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COMMODITY UPDATES 7 AUG

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August 7, 2012
News Highlights:
 The U.S. unemployment rate unexpectedly ticked up to 8.3 per cent, from 8.2 per cent in the preceding month, fuelling expectations for another round of quantitative easing from the Federal Reserve and in turn boosted gold prices.
 A weaker U.S. dollar also sent the gold, copper and crude oil prices higher as it makes the commodities cheaper for the holders in other currency.
 The European Central Bank’s bond buying program lifted hopes for a debt crisis solution which improved demand prospects for copper, crude oil and gold.
 China's central bank's pledged to intensify fine-tuning of monetary policy in the second half of this year and to improve credit policy to bolster the real economy. The encouraging comments from China, world’s top consumer of metals boosted expectations of a recovery in demand outlook of cooper.
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Crude oil intraday chart

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