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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 confrontation. 

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 tonne.

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 Team

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