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Commodities markets summary

Reported by AAP
Friday, November 21, 2014
Topics in this article:
China Magnesium Corporation Limited,L&M Energy Limited
Companies forced to change their nameConflict in Iraq and Syria is causing serious headaches for companies who happen to share the ISIS moniker

A summary of trading in key commodities markets overseas:

ENERGY

Global oil prices have rebounded somewhat, reversing earlier losses as traders embrace a raft of upbeat economic data in top crude consumer the United States.

Brent North Sea crude for delivery in January was up 79 US cents to $US78.89 a barrel in late afternoon deals.

US benchmark West Texas Intermediate for December was up 45 US cents at $US 75.03 per barrel.

Fresh US data showed flat inflation, a pickup in home sales and an unexpected surge in the Philadelphia regional manufacturing index.

PRECIOUS METALS

Gold prices fell for a second day as investors refocus on the prospect of higher interest rates from the Federal Reserve.

Gold for December delivery, the most active contract, fell $US3, or 0.3 per cent, to settle at $US1,190.90 a troy ounce on the Comex division of the New York Mercantile Exchange.

Investors hoping for a dovish stance on US monetary policy were left disappointed after Federal Open Market Committee meeting minutes revealed officials pressed ahead with ending stimulus measures despite concerns about slowing global growth and a stronger US dollar. The minutes were released on Wednesday, after trading in the Comex gold pit closed for the day.

With Fed policymakers moving closer to raising interest rates, a move widely expected in the second half of 2015, some investors are cutting back on gold holdings.

BASE METALS

Copper futures have closed slightly lower on the London Metal Exchange amid poor manufacturing data out of the eurozone on top of previous poor figures from China.

The LME's three-month copper contract was down 0.3 per cent at $US6,665.00 a metric ton at Thursday's PM kerb close.

Eurozone manufacturing data, particularly in Germany and France, was disappointing. German PMI fell to 52.1 in November from 53.9 in October, and French PMI dropped to 47.6 in November from 48.5 in October.

The figures indicate that Europe's economy is far from out of the woods yet, said Jasper Lawler an analyst at CMC Markets.

Aluminium closed up 0.6 per cent at $US2,032.00 a ton, zinc closed 0.1 per cent lower at $US2,252.00 a ton, nickel climbed 1.3 per cent to finish at $US16,355.00, lead closed down 0.05 per cent at $US2,030.00 a ton, and tin closed up 3.4 per cent at $US20,295.00.

23/11/2014 20:35Sydney, Australia. 23 November,2014
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