NEWS • Gold prices dipped in Asia on profit taking with a mix of geopolitical uncertainty over Iraq and continued easy policy offering support triggers. • Upbeat housing data capped golds gains, as the data reminded investors the Federal Reserve will continue to dismantle stimulus programs that have supported the yellow metal since late 2012. • Crude oil prices dipped slightly in early Asia on Monday with the focus on Iraq where attempts to find a political solution are in progress, though skepticism is deep that the country cannot avoid falling further into civil and sectarian strife. • Iraq produced approximately 3.5 million barrels a day of oil last month, making it OPEC’s second-biggest oil producer behind Saudi Arabia. • Natural gas futures fell on Monday after updated weather-forecasting models called for a break in a U.S. heat wave, which should curb demand for air conditioning. • Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning. • Copper futures rallied to a three-week high on Monday, as investors cheered better than expected manufacturing data out of China, the world’s largest consumer of the red metal. • China’s HSBC Flash Purchasing Managers Index rose to a seven-month high of 50.8 in June from a final reading of 49.4 in May. • Copper traders consider shifts in the HSBC PMI an indicator of Chinas copper demand, as the industrial metal is widely used by the sector. • Cardamom rose by 1.07% to Rs 893.80 per kg in futures trade today as speculators enlarged positions on the back of strong domestic as well as export demand.
Posted on: Tue, 24 Jun 2014 04:21:37 +0000