Directory Image
This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Privacy Policy.

US crude oil falls 1% on slow growth

Author: De Tai
by De Tai
Posted: Dec 15, 2015

November heating oil expired, closing lower on the day. For the month, it fell 2.39 cents or 1.07 per cent; For the week, it slid 3.15 cents, or 1.4 per cent.

November RBOB expired, finishing lower on the day. For the month, it rose 5.97 cents or 2.92 pct. For the week, it gained 4.07 cents or 1.97 per cent.

December Brent crude ended down on the day. For the month, front month Brent rose 84 cents, or 1.02 per cent. For the week, it gained 19 cents, or 0.23 per cent.

Brent crude's premium against US WTI widened to $1.72, from $1.41 at the close on Thursday. For the week, the premium expanded 45 cents, or 35 per cent.

Global oil demand will stay weak in the fourth quarter of 2010 as doubts over the health of the world economy continue to dampen business and consumer confidence, auditors Ernst & Young said on Friday.

PRECIOUS METALS

Gold rose one per cent on Friday, setting a 10-day high as a lower dollar prompted investors to buy ahead of Tuesday's Federal Reserve meeting, at which the central bank is expected to discuss further monetary stimulus.

Jitters about suspicious packages in Britain and Dubai after US and British security officials searched United Parcel Service cargo flights also prompted buying of gold.

Spot gold was up one per cent at $1,356.26 an ounce at 2:53 pm EDT?1853 GMT?. US gold futures for December delivery settled up $15.10 at $1,357.60.

Bullion was up nearly two per cent on the week, resuming its rise after last week's decline snapped 11 straight weeks of gains.

Gold got a boost as the dollar slumped on uncertainty about US monetary easing.

Traders say the physical market has supported prices in recent weeks following gold's correction from record highs at $1,387.10 an ounce. Buying in India has been relatively healthy ahead of Hindu festivals and major gold-buying events of Dhanteras and Diwali next week.

Hong Kong trade data showed the flow of gold from Hong Kong to China in the first eight months of 2010 nearly double that for the whole of 2009, suggesting surging appetite for jewelry and investments.

Spot silver rose 2.5 per cent to $24.58, tracking gold. COEMX futures trading volume was about 22 per cent higher than their 30-day average, after alleged silver conspiracy lawsuits filed this week against two major banks created additional buzz in the white metal.

Palladium rose to a peak of $644 an ounce, its highest since May 2001. Spot palladium rose 3.1 per cent to $642.47.

Spot platinum climbed 0.6 per cent to $1,697.74 an ounce.

BASE METALS

Copper led a broader retreat in the base metals complex on Friday, falling to its lowest level in three weeks, as markets cut risk and investors turned cautious ahead of next week's pivotal Federal Reserve meeting.

Despite the late-week losses, copper still managed to post monthly gains for a fourth consecutive month and rose more than two per cent in October.

Copper for December delivery on the COMEX metals division of the New York Mercantile Exchange shed 5.40 cents, or 1.4 per cent, to end at $3.7335 per lb, after dealing from $3.7875 to a three-week low at $3.7035.

Selling momentum picked up on the market's break below the 20-day moving average, a key technical trend line that had previously held up.

Earlier in the week, the benchmark December contract touched $3.90 per lb, the highest level for second-position futures contract since July 2008.

On the London Metal Exchange?LME?, three-month copper closed down $141 at $8,199 a tonne, recovering somewhat from an earlier slide to $8,140, its lowest since Oct 8.

It rallied to a 27-month peak at $8,549 a tonne earlier in the week.

LME inventories of copper rose by 475 tonnes to 368,500 tonnes on Friday, reflecting a slowdown in the pace of decline.

LME stocks have fallen by a third from cycle highs above 555,000 tonnes in mid-February.

In other metals, inventories of tin and zinc also grew, data showed. Zinc stocks have jumped by over 15,000 tonnes into New Orleans this week.

Aluminum fell as low as $2,305 a tonne, its lowest since Oct 1, and closed down $2 at $2,345. The United States on Thursday slapped an additional 59.31 per cent duty on imports of a key aluminum product from China.

Nickel closed at $22,990 a tonne, from a bid of $23,100. It earlier fell as far as $22,661, a one-month low. For the month, it shed 1.7 per cent, according to Reuters data.

Lead dropped $57.50 to $2,448 a tonne, but posted gains for a second straight month in October. Zinc closed down $71 at $2,423 a tonne, but rose for the fourth consecutive month.

Tin tumbled to $25,050 a tonne at one point, its cheapest since Oct 5, before ending down $650 at $25,600. It was also was up for a fourth straight month.

For much more info:incoloy 800h

About the Author

Detect-Metals is a company that has proven experience, certified quality and dependable service providing specialty metals leadership and supply chain innovation. It is through those strengths that we have expanded our abilities

Rate this Article
Leave a Comment
Author Thumbnail
I Agree:
Comment 
Pictures
Author: De Tai

De Tai

Member since: Jun 29, 2015
Published articles: 82

Related Articles