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Broad declines in metals
Monday, 05 March 2012
Oil prices erased earlier gains as U.S. President Barack Obama during
Monday night began its meeting with the Israeli Prime Minister Benjamin
Netanyahu about Iran's nuclear program.
Metal prices fell on Monday on a broad front, in part indebted to China’s reduced growth target to the lowest level since 2004.
The crude oil market was characterized by the latter part of last week
by which reports about Iran and statements from the U.S. signified
clues to a risk scenario for a military conflict. But the USA though
maintained that it is watching the back of Isreal, still hold s that
there is still room for diplomacy rather that direct military
Thus at 20.30 Crude oil was traded essentially unchanged at plus
$ 0.01 for to $ 106.72 per barrel after having been stable at a plus
earlier in the day. Brent crude rose $ 0.13 to 123.77.
Focus was directed during the day towards China, where Premier Wen
Jiabao revised down growth target to 7.5 percent from the previous 8.0
percent. This is the lowest target since 2004 whereby, between 2005 -
2011, it has been at least 8 percent. The inflation target was left
unchanged at around 4 percent.
Base metals weighed down by China outlook, on the London Metal Exchange
where the three - month copper futures were down $ 75 to $ 8,505 per
The prices of precious metals lost ground on Monday, with gold down by
almost $ 9 to over $ 1,704 per ounce. Silver dropped $ 0.97 to 33.81.
"The gold is still to short-term barriers to U.S. dollars strength,
broad reduction in risk appetite and profit taking, "said Suki Cooper,
analyst at Barclays Capital, in a market letter.
Cotton prices rose over 2 percent during the day since India announced
that they will stop exports with immediate effect. India is the world's
second largest cotton exporter after the United States.
By Scancomark.se Team
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