Auxin Alerts: (25-June-2013) Exchange traded products drop by another $55 billion. After the Fed planned to reduce stimulus, speculators have reduced long positions by 29%, leading to an ease in demand pressure on gold. Fed Chairman Ben S. Bernanke said last week that the central bank may slow its bond-buying program if the U.S. economy continues to improve, driving bullion to its lowest price since 2010. Gold, which tumbled into a bear market in April, is poised for more declines, according to Credit Suisse Group AG and Societe Generale SA. The cash crunch in China sparks fears of a restrained growth pattern which may further lead to less imports by the world’s largest oil consumer. The People’s Bank of China said the nation should fine-tune its policies as a cash squeeze in the banking system risks exacerbating an economic slowdown. The U.S. and 10 other countries pledged June 22 to increase support for rebel forces in Syria. Hedge funds and other large speculators boosted net-long positions in Brent and West Texas Intermediate crude last week. Settlement Prices at PMEX were as follows with volumes at Rs. 3.57 billion with 15,435 lots traded: GOLD: USD 1,282.5 /t oz SILVER: USD 19.643 /t oz CRUDE OIL: USD 93.46 / barrel IRRI-6: Rs. 3,770 /100 kg Palmolein: Rs. 4,469 / Mound Sugar: Rs. 46.59/kg Wheat: Rs. 3,395/100 kg ICotton: US cents/pound 86.29
Posted on: Tue, 25 Jun 2013 10:48:54 +0000
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