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Dec-31-2010Copper Set to Ring in 2011 at Fresh Record(topic overview)
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CHICAGO, Dec. 30 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange ended a three-session winning streak and gave up all the previous session's gains on Thursday, as an upbeat U.S. job report outweighed the dollar's losses, eroding the precious metal's appeal as a safe-haven. [1] CHICAGO, Dec. 29, 2010 (Xinhua News Agency) -- Gold futures on the COMEX Division of the New York Mercantile Exchange rose for the third session Wednesday on strong investment demand fueled by the progressive weakness in U.S. dollar. [2]
February gold on the Comex division of the New York Mercantile Exchange slipped $7.60 to $1405.90 an ounce, after settling at a three-week high in the previous session. [3] February gold on the Comex division of the New York Mercantile Exchange gained $7.90 to $1413.50 an ounce, its highest settlement since December 6 - the day it touched an all-time closing high of $1416.10. [4]
The most actively traded contract, for March delivery, settled down 0.4%, or 1.65 cents, at $4.3115 a pound on the Comex division of the New York Mercantile Exchange. [5] Thinly traded January copper was up 1.3%, or 5.6 cents, at $4.4125 per pound on the Comex division of the New York Mercantile Exchange. [6] Dec. 31 (Bloomberg) -- Copper jumped to a record in New York on optimism the global economic recovery is gaining momentum and as investors sought commodities as alternatives to declining currencies. [7]
A trader has attributed the recent strength in the bullion to the consecutive decline in the U.S. dollar, as a weaker dollar makes dollar-denominated commodities much cheaper for investors holding other currencies. A trader also mentioned the outstanding performance of gold in 2010 has attracted more investors to put more of the precious metal into their portfolio before the end of the year as a hedge against the rising inflationary pressure and huge uncertainty in the global economic system. [2] A trader mentioned that the weaker dollar failed to lift the gold price, as recent consecutive gains in the precious metal attracted some investors to cash in profits before the end of year. [1]
NEW YORK ( TheStreet ) -- Gold prices were rising on New Year's Eve, putting an appropriate cap another year of record returns for the yellow metal. [8] NEW YORK ( TheStreet ) - Gold prices lost ground Thursday, again retreating after testing record highs in the previous session. [9]
The gold price traded as high as $1,415.40 and as low as $1,403.50 early in Thursday's session. The U.S. dollar index was inching lower by 0.24% to $79.61 while the euro was up 0.43% to $1.33 vs. the dollar. [9] Newsom said that midway through January gold prices may begin to test the record highs -- $1,432.50 -- reached earlier in December. "I think we'll probably test that high, take out that high, and then we'll have see what these outside markets will do," Newsom said, referring to equities, the U.S. dollar and other commodities such as crude oil. [8]
Extremely light trading volumes on New Year's Eve had a "vacuum trade" effect, pushing gold prices higher, said Darin Newsom, senior commodities analyst at Telvent DTN in Baltimore. [8]
Gold prices touched an all-time high of $1432.50 an ounce on December 7. Data released this morning showed initial jobless claims in the U.S. fell last week to the lowest level in more than two years, while a survey result revealed manufacturing activity in the Chicago region improved unexpectedly in December. [3] The spot gold price was losing $7.80, according to Kitco's gold index. [9]
The most active gold contract for February delivery added 7.9 dollars, or 0.6 percent, to 1,413.5 dollars per ounce. Both silver and platinum jumped. The greenback has retreated for the third session in a row on Wednesday, as signs of global economic recovery buoyed up investors'appetite for higher-yield assets such as stocks. [2] Silver futures for March delivery dropped 19.1 cents, or 0.6 percent, to 30.513 dollars per ounce. [1]
The most actively traded copper futures contract, for March delivery, was recently up 1.4%, or 5.95 cents, at $4.4220 a pound. [6] The metal for March-delivery on the Comex in New York gained as much as 0.8 percent to $4.3960 a pound, the highest ever for a most-active contract, surpassing the previous peak of $4.3790 a pound reached yesterday. It traded at $4.3815 a pound by 8:32 a.m. Singapore time. [7] March-delivery silver increased 0.5 to $30.485 per troy ounce in New York. March-delivery palladium fell 0.3 percent to $785 per troy ounce and April-delivery platinum lost 0.2 percent of its value. [10]
Gold for February delivery gold climbed and slipped as much as 0.3 percent and 0.2 percent, respectively, on the Comex in New York. [10]
NEW YORK (Dow Jones)--Copper slipped into negative territory after extending its intraday record Wednesday on low-volume trading and positive sentiment. [5] NEW YORKCopper soared further into uncharted territory on the final trading day of 2010 amid a weaker dollar and thin trading. [6]
RealMoney Silver: Get Doug Kass's exclusive trading diary + 5 of TheStreet's top premium services including Action Alerts PLUS and RealMoney -- all on one streamlined page. Stocks Under $10: Break into the market with small- and mid-cap stocks. all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. [9] Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. [10] The U.S. Labor Department said Thursday that the initial claims for jobless benefits in the week ended Dec. 25 dropped 34,000 to a seasonally adjusted 388,000, the lowest reading since early July 2008, which was well below analysts'forecast of 415,000. The surprisingly upbeat U.S. employment report, serving as a signal of the nascent labor market strength, boosted investors' risk appetite on Thursday and eroded the appeal of safe-haven assets such as gold and dollar. [1] Prices for precious metals ebbed and flowed as the value of the U.S. dollar remained stagnant and concerns resurfaced for the debt crisis tearing through European nations' banks, Bloomberg reports. [10]
A better-than-expected jobless claims report Thursday appeared to trigger the downtick in gold prices early on in the session. [9] The price of gold has soared more than 25% since the start of 2010, benefiting from concerns about the fiscal health of peripheral euro zone nations as well as uncertainty over the global economic recovery. [4] "Worries over the health of the euro zone and the likelihood that the Fed will have to maintain extremely accommodative monetary policy are the two key drivers," according to a report by Tom Pawlicki, an analyst at MF Global Holdings Ltd. in Chicago. [10]
The Dollar Index, which tracks the greenback against six major currencies including the euro, yen and pound, dropped 0.8 percent to 79.755. [2] Copper prices drew strength from a weaker dollar, which eased versus the euro on the final day of the year. This is a continuation of a trend seen for much of the year. [6]
Kinross Gold ( KGC ) was slipping 1% to $18.74 while Freeport McMoRan Copper & Gold ( FCX ) was adding 13 cents at $119.28. [9] The thinly traded December-delivery contract was down 0.4%, or 1.5 cents, at $4.3090 a pound. [5] The most active contract set a fresh all-time intraday high in morning trade, hitting $4.3320 a pound. [5]
The lessons of 2010's wild ride in commodities of all kinds were topmost on the minds of many investors and traders Friday. "Commodities are no longer short term investments," Newsom said, reflecting on those lessons. [8] There's more than enough economic and political uncertainty in the world, Newsom said, that investors will almost certainly continue to burnish gold's status as the best safe haven available. [8] More fundamentally, however, Friday's action put to bed for good the fear from some investors that an end-of-the-year sell-off awaited gold and other hot commodities markets. [8]
SOURCES
1. Gold retreats for the first time this week on upbeat U.S. job data
2. 1st Ld-Writethru: Gold climbs for the third session as dollar extends losses
3. Gold Pulls Back From 3-Week High On Profit Booking
4. Gold Moves Up To 3-Week High As Dollar Loses Ground
5. BASE METALS: Comex Copper Slips After Hitting New High - WSJ.com
6. Copper Set to Ring in 2011 at Fresh Record - WSJ.com
7. Copper in New York Climbs to a Record on Global Recovery Outlook - BusinessWeek
8. Gold Prices Up, Closing Out Record 2010 - TheStreet
9. Gold Prices Fall as 2010 Closes Out - TheStreet
10. Precious metals rise and slip as 2010 nears close | Daniels Trading
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