Daily Commodity Outlook August 27, 2012

Daily Commodity Outlook
August 27, 2012
News Highlights:
 Crude Oil futures closed higher in the domestic market on Saturday amid rising fears of a possible disruption to crude oil production in the Gulf of Mexico due to increased threat from tropical storm Isaac, which moved in to the Caribbean Sea.
 Federal Reserve Chairman Ben Bernanke signaled that there was an addi-tional scope of boosting monetary stimulus to lift the pace of US economic recovery. Hopes of further monetary easing in the US lifted domestic gold, crude oil and copper futures on Saturday.
 Demand for durable US goods, excluding volatile transportation orders, fell for the fourth time in five months, falling 0.4 per cent in July from the previ-ous month, signaling a slowdown in the US manufacturing sector, and dim-ming the demand outlook for leading industrial commodities such as crude oil, and curbing the gains in the fuel in the domestic market on Saturday.
 German Chancellor Angela Merkel backed Greece to remain in the euro but refused to bend from her stiff stance against allowing Athens any more time in the nation’s bailout accord terms, raising worries over Europe’s debt crises and dimming the demand outlook for leading industrial com-modities. Deepening worries over Europe’s debt turmoil trimmed the gains in domestic copper futures on Saturday.
Gold Intraday Chart
Crude oil intraday chart
Copper intraday chart