaudio Torlizzi, partner at consultancy T-Commodity in Milan.

"So we are now on the edge. I don't see the real economy conditions so bad, but sentiment might turn worse if that big level is taken away. We're in a holding pattern."

On the Shanghai Futures Exchange, the most traded February copper contract slipped by 0.3 percent to 46,720 yuan ($7,611 a tonne).

"At the beginning the market was euphoric (about China's moves) ... but in reality things in China will probably continue to slow," said analyst Dominic Schnider at UBS Wealth Management in Hong Kong.

"The market is taking this more as a sign that things aren't good. Copper wire producers are hoping that the (announced) infrastructure projects give them a little additional demand but so far they are still waiting for things to feed through."

China approved more than $100 billion worth of infrastructure projects in late October and early November.

Aluminium rose to a two-week high of $2,075 a tonne before paring gains to $2,067.50 a tonne, a rise of 0.3 percent.

Nickel added 0.8 percent to $16,477 a tonne, brushing aside a continued rise in LME inventories, which touched another record peak on Thursday and broke through the 400,000 mark for the first time.

Copyright Reuters, 2014

]]>
imad_kueconomist@yahoo.com (Imaduddin) Europe Thu, 27 Nov 2014 12:25:41 +0000
Gold slips as ECB stimulus talk benefits dollar http://www.brecorder.com/markets/commodities/europe/207046-gold-slips-as-ecb-stimulus-talk-benefits-dollar.html http://www.brecorder.com/markets/commodities/europe/207046-gold-slips-as-ecb-stimulus-talk-benefits-dollar.html imageLONDON: Gold fell on Wednesday as the dollar rose against the euro on the prospect of more stimulus from the European Central Bank, but moves remained muted as physical demand lent support.

The euro eased after European Central Bank vice president Vitor Constancio said the bank will be able to gauge in the first quarter of 2015 whether it needs to start buying sovereign bonds. Recent strong US economic data has fuelled talk that the Federal Reserve could soon raise rates.

Divergence between Fed monetary policy and that of other central banks is seen as lifting the dollar, while higher interest rates raise the opportunity cost of holding non-yielding bullion.

Spot gold was down 0.4 percent at $1,195.90 an ounce at 1037 GMT, while US gold futures for December delivery were down $2.70 an ounce at $1,194.40.

"At the moment we have a stand-off situation," LBBW analyst Thorsten Proettel said. "On the one side, we have the prospect of higher interest rates in the United States, which is not a situation in which the gold price can move higher. On the other, we're seeing some greater demand for gold from Asia."

China's net gold imports from main conduit Hong Kong hit a seven-month high in October, according to official Hong Kong data released on Tuesday.

Gold saw some buying interest in Asia overnight, MKS said in a note, though that was not enough to push prices much higher. "Some decent volume went through the Shanghai Gold Exchange today, mainly on the buy side, which helped shift the premium out to $1.00-$2.00," it said.

Traders are awaiting more US data due later in the day, including capital goods orders, jobless data and new home sales numbers, for further clues on the outlook for monetary policy.

Gold has seen quiet trading since recovering from a four-and-a-half year low earlier this month. Speculation that Switzerland could vote in favour of a motion to raise its gold reserves has underpinned prices.

Among other precious metals, silver was down 0.6 percent at $16.54 an ounce, while platinum was up 0.2 percent at $1,217.49 an ounce and palladium was up 0.9 percent at $796.50 an ounce.

Copyright Reuters, 2014

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Wed, 26 Nov 2014 13:28:00 +0000
Copper falls to three-week low on demand worries http://www.brecorder.com/markets/commodities/europe/207039-copper-falls-to-three-week-low-on-demand-worries.html http://www.brecorder.com/markets/commodities/europe/207039-copper-falls-to-three-week-low-on-demand-worries.html imageLONDON: Copper fell to a three-week low on Wednesday on the outlook for demand from top consumer China where economic growth has been slowing.

Three-month copper on the London Metal Exchange (LME) fell to its lowest since Nov 5 at $6,558 a tonne in intraday trade, before slightly paring losses to trade at $6,570 a tonne at 1138 GMT, down 0.5 percent.

Volumes fell ahead of the Thanksgiving Day holiday in the United States and seasonally slow trading as the year-end looms.

"It has been a difficult year for speculators to make money and I don't think they are going to risk making bigger losses or eroding some of their gains in the final few weeks of the year, particularly when there aren't really any big standout stories," said Gayle Berry, metals strategist at Jefferies.

"A lot of people are just going to be standing back and sitting on the sidelines now for the remainder of the year, and as a result we'll probably stay in these ranges." The metal used in power and construction has been trading in a range between roughly $6,500 and $6,800 a tonne since mid-September, and is trading more than 10 percent lower so far this year.

It hit a three-week high of $6,772.50 a tonne last week following China's surprise interest rate cut, but prices have since receded on growing worries about the outlook for demand from China.

"Just how much copper and other metals China will need to import next year is still up for debate and that's keeping investors on the sides, which is putting pressure on prices," said a metals trader.

In the euro zone, the European Commission presented a plan for some 300 billion euros ($375 billion) of largely private new investment in the European Union, saying it was time to kick-start growth without adding to public debt.

US data set for release ahead of Thanksgiving, including expectations of positive October durable goods orders and new home sales, was seen likely to be supportive of copper, which has greater exposure to a cross-section of industries from construction and manufacturing to high technology.

Copyright Reuters, 2014

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Wed, 26 Nov 2014 13:16:20 +0000
Arabica coffee prices slip in technically-driven trade http://www.brecorder.com/markets/commodities/europe/206868-arabica-coffee-prices-slip-in-technically-driven-trade.html http://www.brecorder.com/markets/commodities/europe/206868-arabica-coffee-prices-slip-in-technically-driven-trade.html imageLONDON: Arabica coffee futures on ICE dipped on Tuesday with the market driven largely by technical trading while sugar edged higher and cocoa was little changed.

March arabica coffee futures on ICE was down 1.65 cents or 0.9 percent at $1.8885 per lb by 1230 GMT, drifting towards support at a recent low of $1.8540 set two weeks ago.

Dealers said the market remained choppy, awaiting more clarity on the outlook for Brazil's 2015/16 harvest.

"I think the market is moving purely on technicals at the moment," one London trader said.

"The market is reaching the conclusion it is too early to make a decisive comments about Brazil," the trader added, noting accurate forecasts could only be produced after cherries form around late January.

January robusta coffee fell $17 or 0.8 percent to $2,082 a tonne.

Dealers noted the harvest in top robusta producer Vietnam was in full swing.

"Harvesting is going quickly thanks to sunny days," said independent analyst Nguyen Quang Binh, who was in the Central Highlands coffee belt at the weekend.

Sugar futures crept higher with March raws up 0.15 cents or 0.9 percent at 16.15 cents a lb and March whites rising $2.90 or 0.7 percent to $420.60 per tonne.

Dealers said the market was awaiting an output update expected later on Tuesday from Brazilian sugar and ethanol industry association Unica as cane crushing tails off in the world's top producer and exporter.

Cocoa futures were little changed with March New York up a marginal $1 at $2,867 a tonne.

Dealers said the technical outlook was constructive with prices breaching resistance at the 10-day moving average on Monday and climbing to a 2-week high of $2,878 a tonne.

"Short-term indicators suggest the potential for modest gains," Sucden analyst Myrto Sokou said, noting the next upside target was around $2,914 a tonne.

Dealers said the potential for a global cocoa deficit in 2014/15 also remained a supportive influence.

The global cocoa market could fall to a deficit in the current 2014/15 crop year if the world's top growers Ivory Coast and Ghana harvest "disappointing crops", a closely watched report seen by Reuters on Monday showed.

March London cocoa rose 4 pounds or 0.2 percent to 1,897 pounds a tonne.

Copyright Reuters, 2014

]]>
imad_kueconomist@yahoo.com (Imaduddin) Europe Tue, 25 Nov 2014 16:20:23 +0000
Copper slips as demand worries persist despite China easing http://www.brecorder.com/markets/commodities/europe/206862-copper-slips-as-demand-worries-persist-despite-china-easing.html http://www.brecorder.com/markets/commodities/europe/206862-copper-slips-as-demand-worries-persist-despite-china-easing.html imageLONDON: Copper slipped on Tuesday as investors doubted whether additional monetary policy easing in top metals consumer China would translate into a significant improvement in demand.

Three-month copper on the London Metal Exchange (LME) traded down 0.31 percent at $6,654 a tonne in official midday rings. It touched a three-week high of $6,772.50 on Friday after China cut benchmark interest rates in a bid to jumpstart the economy.

On Tuesday, China's central bank lowered the yield for a key short-term money rate for the fourth time this year, as regulators step up efforts to reduce funding pressure for Chinese companies.

But copper failed to gain traction amid concerns that the measures were unlikely to spur an immediate market recovery for companies facing a winter demand slowdown and a freeze on credit.

China consumes some 45 percent of the world's copper.

"A lot of people are not convinced that this will make an awful lot of difference to Chinese economic growth, that it will feed through to greater lending to smaller companies for example," BNP Paribas analyst Stephen Briggs said.

The spot copper market in China also remained weak, with premiums for bonded stocks in Shanghai trading around $70 a tonne this week versus about $180 in January as domestic economic growth slows.

In the wider markets, bets on more central bank support kept European shares at a two-month high. Also supporting, German data showed a rise in private consumption helped its economy - Europe's biggest - avoid recession last quarter.

In other metals, nickel was last bid down 0.90 percent at $16,500 a tonne, giving back gains struck on Monday when it hit its highest in more than six weeks, benefiting from expectations of a scarcity of ore.

Aluminium gained 0.68 percent to $2,059 a tonne, while zinc rose 0.02 percent to $2,293.50 a tonne, and tin was last bid down 0.76 percent at $20,270 a tonne. Lead traded at $2,065 a tonne, up 0.27 percent.

Copyright Reuters, 2014

]]>
imad_kueconomist@yahoo.com (Imaduddin) Europe Tue, 25 Nov 2014 16:11:39 +0000
Gold up around $1,200/oz on lower dollar; Swiss vote eyed http://www.brecorder.com/markets/commodities/europe/206852-gold-up-around-$1200oz-on-lower-dollar;-swiss-vote-eyed.html http://www.brecorder.com/markets/commodities/europe/206852-gold-up-around-$1200oz-on-lower-dollar;-swiss-vote-eyed.html imageLONDON: Gold edged up to around $1,200 an ounce on Tuesday after better-than-expected US economic growth data boosted the dollar only briefly and as the market looked to a Swiss referendum on central bank gold reserves for more trading cues.

A right-wing Swiss party called the Nov. 30 vote, aiming to prevent the Swiss National Bank from offloading its gold holdings and obliging it to hold at least 20 percent of its assets in gold, compared with 8 percent last month.

While opinion polls showed that support among Swiss voters for the initiative was fading, a 'yes' vote could boost prices in the longer term, traders said. The spot gold price fell to a 4-1/2-year low earlier this month.

"The polls indicate that a 'yes' vote is unlikely ... however, if it happens, we could see a short-lived reaction in the price of gold, but it's not like other central banks will follow, because it wasn't a central bank decision," Natixis analyst Bernard Dahdah said.

Spot gold was up 0.2 percent at $1,199.90 an ounce by 1454 GMT, still not far from a three-week high of $1,207.70 reached on Friday after a surprise rate cut in top consumer China.

U.S. gold futures rose 0.3 percent to $1,1199.40 an ounce.

The dollar index was down 0.2 percent against a basket of leading currencies, reversing a short-lived upside seen after the U.S. GDP data.

The U.S. Commerce Department on Tuesday raised its estimate of gross domestic product to a 3.9 percent annual pace from the 3.5 percent rate reported last month. Economists polled by Reuters had expected growth would be cut to a 3.3 percent pace.

Robust economic numbers could prompt the U.S. Federal Reserve to raise interest rates sooner rather than later. Bullion is a non-interest-bearing asset.

Bullion prices were also supported by news that China's net gold imports from main conduit Hong Kong rose to 77.628 tonnes in October from 68.641 tonnes in September, as the world's biggest consumer saw strong demand for jewellery and bars.

Platinum gained 1.6 percent to $1,217.49 an ounce. Silver rose 1.3 percent to $16.65 an ounce, and palladium also edged 1 percent higher to $794.20 an ounce.

Copyright Reuters, 2014

]]>
imad_kueconomist@yahoo.com (Imaduddin) Europe Tue, 25 Nov 2014 15:56:51 +0000
Copper steady as China eases but demand worries persist http://www.brecorder.com/markets/commodities/europe/206776-copper-steady-as-china-eases-but-demand-worries-persist.html http://www.brecorder.com/markets/commodities/europe/206776-copper-steady-as-china-eases-but-demand-worries-persist.html imageLONDON: Copper was steady on Tuesday as investors weighed additional monetary policy easing in top consumer China against worries that the measures would not necessarily translate into more metals demand.

Three-month copper on the London Metal Exchange (LME) dipped 0.15 percent to $6,665 a tonne.

It touched a three-week high of $6,772.50 on Friday after China cut benchmark interest rates in a bid to jumpstart the economy. On Tuesday, China's central bank lowered the yield for a key short-term money rate for the fourth time this year, as regulators step up efforts to reduce funding pressure for Chinese companies.

But copper failed to gain traction amid concerns that the measures were unlikely to spur an immediate market recovery for companies facing a winter demand slowdown and a freeze on credit.

China consumes some 45 percent of the world's copper. "A lot of people are not convinced that this will make an awful lot of difference to Chinese economic growth, that it will feed through to greater lending to smaller companies for example," BNP Paribas analyst Stephen Briggs said.

The spot copper market in China also remained weak, with premiums for bonded stocks in Shanghai trading around $70 a tonne this week versus about $180 in January as domestic economic growth.

In the wider markets, bets on more central bank support kept European shares at a two-month high.

Also helping, German data showed a rise in private consumption helped its economy - Europe's biggest - avoid recession last quarter.

In other metals, nickel fell 0.24 percent to $16,610 a tonne, giving back gains struck on Monday when it hit its highest in more than six weeks, benefiting from expectations of a scarcity of ore.

Aluminium gained 0.17 percent to $2,049 a tonne, while zinc rose 0.39 percent to $2,301 a tonne, and tin was down 0.10 percent at $20,380 a tonne. Lead traded at $2,070 a tonne, up 0.51 percent.

Copyright Reuters, 2014

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Tue, 25 Nov 2014 11:04:32 +0000
Gold holds around $1,200/oz; US data, Swiss vote eyed http://www.brecorder.com/markets/commodities/europe/206775-gold-holds-around-$1200oz;-us-data-swiss-vote-eyed.html http://www.brecorder.com/markets/commodities/europe/206775-gold-holds-around-$1200oz;-us-data-swiss-vote-eyed.html imageLONDON: Gold rose to around $1,200 an ounce on Tuesday as the dollar was steady ahead of US economic data, and the market looked to forthcoming Swiss referendum on central bank gold reserves for more trading cues.

A right-wing Swiss party called the Nov. 30 vote, aiming to prevent the Swiss National Bank from offloading its gold holdings and obliging it to hold at least 20 percent of its assets in gold, compared with 8 percent last month.

While opinion polls showed that support among Swiss voters for the initiative was fading, a 'yes' vote could boost prices in the longer term, traders said.

The spot gold price fell to a 4-1/2-year low earlier this month.

"I don't think the Swiss vote will pass unless there a sudden upswing in the 'yes' camp the number of undecided is around 15 percent and that could swing, but I don't see it happening," Societe Generale metals analyst Robin Bhar said.

"And if it passed, it wouldn't probably lift prices immediately because the market will be wanting to know how the Swiss increase their gold: by swaps or by buying from other central banks." Spot gold was up 0.4 percent at $1,200.70 an ounce by 1015 GMT, not far from a three-week high of $1,207.70 reached on Friday after a surprise rate cut in top consumer China. US gold futures rose 0.4 percent to $1,200.80 an ounce.

The dollar index was little changed on the day after a rebound in the euro knocked it down from a 4-1/2-year high. Traders were awaiting the second release of third-quarter US gross domestic product data, which is expected to show a downward revision after an upside surprise of 3.5 percent reported in the initial release. US consumer confidence is also due. Robust economic data could lift the dollar and hurt gold by prompting the US Federal Reserve to raise interest rates sooner rather than later.

Bullion is a non-interest-bearing asset. Bullion prices were also supported by news that China's net gold imports from main conduit Hong Kong rose to 77.628 tonnes in October from 68.641 tonnes in September, as the world's biggest consumer saw strong demand for jewellery and bars.

Among other precious metals, platinum gained 1.5 percent to $1,215.50 an ounce.

Silver rose 1.4 percent to $16.67 an ounce, and palladium also ticked 0.5 percent higher to $791.22 an ounce.

Copyright Reuters, 2014

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Tue, 25 Nov 2014 11:03:26 +0000
Germany ships 231,000 T wheat to Iran in September http://www.brecorder.com/markets/commodities/europe/206617-germany-ships-231000-t-wheat-to-iran-in-september.html http://www.brecorder.com/markets/commodities/europe/206617-germany-ships-231000-t-wheat-to-iran-in-september.html imageHAMBURG: Germany exported about 231,000 tonnes of wheat to Iran in September 2014, figures from the German statistics agency showed on Monday, confirming market talk of large German sales to Iran.

European grain traders had reported that Iran purchased substantial volumes of European wheat in September, including possibly from Germany.

Iran has been Germany's largest customer for wheat exports outside the European Union in the current season, which started in July 2014, with shipments of about 441,000 tonnes between July and end-September, the agency said.

That compares with 194,000 tonnes shipped to Iran in the same period a year ago.

Copyright Reuters, 2014

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Mon, 24 Nov 2014 13:45:56 +0000