Hungarian official statement that the country might suffer the same fate with Greece increased the pressure and anxiety that European banks will be affected first. Several major commodity market developments in the international markets last week, can be summarized as follows:
Gold
Market: Records. Gold prices soared the highest all-time record level of $ 1,252.11 last Tuesday. "Gold prices rally to new highs along with the continued action of investors coming into the market to save their assets amid continuing economic uncertainty," said Rajesh Patel from Spread Co. ..
"We see continued signs of stress among investors and financial markets, investors have not experienced until that has been established at the turn to gold as a hedge of the volatility that goes, 'he added.
Prices softened towards the end of the week along with the strengthening of the euro over the dollar and rising stock market got the momentum of improvement in macro economic data. Weak dollar raises the demand for commodities denominated in the U.S. because the price is getting cheaper for holders of stronger currencies.
In London, the price closed down $ 1,220.00 per ounce Friday, rose from $ 1203.50 a week ago. On the Comex in New York, the August contract closed down $ 1,229.50, an increase of $ 1,220.30, a week ago.
Silver
Market: Stronger. Shining silver rally followed that hit the gold market. In London, the spot price closed down $ 18.31 per ounce Friday, up from $ 17.76 a week earlier. In New York, the July contract closed down $ 17.37 per ounce unchanged from a week ago.
Market: Prices rose to the rhythm of the industrial metals market that gets the new power of China yagn solid economic data. China reported that industrial output of the millions of factories and workshops in the country increased by 16.5% in May.
"Recent data released for May pointed to the still strong demand conditions in China," said Barclays Capital analyst Gayle Berry, On the LME, tin three-month contract closed down $ 16,850 per tonne, higher than $ 16,000 a week ago. In Kuala Lumpur tin market, the spot price closed down $ 16.520 per ton, down from $ 17.500 a week ago.
CRUDE OIL
Market: Soar. Prices soared, even touching $ 76 per barrel on Thursday, lifted by optimism of economic growth and energy demand. "Last week started with the oil price wobbled, then came China's solid economic data and the weakening U.S. dollar and the stock market rally that pushed oil trying to surpass $ 76 level," said analysts from the Sucden Mytro Sukou.
"However, some investors lack confidence when prices move above $ 76 and chose to profit taking," he added. Early last week the price fell to U.S. employment figures due to the bad and the more depressed by the drop in the euro to 1.1877 per U.S. dollar.
But prices rose last week after the mid Fed Chairman said that the economic recovery continues on track. Market getting stronger with decreasing oil stockpiles in the U.S. The stock market rallied and the euro rebounded against the dollar after Fed comments assuage fears that the crisis in Europe will disrupt global economic recovery.
In London, July Brent closed $ 75.04/barel, up from $ 72.58 a week ago. In New York, the July contract closed down $ 74.69, per barrel, up from $ 71.78 a week ago.
rubber
Market: Weakens. General price pressure due to the improved prospects for the flow of supplies in the physical markets.Supply of rubber from Thailand has improved and is expected to continue to rise in the short term.
In Tokyo, the benchmark November 2010 contract on Friday last week's record 266.00 yen / kg, down from 273.90 a week ago.In Singapore, TSR-July 20 closed 284.00 U.S. cents / kg, down from 293.50 a week ago.
In Thailand, the STR-20 for July recorded $ 2.95 / kg, down from $ 3.05 a week earlier. In Malaysia, the SMR-20 for July closed $ 2.90 / kg, down from $ 3.05 / kg the previous week, SIR-20 ex Belawan traded 131 U.S. cents / lb for July, down from 135 U.S. cents / lb a week ago.
Coffee
Market: surge. Prices soared due to concerns over tight supplies.Even at the end of last week, coffee recorded the highest increase in percentage over the last year and a half in New York. Prices in the futures market following the sharp increase that occurred in the spot London, where the purchases made fund managers raise prices, dealers said.
In London, the Robusta contract closed down $ 1.529 in July 2010 per tonne Friday, up from $ 1.375 a week ago. In New York, July Arabica contract closed down 145.05 cents / lb, up from 134.80 the previous week
Cocoa
Market: Fall. Prices fell a week after soaring to its highest level in 33 years in the position because of the limited supply of 2.606 pounds. The decline this time is considered appropriate in view of previous price hikes are high enough to arouse interest of investors to profit.
Fundamentally, cocoa still has good prospects for strengthening. Increased absorption of the chocolate industry in the middle has not stabilized the situation in Côte d'Ivoire as the largest producer of cocoa gives strong dukungna on the market. London, the July contract closed Friday £ 2,455 per tonne, down from £ 2,581 a week ago. In New York, the July contract closed down $ 2,944, per tonne, down from $ 2982 a week ago.
Sugar
Markets: Rebound. Fundamental factors related to the limited supply raised the price from the previous pressure. Futures surged to its highest level in seven weeks behind the tight physical supply of white sugar that is visible from the high premium on the kind of raw and white sugar.
"There is no incentive to store the sugar in the warehouse because of high demand. Far more advantageous to remove the sugar from the bear the cost of transporting it (the barn)," said the analyst.
In London, the white sugar contract closed in August 2010 for £ 512.80 per tonne Friday, up from 466.20 pounds a week ago.In New York, raw sugar in July 2010 contract closed down 15.57 cents / lb, up from 14.65 last week.
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