After crashing $100/oz from its peak of $1,212.50/oz on 2 December to a low of $1,105/oz on the PM fix of 18 December, the gold price began 2010 brightly. Gaining steadily, it fixed at $1,153/oz on 11 January before succumbing to a stronger dollar and heading back towards $1,100/oz.
FLORIDA :The worldwide adoption of aluminum in industrial and consumer applications is nearing a tipping point and may be about to surge, according to Philip Martens, president and chief operating officer of Novelis, a global leader in aluminum rolled products and aluminum can recycling. Martens was the keynote speaker at the Platts Aluminum Symposium 2010 held here February 1-2.
Almost all commodity markets experienced falling prices during January — the MLCX TR index returned -7.85%, the S&P GSCI TR index posted -7.89% and the DJ-UBS TR index yielded -7.28%, according to an analysis by Bank of America-Merrill Lynch (BofAML).
By Jeffrey Nichols
It’s now nearly two months since gold registered an all-time high of $1,227 an ounce, following a five-month run during which the metal rose more than $300 an ounce.
SELL CRUDE ABOVE 3570-3585, SL 3610, TG1 3510, TG2 3480
SOURCE: NIRMALBANG
SELL SILVER ABOVE 25750-25850, SL 25890, TARGET 25300
SOURCE: NIRMAL BANG
SELL COPPER ABOVE 308, SL 310, TARGET 300
SOURCE: NIRMAL BANG
Weak trends for oil in spot,futures trade
GOLD PCP 16647
TREND-WEAK
R1 16774, R2 16902, R3 16988
By Jon Nadler
Overnight gains continued in gold, courtesy of manifest risk appetite and additional consolidation in the US dollar. Highs near $1125 were seen, albeit the advance softened by the time the NY session got underway this morning. Spec funds are back in the market, emboldened by the successful breach of the $1117 mark yesterday, and are trying once again to wrest the metal away from the bears who almost got going in earnest near the $1070 area.
The World Gold Council (WGC) has stated that the maintenance of Gold Prices above $1,000 per ounce should not be viewed as a temporary peak, but a consequence of a sustained price rise.
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