Commodities Outlook; U.S. crude oil futures edges higher on Tuesday – JSGCL and AHC Research
By: Raheel Ashraf,
raheel.ashraf@js.com
92 21 111-574-111 (Ext: 3098)
JS Global Capital Limited
Gold With Silver Heading for Largest Declines in Three Decades
Gold headed for the biggest slump in three decades and the first annual loss since 2000 as an improving economy cut demand for wealth protection. Silver was poised for the worst annual performance since 1981.
WTI Set for Fourth Gain in Five Years as U.S. Oil Supplies Drop
West Texas Intermediate is poised for the fourth annual increase in five years amid speculation crude supplies shrank for a fifth week in the U.S., the world’s largest oil consumer.
Gold Bulls Retrench as Price Drops Most in 32 Years: Commodities
Hedge funds got less bullish on gold for the seventh time in eight weeks as signs of accelerating U.S. economic and tame inflation growth drive prices to the worst annual drop in more than three decades.
Dollar Rises to Five-Year High Against Yen; Krona Gains
The euro gained for a fourth day against the dollar as Italy sold 3 billion euros ($4.14 billion) of government bonds amid falling borrowing costs, boosting confidence in the region’s economy. Asia Stocks Outside Japan Rise Third Day as Consumer Shares Gain Asian stocks outside Japan rose, with a regional gauge extending gains into a third day as consumer and utilities companies advanced.
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JSGCL Commodities Research
By: Arif Habib Commodities
+92 21 32460734
commodities@arifhabib.com.pk
Gold
Gold staged a modest bounce back on Tuesday in the wake of falling more than 1 percent in the previous session, however the precious metal was still setting out toward its biggest twelve-month decrease since 1981 because investors shifted cash to equities. A drop in return exchanged funds holdings shows investors lost confidence in bullion as a fence against swelling and an elective investment after the U.s. Central bank affirmed plans to trim in its huge month to month bond purchases. Prices were sharply lower than unequaled highs above $1,900 in 2011, when a worsening obligation crisis in Europe sparked purchasing. We do have an economic data from the U.S. section of ‘CB Consumer Confidence’ at 8:00pm (PST).
Oil
U.S. crude oil futures edged higher on Tuesday, steadying after a succumb to the previous session, as information showed that U.S. aggregate fuel request hit a 26-month high in October while a key Libyan oil fare port remained shut. U.S. unrefined is set for a twelve-month increase of 8 percent in 2013, in the wake of falling in the ballpark of 7 for every penny in 2012.
Silver
Stock prices finished Monday mixed to higher in quiet trading as investors shrugged off weaker-than-expected housing data and looked head to early 2014 to see how fourth-quarter earnings and economic growth rates perform. At the close of Monday U.S. trading, the Dow Jones Industrial Average (DJIA) rose 0.16%, the S&P 500 index fell 0.02%, while the NASDAQ Composite index fell 0.06%.
Recommendations
Gold: Sell On Strength
Oil: Neutral
Silver: Sell On Strength
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