August 9, 2012
News Highlights:
The Energy Information Administration said that U.S. Crude Oil Inventories fell more than expected to a seasonally adjusted annual rate of -3.729M, from -6.522M in the preceding month indicating that demand for the fuel in US, world’s largest consumer of crude oil is strong.
The German industrial production fell 0.9 per cent in June, more than forecasts for a 0.8 per cent decline, following an upwardly revised 1.7 per cent gain in May indicating a weakening euro zone crisis and further dampening demand prospects for copper and crude oil.
China's annual consumer inflation fell to a 30-month low of 1.8 percent in July from June's 2.2 percent creating more room for policy easing to support economic growth which in turn curbed losses in copper by improving demand outlook for industrial metal.
The U.S. dollar index, a measure of the value of the United States dollar relative to a basket of foreign currencies, ended 0.22 per cent higher at 82.39 on the Inter-Continental Exchange (ICE). A stronger U.S. dollar sent the copper and crude oil prices lower as it makes the commodities expensive for the holders in other currency.
COMMODITY INTRADAY TRADING BUY SELL SIGNALS SYSTEM BY www.technotrades.biz
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