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MTECHTIPS COMMODITY MARKET NEWS 1
MTECHTIPS :-GLOBAL HAPPENINGS
Retail sales rose 0.5 percent in December from November, the Commerce Department said Tuesday. That’s slightly better than November’s 0.4 percent increase and the best showing since September. Sales of autos and auto parts rose 1.6 percent to lead all categories. Total retail spending was even stronger when factoring out a steep drop in gas prices. .
MTECHTIPS:-GOLD
Gold inched up on Wednesday towards a near two-week high hit in the previous session. Spot gold had climbed 0.3 percent to $1,683.60 an ounce by 0025 GMT, just off Tuesday’s high of $1,684.90. U.S. gold was little changed at $1,683.70. In the short term, the combination of weaker growth and the run up to the debt ceiling and potential budget sequestration should prove supportive to gold prices Outlook: Gold is expected to trade in positive territory
MTECHTIPS:-SILVER
Silver advanced for a third day toward a two-week high as expectations that global policy makers will need to stimulate growth boosted demand for a store of value. The World Bank cut its global growth forecast to 2.4 percent from an earlier 3 percent projection as government spending cuts, joblessness and low business confidence dragged on developed economies. In the short term, the combination of weaker growth and the run up to the debt ceiling and potential budget sequestration should prove supportive to silver prices Outlook : Silver prices are expected to positive today
MTECHTIPS:-CRUDE OIL
UOil traded near the lowest level in almost a week in New York after U.S. crudestockpiles increased and a gauge of New York-area manufacturing contracted for a sixth consecutive month.Total U.S. crude stockpiles rose by 46,000 barrels last week, according to the API. Supplies at Cushing increased 1.8 million barrels, a sixth weekly gain, to a record 51.8 million.Outlook: Crude is expected to expected to trade with negative bias.
MTECHTIPS:-COPPER
Copper climbed for the first time in four days as economic data from the U.S. to Japan added to signs of a global economic recovery, boosting prospects for metal demand. Aluminum and zinc also advanced. The metal is 1.1 percent higher this year, extending a 4.4 percent gain last year, on bets that economic recovery in China, the biggest buyer, will increase demand.Outlook: Copper is expected to trade range bound today.
